Brookfield REIT Q4 net income up 89% at Rs 461 cr; to distribute Rs 209 cr to unitholders

New Delhi: Brookfield India Real Estate Trust (BIRET) on Thursday reported an 89 per cent rise in its adjusted net operating income to Rs 460.8 crore during the March quarter and announced the distribution of Rs 208.6 crore to unitholders.

Its net operating income (NOI) stood at Rs 244.4 crore in the year-ago period.

During the full 2023-24 fiscal, the company's NOI increased to Rs 1,506.2 crore from Rs 960.8 crore in the preceding year, according to a regulatory filing.

During the fourth quarter of last fiscal, the company said it achieved the highest quarterly new leasing since its IPO of 0.9 million square feet.

It received in-principle approvals for the conversion of 1 million square feet of SEZ space to a non-processing area and in the process of applying for a further conversion of 0.2 million square feet.

"Recent leasing was driven by demand from GCCs (Global Capability Centers), MNCs (multinational corporations) and domestic tenants across sectors such as consulting, BFSI, technology, and oil & gas, amongst others, reflecting the rising demand for high-quality office space," the company said.

In the entire 2023-24, BIRET achieved gross leasing of 2.8 million square feet, including 1.9 million square feet of new leasing and 0.9 million square feet of renewals.

Brookfield India REIT is a 100 per cent institutionally managed office REIT, comprising six large integrated office parks located in Mumbai, Gurugram, Noida, and Kolkata.

The Brookfield India REIT portfolio consists of 25.5 million square feet of total leasable area, comprising 20.9 million square feet of operating area, 0.6 million square feet of under-construction area and 4 million square feet of future development potential.