Brookfield REIT Q2 Income At INR 1.6B
Brookfield India Real Estate Trust announced financial results for the quarter and half year ended September 30, 2021. The key highlights of the business from Q2 FY2022 were - Collected 99% of contracted rentals, while achieving average 8% escalation on 0.8 M sf of leased area, Quarter-end Same Store Committed Occupancy at 85% and overall Committed Occupancy at 82%, Leased 47,000 sf during the quarter including 38,000 sf leased to a leading healthcare company and another 164,000 of LOIs under signing and Received fire approvals for Amenity Block III in Candor N1, Noida, and expected for delivery by December 2021. “We delivered a stable performance this quarter led by robust 99 % collections and 85% same store occupancy. Our portfolio has a well staggered lease expiry profile with opportunity to capture an attractive mark-to-market spread created through market growth over past several years. We have leased and renewed 751,000 SF of space of which 216,000 SF is in our REIT Assets and 535,000 SF in our Identified Assets in the current financial year. This increased demand is being driven by tenants looking to relocate and expand in Grade A assets. Our assets, in key gateway Indian cities, accounted for more than half of the net absorption in their micro-markets before the pandemic and are well-positioned to benefit from the uptick in the post-pandemic demand for office space” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited.
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