Brookfield REIT Q2 net operating income down 8 pc at Rs 163 cr; distributes Rs 182cr to unitholders

By: |
November 09, 2021 5:49 PM

In a regulatory filing, Brookfield REIT informed that the company has declared a distribution of Rs 181.68 crore or Rs 6 per unit for the quarter ended September 30, 2021.

Brookfield REIT has rights to acquire a further 8.3 million square feet and rights of the first offer on an additional 6.7 million square feet, both currently owned by members of the Brookfield Group.Brookfield REIT has rights to acquire a further 8.3 million square feet and rights of the first offer on an additional 6.7 million square feet, both currently owned by members of the Brookfield Group.

Brookfield India Real Estate Trust on Tuesday reported an 8 per cent decline in its net operating income to Rs 162.8 crore for the quarter ended September 30 and announced a distribution of Rs 181.6 crore to unitholders. In a regulatory filing, Brookfield REIT informed that the company has declared a distribution of Rs 181.68 crore or Rs 6 per unit for the quarter ended September 30, 2021.

The distribution comprises Rs 117.48 crore or Rs 3.88 per unit in the form of interest payment on a shareholder loan, Rs 2.72 crore (Rs 0.09 per unit) in the form of dividend; Rs 60.56 crore (Rs 2 per unit) in the form of repayment of SPV debt and the balance Rs 90 lakh (Rs 0.03 per unit) in the form of interest on fixed deposit.

“Net Operating Income, adjusted for income from identified assets, was Rs 1.6 billion (7.8per cent decrease year-on-year),” the filing said. Brookfield REIT said it collected 99 per cent of contracted rentals while achieving an average 8 per cent escalation on 0.8 million square feet of leased area.

“Quarter-end same-store committed occupancy at 85 per cent and overall committed occupancy at 82 per cent,” it said. The company leased 47,000 square feet during the September quarter, including 38,000 square feet leased to a leading healthcare company and another 1,64,000 square feet of LOIs under signing.

Brookfield India Real Estate Trust is India’s only institutionally managed REIT, comprising of four large campus format office parks located in Mumbai, Gurgaon, Noida, and Kolkata.

Its portfolio consists of 14 million square feet, comprising 10.3 million square feet of completed area, 0.1 million square feet of under-construction area and 3.7 million square feet of future development potential.

Brookfield REIT has rights to acquire a further 8.3 million square feet and rights of the first offer on an additional 6.7 million square feet, both currently owned by members of the Brookfield Group.

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