Brookfield India Real Estate Trust (BIRET) reported a significant rise of 89% in its adjusted net operating income (NOI) to ₹460.8 crore during the March quarter of 2023-24. This is a notable increase from the ₹244.4 crore NOI recorded in the same period of the previous year.
The company’s strong performance was largely attributed to its robust leasing activity. During the fourth quarter of the last fiscal year, BIRET achieved its highest-ever quarterly new leasing since its initial public offering (IPO), leasing out 0.9 million square feet of space. Additionally, the company received in-principle approvals for the conversion of 1 million square feet of Special Economic Zone (SEZ) space to non-processing area and is in the process of applying for a further conversion of 0.2 million square feet.
BIRET’s leasing momentum was primarily driven by demand from Global Capability Centers (GCCs), multinational corporations (MNCs), and domestic tenants across various sectors, including consulting, BFSI (banking, financial services and insurance), technology, and oil & gas. This reflects the growing demand for high-quality office space.
Throughout the entire 2023-24 fiscal year, BIRET achieved gross leasing of 2.8 million square feet, comprising 1.9 million square feet of new leasing and 0.9 million square feet of renewals.
Brookfield India REIT is a 100% institutionally managed office REIT, consisting of six large integrated office parks strategically located in Mumbai, Gurugram, Noida, and Kolkata. The company’s portfolio encompasses 25.5 million square feet of total leasable area, comprising 20.9 million square feet of operating area, 0.6 million square feet of under-construction area, and 4 million square feet of future development potential.
