Brookfield India Real Estate Trust (BIRET) Q3 25/26 earnings summary

Executive summary

• Achieved gross leasing of 1.2 million sq ft in Q3 FY26, with a 17% re-leasing spread and committed occupancy at 92%, up 5% year-over-year, driven by strong demand across tenant categories.

• Completed the acquisition of Ecoworld (Arliga Ecoworld), a 7.7 MSF premium office campus in Bengaluru, increasing operating area by 31% and consolidated GAV by 35%.

• Raised INR 55 billion through QIP and the largest ever sustainability-linked bond by an Indian REIT, diversifying the investor base.

• Distribution per unit (DPU) for Q3 FY26 was INR 5.40, a 10% increase year-over-year; nine-month FY26 DPU reached INR 15.90, up 14% year-over-year.

• Net profit after tax attributable to unitholders for the quarter was INR 1,803.22 million, up from INR 319.54 million in the same quarter last year.

Financial highlights

• Net operating income (NOI) for Q3 FY26 was INR 5.4 billion, up 13.9% year-over-year; including North Commercial portfolio, total NOI was INR 6.8 billion.

• Revenue from operations for Q3 FY26 was INR 6,904 million, up 14.8% year-over-year; for nine months, INR 20,027 million.

• Total distributions for Q3 FY26 were INR 4 billion; for nine months, INR 10.6 billion.

• Average cost of debt reduced to 7.6% in Q3, with further decline expected in Q4 FY26.

• Earnings per unit for the quarter were INR 2.71, up from INR 0.63 in the same quarter last year.

Outlook and guidance

• Embedded DPU growth of over 19% expected once portfolio stabilizes at 97.5% occupancy, not including further escalations or mark-to-market gains.

• Targeting DPU run rate of INR 25.6 per unit within two years, contingent on achieving high-90s occupancy.

• Leasing momentum expected to remain strong, with high-90s occupancy anticipated in key assets within 12–18 months.

• The acquisition of Arliga Ecoworld is expected to enhance future revenue and cash flows.

• The Trust continues to comply with SEBI regulations, distributing at least 90% of NDCF to unitholders.