Brookfield India Real Estate Trust (BIRET) Q4 20/21 earnings summary

Executive summary

• Listed on NSE and BSE on Feb. 16, 2021 after an IPO subscribed 8x; portfolio spans 14.0M sf across four gateway cities, with 87% committed occupancy and 6.5-year WALE.

• FY21 operating performance remained resilient: rental collections exceeded 99%, contractual escalations averaged 9% on 3.7M sf, and same-store committed occupancy was 91%.

• The consolidated statements cover Jul. 17, 2020–Mar. 31, 2021; FY21 operating comparisons use combined historical financials because prior-year REIT statements are not comparable.

Financial highlights

• Consolidated revenue from operations was ₹1,309.42M and net income ₹253.03M for Jul. 17, 2020–Mar. 31, 2021; EPS was ₹4.26.

• Combined FY21 operating lease rentals rose to ₹6,100M from ₹5,954M in FY20; revenue from operations was ₹8,628M vs. ₹9,567M.

• FY21 NOI was ₹6,600M vs. ₹6,763M; comparable NOI was ₹6,548M vs. ₹6,557M, with lower maintenance margins amid reduced campus activity.

• Consolidated total income was ₹1,361.07M; finance costs ₹410.77M, depreciation and amortization ₹316.75M, and profit before tax ₹149.43M for the reporting period.

Outlook and guidance

• Second-wave disruption was expected to defer office-demand recovery by 4–6 months and could affect FY22 renewals and expiries; management characterized the impact as short-term and manageable.

• Leasing discussions had regained momentum in Q1 2021 before the second wave; activity was expected to recover as infections eased and vaccination accelerated.

• Management expected technology-sector growth, workplace de-densification and demand for high-quality, safe campuses to support long-term Grade A office demand.

• Identified Gurugram and Noida assets total 8.3M sf; Mumbai ROFO assets add 6.7M sf, with a potential portfolio of 29M sf if growth opportunities are executed.