The board of directors 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, it said in a regulatory filing.
The board also reviewed the valuation report and declared net asset value of Rs 324 per unit for Brookfield India REIT as on September 30, 2021.
“While income from operating lease rentals remained stable at Rs 160 crore (0.1% increase year on year) due to lower common area maintenance (CAM) profits from lower committed occupancy, our net operating income, adjusted for income from identified assets, was Rs 160 crore (7.8% decrease year on year),” the filing said.
The identified assets continue to have robust rental collections of 99% for the quarter, it said in the media release.
BIRET has generated net distributable cash flow of Rs 190 crore or Rs 6.43 per unit for the reporting quarter, totalling Rs 390 crore or Rs 12.85 per unit since listing in February 2021. The planned distribution of Rs 180 crore (Rs 6.00 per unit) this quarter, with 35% of distributions tax free for unit holders. Total distribution of Rs 12.00 per unit since listing.
BIRET has collected 99 per cent of contracted rentals while achieving average an eight per cent rental hike on 8 lakh sq ft of leased area during Q2 FY22. During the quarter, the same-store committed occupancy stood at 85 per cent and the overall committed occupancy at 82 per cent.
The company leased 47,000 sq ft during the July-September quarter, including 38,000 sq ft leased to a leading healthcare company and another 1,64,000 sq ft of LOIs under signing.
“We delivered a stable performance this quarter led by robust 99 % collections and 85% same store occupancy. We are optimistic about the demand for high-quality workspaces and are already seeing an uptick in physical occupancies. We have leased and renewed 7.51 lakh sq ft space of which 2.16 lakh sq ft is in our Reit assets and 5.35 lakh sq ft in identified assets, this fiscal. Higher demand is being driven by tenants looking to relocate and expand in grade A assets,” said Alok Aggarwal, chief executive officer, Brookprop Management Services.
Brookfield India Real Estate Trust also received fire approvals for the Amenity Block III in Candor N1, Noida, with the expected delivery from next month. Tower 11 at Candor N2 has achieved 80 per cent leasing within six months of completion, it said.