[ad_1]
Mumbai: Brookfield India Real Estate Trust ,REIT) on Tuesday reported total payment of Rs 167.5 crore, or Rs 5 per unit, on an annualized basis for the three months ending December 2022. September quarter.
Brookfield REIT, the only fully-institutionally managed REIT in the country, said it achieved gross leasing of 3.32 million square feet (sf) in the quarter, including 2,41,000 sf new leasing and 91,000 sf renewals. Additionally, it signed expansion options of 40,000 sf at Candor Techspace in Sector 135, Noida. This helped the company achieve 12 per cent average growth on 1.5 million sf (MSF) leased area.
Higher leasing, occupancy and rentals pushed its adjusted net operating income up 60 per cent year-on-year to Rs 240.5 crore during the quarter under review. Another reason for the higher income was higher operating lease rent which increased by 43 per cent to Rs 206.8 crore.
Its gross leasing touched 9,49,000 SF during the quarter, which included 6,19,000 SF new leasing and 3,30,000 SF renewals. Additionally, it also signed expansion options for 1,17,000 sf. This has resulted in an average increase of 10 per cent over the 3.5 MSF leased area.
For the nine-month period, its adjusted net operating income rose 48 per cent to Rs 716.3 crore, while operating lease rent rose 33 per cent to Rs 615.9 crore and total disbursements reached Rs 509.3 crore, or Rs 15.20 per unit.
The company said construction is on track at Candor Techspace, a retail-led 5,61,000 sf mixed-use development in Kolkata’s Rajarhat, comprising 1,74,000 sf retail space and 3,87,000 sf office space.
Its inorganic development pipeline also grew to 6.5 MSF of fully constructed properties in the quarter.
The company continues its strong year-over-year performance on the 1.1 msf lease with expansion options, while achieving 9 percent growth in net operating income. It has a strong leasing pipeline of 2.2 MSF and continues to evaluate select properties belonging to the sponsor group for inorganic growth. Aalok Agrawalchief executive of Brookprop Management Services, manager of Brookfield India REIT,
Brookfield India REIT has five large campus format office parks located in Mumbai, Gurugram, Noida and Kolkata. The portfolio comprises 18.7 msf of which includes 14.3 msf of completed area, 0.6 msf under construction and 3.9 msf of future development potential.
[ad_2]
Source link