Brookfield India Real Estate Trust (BIRET) Q3 24/25 earnings summary

Executive summary

• Achieved 1.1 million sq ft of gross leasing in Q3 FY25, marking the second consecutive quarter above 1 million sq ft and driving committed occupancy above 87%, a 770 basis point increase year-over-year.

• Successfully completed an INR 35 billion QIP fundraise, oversubscribed by 1.5x, reducing LTV from 35% to 25% and providing headroom for strategic acquisitions.

• Standalone net profit for the nine months ended 31 December 2024 was ₹4,057 million, up from ₹2,089 million year-over-year, driven by higher dividend and interest income from subsidiaries and joint ventures.

• Distribution per unit for Q3 FY2025 was Rs 4.90, with a payout ratio of ~6.5% on NDCF.

• The Trust completed significant acquisitions, including a 50% stake in Rostrum Realty Private Limited, expanding its portfolio and issuing new units as consideration.

Financial highlights

• Q3 FY2025 revenue from operations grew 13% year-over-year to Rs 6,015 million.

• Adjusted NOI for Q3 FY25 was INR 504 crore (Rs 5,037 million), up 4% sequentially and 11% year-over-year, driven by new leasing, renewals, and contractual escalations.

• Distributions declared for the nine months ended 31 December 2024 totaled ₹7,346 million or ₹14.00 per unit.

• NDCF for Q3 FY2025 was Rs 2,982 million; 9M FY2025 NDCF reached Rs 7,435 million.

• Cash and cash equivalents as of 31 December 2024 stood at ₹4,602 million, up from ₹2,393 million as of 31 March 2024.

Outlook and guidance

• Expect leasing momentum to remain strong in 2025, with further occupancy improvement anticipated.

• Maintain occupancy guidance of 87%-89% for FY25, with potential to exceed if market conditions remain favorable.

• Projected NOI growth of up to 16% and distribution growth of up to 25% as leasing recovery continues.

• On a stabilized basis, DPU expected to reach INR 24.7, excluding further rent growth or interest rate changes.

• The Trust continues to target at least 90% distribution of Net Distributable Cash Flows (NDCF) as per SEBI regulations.