Brookfield India Real Estate Trust (BIRET) investor relations material

Executive summary

• Achieved gross leasing of 651,000 sq ft in Q1 FY26, with 61% leased to GCCs and a 22% re-leasing spread, the highest in recent quarters.

• Committed occupancy increased by over 9% in the past six quarters, reaching 89%, reflecting strong leasing demand and return-to-office trends.

• Preferential issue of Rs. 10 billion approved at a 12.7% premium to IPO price, expanding growth capacity and subject to unitholder approval.

• ESG initiatives advanced, with 44% renewable energy use at Delhi NCR campuses and multiple certifications and awards for sustainability.

• Strong leasing pipeline and acquisition discussions in Bangalore and Chennai support expectations to reach 93%+ occupancy by year-end.

Financial highlights

• Revenue from operations grew 12% year-over-year to Rs 6,416 million, with operating lease rentals up 9% to Rs 4,583 million in Q1 FY26.

• NOI rose 13% year-over-year to Rs 4,986 million, with a margin of 109% on OLR.

• Distribution per unit increased 17% year-over-year to Rs 5.25, totaling Rs 3,190 million.

• 88% of loans are repo rate-linked, benefiting from a 100 bps rate cut, with 35 bps realized in Q1 and 55 bps to be realized in Q2, leading to annual interest savings.

• Maintained dual AAA ratings from ICRA and CRISIL.

Outlook and guidance

• NOI and distribution expected to grow as occupancy stabilizes above 95%, projecting 13% NOI and 22–23% distribution growth.

• Distribution per unit on a stabilized basis projected to increase by 26%+.

• Management targets a dividend composition of 15-20% in distributions over the next few quarters.

• Further NOI and distribution growth anticipated from lease-up of vacant areas, market-to-market realizations, and contractual escalations.