Brookfield India Real Estate Trust (BIRET) Q4 24/25 earnings summary

Executive summary

• Achieved strong FY25 growth with 3 million sq ft of gross leasing, 18% re-leasing spread, and operating area up 17% YoY to 24.5 MSF, with committed occupancy at 88%.

• DPU for FY25 was INR 19.25 per unit, up 8.5% YoY, exceeding guidance.

• Raised over INR 4,700 crore via QIP and preferential allotment, funding strategic acquisitions and reducing LTV to 25%.

• Acquired a 50% stake in the North Commercial Portfolio, adding 3.3 MSF of Grade-A assets at 95% occupancy.

• Standalone financial statements for FY25 were audited and found to present a true and fair view in accordance with REIT regulations.

Financial highlights

• FY25 revenue from operations was Rs 23,856 Mn, up 34% YoY; NOI was Rs 18,540 Mn, up 37% YoY; same-store NOI up 15% YoY.

• Q4 FY25 NOI reached Rs 4,885 Mn, up 16% YoY; DPU for Q4 was Rs 5.25 per unit.

• Net profit after tax for FY25 was ₹7,144.54 million, up from ₹2,983.94 million in the previous year.

• Portfolio valuation at INR 38,000 crore, NAV at INR 336 per unit; NAV per unit at fair value was ₹253.63 as of 31 March 2025.

• Net debt at INR 7,500 crore as of March 2025, down from INR 11,000 crore in December 2024.

Outlook and guidance

• FY26 leasing guidance set at 1.5–2 million sq ft, with targeted occupancy of 92–94%.

• DPU of INR 5.25 per unit expected for the next 1–2 quarters; further guidance to follow.

• NOI projected to grow 14% with full leasing recovery, potentially driving 21% growth in distributions.

• Long-term DPU target of INR 25+ per unit on stabilized basis within 2–3 years.

• At least 90% of Net Distributable Cash Flows will continue to be distributed quarterly.