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

Executive summary

• Achieved strong growth in FY25, with 3 million sq ft of gross leasing, 18% re-leasing spread, and operating area up 17% YoY to 24.5 MSF, exceeding DPU guidance.

• Occupancy rose to 88% (SEZ: 84%, non-SEZ: 96%), with major tenant expansions and robust leasing momentum.

• Raised over INR 4,700 crore via QIP and preferential allotment, funding strategic acquisitions and reducing LTV to 24–25%.

• Acquired 50% stake in North Commercial Portfolio, adding 3.3 MSF at 95% occupancy and boosting in-place rent by 8%.

• Standalone financials for FY25 were audited with no material misstatements, and net profit after tax rose to ₹7,144.54 million.

Financial highlights

• FY25 revenue from operations was Rs 23,856 Mn, up 34% YoY; NOI was Rs 18,540 Mn, up 37% YoY; adjusted NOI was Rs 19,528 Mn, up 30% YoY.

• Q4 FY25 NOI reached INR 488.5 crore, up 3% QoQ and 16% YoY; DPU for FY25 was INR 19.25 per unit, up 8.5% YoY.

• Net profit after tax for FY25 was ₹7,144.54 million, with earnings per unit at ₹7.96.

• Portfolio valuation as of March 2025 stood at INR 38,000 crore, NAV at INR 336 per unit; standalone NAV per unit at ₹253.63.

• Net debt reduced to around INR 7,500 crore, with gross debt at ₹1,507.86 million and cash equivalents at ₹2,094.50 million.

Outlook and guidance

• FY26 leasing guidance is 1.5–2 million sq ft, mainly from key assets, with targeted occupancy of 92–94% and potential to exceed 95% in later years.

• DPU of INR 5.25 per unit expected for the next 1–2 quarters; full stabilization could yield DPU of INR 25+ per unit in 2–3 years.

• At least 90% of NDCF will continue to be distributed quarterly, maintaining a strong capital base and regular returns.

• Steady leasing recovery expected to drive ~14% NOI growth and ~21% distribution growth in FY26.

• Further acquisitions in Bangalore are under evaluation to scale and diversify the portfolio.