Brookfield REIT records Rs 59.7 cr net income in Q3 FY22
Real Estate

Brookfield REIT records Rs 59.7 cr net income in Q3 FY22

On Friday, Brookfield India Real Estate Trust (Biret), the nation's only institutionally managed Reit, registered Rs 59.7 crore in net income and Rs 5 per unit in dividend to unit-holders for the December quarter on the back of strong leasing momentum.

The numbers are not comparable as the firm was privately owned during the corresponding period last fiscal.The Canadian alternative investment major Brookfield Asset Management-backed Biret was registered in February 2021 after a Rs 3,800-crore public issue which was oversubscribed 8-times.The board has sanctioned a payout of Rs 5 per unit as the net distributable cash flow (NDCF) distribution amounting to Rs 150 crore for the quarter, of which 34% will be tax-free for unitholders.

It takes the cumulative dividend distribution at Rs 17 per unit since listing last February, the firm said in a statement. It additionally said the net income for the quarter reached Rs 59.72 crore. Revenue from operating lease rentals reached Rs 140 crore, and net operating income reached Rs 150 crore, but it anticipates a pick-up going ahead driven by the new leases acquired in Q3.

It has produced an NDCF of Rs 140 crore or Rs 4.74 per unit for the quarter, totalling Rs 530 crore or Rs 17.59 per unit since listing, the firm told the media. Alok Aggarwal, chief executive of Brookprop Management Services, told the media that they continue to witness strong leasing momentum with 5,36,000 sq ft of gross leasing across assets with additional growth options of 291,000 sq ft in the quarter totalling 825,000 sq ft of gross leasable area. It additionally improved the total leasable area by 32% with the purchase of Candor Techspace N2 in Noida for Rs 4,000 crore in January 2022.

During the quarter, it collected 99% of the contracted rentals while attaining an average 7% escalation on 5,00,000 lakh sq ft of leased area. It has the committed occupancy at 83%, Aggarwal said, adding they attained gross leasing of 536,000 sq ft across assets during the quarter with additional growth options of 291,000 sq ft totalling 825,000 sq ft.

Image Source

Also read: Brookfield leads race to acquire IL&FS group headquarters in Mumbai

On Friday, Brookfield India Real Estate Trust (Biret), the nation's only institutionally managed Reit, registered Rs 59.7 crore in net income and Rs 5 per unit in dividend to unit-holders for the December quarter on the back of strong leasing momentum. The numbers are not comparable as the firm was privately owned during the corresponding period last fiscal.The Canadian alternative investment major Brookfield Asset Management-backed Biret was registered in February 2021 after a Rs 3,800-crore public issue which was oversubscribed 8-times.The board has sanctioned a payout of Rs 5 per unit as the net distributable cash flow (NDCF) distribution amounting to Rs 150 crore for the quarter, of which 34% will be tax-free for unitholders. It takes the cumulative dividend distribution at Rs 17 per unit since listing last February, the firm said in a statement. It additionally said the net income for the quarter reached Rs 59.72 crore. Revenue from operating lease rentals reached Rs 140 crore, and net operating income reached Rs 150 crore, but it anticipates a pick-up going ahead driven by the new leases acquired in Q3. It has produced an NDCF of Rs 140 crore or Rs 4.74 per unit for the quarter, totalling Rs 530 crore or Rs 17.59 per unit since listing, the firm told the media. Alok Aggarwal, chief executive of Brookprop Management Services, told the media that they continue to witness strong leasing momentum with 5,36,000 sq ft of gross leasing across assets with additional growth options of 291,000 sq ft in the quarter totalling 825,000 sq ft of gross leasable area. It additionally improved the total leasable area by 32% with the purchase of Candor Techspace N2 in Noida for Rs 4,000 crore in January 2022. During the quarter, it collected 99% of the contracted rentals while attaining an average 7% escalation on 5,00,000 lakh sq ft of leased area. It has the committed occupancy at 83%, Aggarwal said, adding they attained gross leasing of 536,000 sq ft across assets during the quarter with additional growth options of 291,000 sq ft totalling 825,000 sq ft. Image Source Also read: Brookfield leads race to acquire IL&FS group headquarters in Mumbai

Next Story
Resources

Blum India brings Design Reverie to Hyderabad

Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city’s architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals—away from the typical conference setup. The eveni..

Next Story
Resources

Hafele launches Platinum Studio in Nagpur

Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director – HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele’s wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele’s full portfolio—includi..

Next Story
Resources

Truflo by Hindware wins GPTW honour again

Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India’s fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?