Brookfield REIT records Rs 59.7 cr net income in Q3 FY22
14 Feb 2022
2 Min Read
CW Team
On Friday, Brookfield India Real Estate Trust (Biret), the nation's only institutionally managed Reit, registered Rs 59.7 crore in net income and Rs 5 per unit in dividend to unit-holders for the December quarter on the back of strong leasing momentum.
The numbers are not comparable as the firm was privately owned during the corresponding period last fiscal.The Canadian alternative investment major Brookfield Asset Management-backed Biret was registered in February 2021 after a Rs 3,800-crore public issue which was oversubscribed 8-times.The board has sanctioned a payout of Rs 5 per unit as the net distributable cash flow (NDCF) distribution amounting to Rs 150 crore for the quarter, of which 34% will be tax-free for unitholders.
It takes the cumulative dividend distribution at Rs 17 per unit since listing last February, the firm said in a statement. It additionally said the net income for the quarter reached Rs 59.72 crore. Revenue from operating lease rentals reached Rs 140 crore, and net operating income reached Rs 150 crore, but it anticipates a pick-up going ahead driven by the new leases acquired in Q3.
It has produced an NDCF of Rs 140 crore or Rs 4.74 per unit for the quarter, totalling Rs 530 crore or Rs 17.59 per unit since listing, the firm told the media. Alok Aggarwal, chief executive of Brookprop Management Services, told the media that they continue to witness strong leasing momentum with 5,36,000 sq ft of gross leasing across assets with additional growth options of 291,000 sq ft in the quarter totalling 825,000 sq ft of gross leasable area. It additionally improved the total leasable area by 32% with the purchase of Candor Techspace N2 in Noida for Rs 4,000 crore in January 2022.
During the quarter, it collected 99% of the contracted rentals while attaining an average 7% escalation on 5,00,000 lakh sq ft of leased area. It has the committed occupancy at 83%, Aggarwal said, adding they attained gross leasing of 536,000 sq ft across assets during the quarter with additional growth options of 291,000 sq ft totalling 825,000 sq ft.
Also read: Brookfield leads race to acquire IL&FS group headquarters in Mumbai
On Friday, Brookfield India Real Estate Trust (Biret), the nation's only institutionally managed Reit, registered Rs 59.7 crore in net income and Rs 5 per unit in dividend to unit-holders for the December quarter on the back of strong leasing momentum.
The numbers are not comparable as the firm was privately owned during the corresponding period last fiscal.The Canadian alternative investment major Brookfield Asset Management-backed Biret was registered in February 2021 after a Rs 3,800-crore public issue which was oversubscribed 8-times.The board has sanctioned a payout of Rs 5 per unit as the net distributable cash flow (NDCF) distribution amounting to Rs 150 crore for the quarter, of which 34% will be tax-free for unitholders.
It takes the cumulative dividend distribution at Rs 17 per unit since listing last February, the firm said in a statement. It additionally said the net income for the quarter reached Rs 59.72 crore. Revenue from operating lease rentals reached Rs 140 crore, and net operating income reached Rs 150 crore, but it anticipates a pick-up going ahead driven by the new leases acquired in Q3.
It has produced an NDCF of Rs 140 crore or Rs 4.74 per unit for the quarter, totalling Rs 530 crore or Rs 17.59 per unit since listing, the firm told the media. Alok Aggarwal, chief executive of Brookprop Management Services, told the media that they continue to witness strong leasing momentum with 5,36,000 sq ft of gross leasing across assets with additional growth options of 291,000 sq ft in the quarter totalling 825,000 sq ft of gross leasable area. It additionally improved the total leasable area by 32% with the purchase of Candor Techspace N2 in Noida for Rs 4,000 crore in January 2022.
During the quarter, it collected 99% of the contracted rentals while attaining an average 7% escalation on 5,00,000 lakh sq ft of leased area. It has the committed occupancy at 83%, Aggarwal said, adding they attained gross leasing of 536,000 sq ft across assets during the quarter with additional growth options of 291,000 sq ft totalling 825,000 sq ft.
Image Source
Also read: Brookfield leads race to acquire IL&FS group headquarters in Mumbai
Next Story
Oberoi Group Launches 鈥楨lements by Oberoi鈥� Sustainability Framework
The Oberoi Group has launched a comprehensive environmental and social responsibility initiative, 鈥楨lements by Oberoi鈥�, setting ambitious targets to make its luxury hotels significantly more sustainable by 2030. Guided by the core principles of Earth, Water and Air, the framework underlines the hotel chain鈥檚 commitment to embedding sustainability into all aspects of its operations.Key objectives by 2030 include:Recycling 100 per cent of wastewater and reducing fresh-water use per occupied room by 20 per centSourcing 50鈥痯er cent of electricity from renewable sourcesShifting transport fl..
Next Story
India Opens Bids for 12th Round of Coal Block Auctions
India鈥檚 Ministry of Coal has kicked off its twelfth commercial coal block auction, inviting bids from private and public players as part of the government鈥檚 ongoing drive to open up the coal mining sector. In this round, a total of 27 companies have submitted bids, reflecting strong investor interest in the country鈥檚 energy and mining industries.This initiative aligns with recent reforms aimed at encouraging private participation, reducing red tape, and promoting transparency through a single-window system and digitised processes. Coal remains a critical component of India鈥檚 energy mix..
Next Story
India Allocates 200 Coal Blocks to Spur Investment
The Ministry of Coal has achieved a major milestone by allocating its 200th coal block, reflecting a determined effort to liberalise the coal sector, encourage private participation, and bolster national energy self鈥憆eliance. This was accomplished through a transparent, technology鈥慸riven process aimed at streamlining investment and reducing delays.The latest allocation granted the Marwatola鈥慖I block in Madhya Pradesh to Singhal Business Private Limited. This move underscores the government鈥檚 focus on creating a more resilient coal ecosystem while reducing dependence on imports. The min..
