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Brookfield India REIT has reported a net loss of Rs 270.05 million for Q1 FY24, compared to a profit in the same period last year. Despite this, its total income has grown by 6.64% to reach Rs 3,207.35 million. The company aims to finalize its previously announced acquisitions following a successful capital-raising initiative. Adjusted net operating income rose 4.5%, and gross leasing covered 63,000 sq. ft of new and 235,000 sq. ft of renewals. The board declared Rs 1,641.60 million for distribution. Recent capital infusions prepare the REIT for sizeable commercial asset acquisitions with the GIC partnership, bolstering its portfolio's scale and diversity.
Brookfield India Real Estate Trust (Brookfield India REIT) has unveiled a net consolidated loss after tax of Rs 270.05 million for the quarter concluding on June 30, 2023. This financial outcome diverges from the net consolidated profit after tax, which amounted to Rs 471.43 million in the corresponding quarter of the previous fiscal year, as affirmed in the official filing with the BSE. In the inaugural quarter of FY24, the entity's net consolidated total income surged to Rs 3,207.35 million, marking a notable growth of 6.64% from the preceding year's corresponding quarter's reported Rs 3,007.69 million.
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CEO Alok Aggarwal commented that they have triumphantly executed the capital raising program and are now focused on concluding their previously announced acquisitions. During the same period, the adjusted net operating income (NOI) experienced a significant year-on-year rise of 4.5%, rising to Rs 2,453 million from the previous year's figure of Rs 2,346 million registered in Q1 FY23. Notably, gross leasing activity encompassed a substantial area of 298,000 sq. ft in Q1 FY24, characterized by 63,000 sq. ft of fresh leasing ventures and a remarkable 235,000 sq. ft of lease renewals.
Further affirming its fiscal prowess, Brookprop Management Services, the managerial entity overseeing Brookfield India REIT, declared a distribution amounting to Rs 1,641.60 million/Rs 3.85 per unit. This allocation comprises a meticulous breakdown, including Rs 763.24 million/Rs 1.79 per unit as interest payment on shareholder loans and CCDs, Rs 861.30 million/Rs 2.02 per unit dedicated to SPV debt repayment, and the remaining Rs 17.06 million/Rs 0.04 per unit directed towards interest on fixed deposits.
The recent injection of Rs. 23,054 million via the QIP and the proposed preferential allotment of Rs. 4,000 million to the esteemed Sponsor Group, contingent upon unitholder validation, coupled with the intended issuance of up to Rs 7,500 million of commercial paper, collectively solidify Brookfield India REIT's financial framework. These meticulously strategized financial arrangements serve the purpose of procuring two substantial commercial assets, collectively spanning 6.5 million square feet, in an equitable alliance with GIC. These acquisitions, christened Downtown Powai, Mumbai, and Candor TechSpace (G1), Gurugram, are poised to profoundly amplify the breadth and diversification of the Brookfield India REIT portfolio. As the transaction unfolds, it is anticipated to culminate during Q2 FY24.
In a strategic move, Brookfield India REIT, in collaboration with Singapore's GIC, unveiled a balanced partnership aimed at acquiring two prominent commercial properties in India for a substantial $1.4 billion. This transaction is well on its way to culminating in the second quarter of the current fiscal year. Brookfield India Real Estate Trust boasts a presence across five office parks in Mumbai, Gurugram, Noida, and Kolkata. Its extensive portfolio encompasses 18.7 million square feet, including 14.3 million square feet of completed space, 0.6 million square feet under construction, and a promising 3.9 million square feet for future development.
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