Brookfield India Real Estate Trust (BIRET) Q4 23/24 earnings summary

Executive summary

• FY2024 brought record leasing and major portfolio expansion through 50% stakes in Candor TechSpace G1 and Downtown Powai Commercial / IT Park, acquired in partnership with GIC.

• Portfolio scale reached 25.5M sf leasable area across six parks; 20.9M sf was completed, with 0.6M sf under construction and 4.0M sf of future development potential.

• Consolidated committed occupancy was 82%, effective economic occupancy 87%, and WALE 7.6 years at March 31, 2024.

Financial highlights

• Consolidated revenue from operations was ₹17,804.81M in FY2024 versus ₹11,969.99M in FY2023; operating lease rentals were ₹12,829.07M versus ₹8,268.03M.

• Consolidated profit before tax was ₹644.56M versus ₹1,403.90M; net loss was ₹38.63M versus net profit of ₹1,312.32M, with finance costs rising to ₹8,517.84M from ₹4,324.57M.

• Adjusted NOI rose 3% to ₹15,900M from ₹15,442M; adjusted EBITDA was ₹14,876M in FY2024.

• Net cash from operating activities was ₹14,328.31M versus ₹9,531.17M; year-end cash and cash equivalents were ₹3,702.87M versus ₹2,096.55M.

• FY2024 NDCF was ₹7,705.20M versus ₹6,786.11M; distributions totaled ₹17.75 per unit, including ₹4.75 per unit declared for Q4.

Outlook and guidance

• New leasing target was 2.0–2.4M sf for January 1, 2024–March 31, 2025; 0.9M sf signed in Q4 represented 40% of the target.

• Management expected strong office demand, supported by return-to-office activity, GCC growth, contractual escalations on 6.8M sf and below-market rents on 1.0M sf expiring in FY2025.

• Targets include 40% green energy consumption by 2025, 100% renewable energy by 2027 and net-zero carbon emissions by 2040.