Brookfield India Real Estate Trust (BIRET) Q4 22/23 earnings summary

Executive summary

• Portfolio comprised 18.7M sf across five Grade-A campuses in four cities; 14.3M sf completed, 0.6M sf under construction and 3.9M sf future development potential.

• Effective economic occupancy was 89%, committed occupancy 84%, WALE 7.9 years and gross leasing 2.1M sf in FY2023.

• Adjusted NOI rose 38% YoY to ₹9,608M; FY2023 distributions were ₹20.20 per unit, in line with guidance.

Financial highlights

• Consolidated revenue from operations increased to ₹11,969.99M from ₹8,767.91M; total income was ₹12,294.79M versus ₹8,992.14M.

• Consolidated profit after tax fell to ₹1,312.32M from ₹2,462.85M; basic and diluted EPS were ₹3.92 versus ₹7.97.

• Operating lease rental income rose to ₹8,268.03M from ₹6,476.02M; maintenance services income increased to ₹3,631.91M from ₹2,263.32M.

• Net operating income increased 10% to ₹8,582M; operating cash flow was ₹9,218.12M versus ₹6,059.20M.

• NDCF was ₹6,786.11M versus ₹6,884.58M; cumulative FY2023 distributions were ₹6,768.75M, or ₹20.20 per unit.

Outlook and guidance

• Management expected continued leasing momentum as occupiers return to office, expand capacity and prefer Grade-A institutional campuses.

• Contractual escalations on 4.1M sf averaged 11% in FY2023, with the full-year cash flow impact expected in FY2024.

• 1.2M sf was due to expire in FY2024; in-place rents were below market, with higher-rent reletting expected.

• The 0.6M sf mixed-use development at Candor TechSpace K1 was expected to complete by Q3 FY2026 in the operational update; the valuation summary cited October 2025.