Brookfield India Real Estate Trust · NSE:BIRET.RR
Brookfield India Real Estate Trust — Q4 FY2025 Earnings Presentation
42 slides from Brookfield India Real Estate Trust's earnings presentation, May 5, 2025
Slide 1: Q4 FY2025 Investor Update
Brookfield India Real Estate Trust Q 4 F Y 2 0 2 5 – I N V E S T O R U P D AT E M AY 0 5 , 2 0 2 5 CANDOR TECHSPACE K1, KOLKATA
Slide 2: Disclaimer
Disclaimer By reading this presentation (the “Presentation”), you agree to be bound by the following limitations: This Presentation is for information purposes only without regard to specific objectives, financial situations or needs of any particular person, and should not be disclosed, reproduced,
Slide 3: High Quality Properties in Gateway Cities
High Quality Properties in Gateway Cities India’s only 100% institutionally managed office REIT, with strong growth prospects SELECT ASSETS 24.5 MSF OPERATING AREA 17% YoY Delhi NCR 17 88% WORLDMARK DELHI COMMITTED OCCUPANCY 6%+ YoY Kolkata Mumbai, 3 Pune 4 3 96% COMMITTED OCCUPANCY DOWNT
Slide 4: FY2025 Scorecard
FY2025 Scorecard We have executed on our stated strategy and are poised for continued growth Metric Performance Gross Leasing of 3.0 MSF Leasing and Re-leasing spread of 18% 1 Operations Occupancy increased 6%+ YoY Same store NOI 15% YoY Driven by lease-up and contracted rent growth 2 Distribution
Slide 5: Leasing and Operations
1 Leasing and Operations Gross Leasing of ~3.0 MSF, on back of steady demand recovery LEASING UPDATE – FY2025 New Gross Renewals Capgemini Barclays Leasing Leasing Ernst & General Mills Area Young 2,154,000 833,000 2,987,000 (SF) Average Rent(1) Rs 98 Rs 143 Rs 110 (PSF) L&T Hydrocarbon Average Term
Slide 6: Leasing and Operations (Cont'd.)
1 Leasing and Operations (Cont’d.) Robust demand from global capability centres (GCCs) across our assets, with ~900,000 SF leased in FY2025 KEY TENANT EXPANSIONS (SF) Fidelity General Mills 3,31,000 1,36,000 2,22,000 2,00,000 1,45,000 79,000 A GLOBAL SEMICONDUCTOR CO. 2,72,000 1,69,000 3,22,000 1,28
Slide 7: Leasing and Operations (Cont'd.)
1 Leasing and Operations (Cont’d.) More than 600bps improvement in occupancy over the last 12 months COMMITTED OCCUPANCY (%) (1) 88% 84% 83% 82% Mar-22 Mar-23 Mar-24 Mar-25 Work from home Strong return to office Global pandemic Increased technology / GCC hiring Increasing interest rates Improving in
Slide 8: Distributions
2 Distributions FY2025 FINANCIAL HIGHLIGHTS Q4 FY2025 - DPU COMPOSITION Rs 0.54 , 10% Rs 0.04 , 1% Rs 19.5 Bn ADJUSTED NOI (1) Rs 1.97 , 38% Rs 10.5 Bn DISTRIBUTIONS Rs 5.25 per unit Rs 2.70 , 51% Rs 19.25 / unit DPU 8.5% vs FY2024 (3) Interest on Shareholder Loan (4) Rs 380 Bn Repayment of S
Slide 9: Acquisitions and Fundraising
3 Acquisitions and Fundraising In Q1 FY2025, we acquired a 50% stake in North Commercial Portfolio Added 3.3 MSF of commercial assets High quality Grade-A assets in Delhi NCR Stabilized at 95% occupancy 4%+ growth in occupancy since acquisition Worldmark Delhi Grew in-place rents to Rs 152 PSF
Slide 10: Acquisitions and Fundraising (Cont'd)
3 Acquisitions and Fundraising (Cont’d) During FY2025, we raised over Rs 4,700 crores from marquee investors. QIP proceeds were used to repay debt and create headroom for future growth opportunities Preferential Issue Institutional Placement Total Q1 FY2025 Q3 FY2025 Rs 1,228 crores Rs 3,500 crores
Slide 11: Robust Outlook | Organic Growth
4 Robust Outlook | Organic Growth Steady leasing recovery expected to drive ~14% growth in NOI and ~21% growth in distributions Q4 FY2025 Under Pro-forma Rs Billions Lease up(2) Levers Run Rate Contract(1) (Stabilized) 100% Owned Assets (at 100%) 11.2 0.2 1.5 12.9 Rent growth, contracted escalat
Slide 12: Robust Outlook | Inorganic Growth
4 Robust Outlook | Inorganic Growth We have commenced conversations with our Sponsor group to acquire properties in Bangalore to significantly scale up and diversify our REIT Azure (0.5 MSF) Ecoworld Bangalore (7.5 MSF) Whitefield Portfolio (1.4 MSF) 12
Slide 13: Business Updates
Business Updates DOWNTOWN POWAI, MUMBAI
Slide 14: Significantly Complete and Diversified Portfolio
Significantly Complete and Diversified Portfolio Our portfolio has a Committed Occupancy of 88% and a long-dated WALE of 7.0 Yrs. Economic Operating Leased Committed WALE In-place Rent Dev. Potential Asset Value Properties Interest % Area (MSF) Area (MSF) Occ. % (Yrs.) (Rs PSF) (MSF) (INR Bn) SEZ
Slide 15: Significantly Complete and Diversified Portfolio (Cont'd)
Significantly Complete and Diversified Portfolio (Cont’d) ASSET VALUE BY GEOGRAPHY(1) ASSET VALUE BY STATUS(1) 8% 1% 3% 11% 33% Rs 380 B Rs 380 B 19% (3) 28% 97% Gurugram Mumbai Noida (3) Operating Development Delhi Kolkata Ludhiana (1) As on March 31, 2025. 15 Note: North Commercial Portfolio i
Slide 16: Lease Expiry Profile
Lease Expiry Profile Portfolio has a well staggered lease expiry profile with only 37% of the contracted rentals due for expiry till FY2029 LEASE EXPIRY SCHEDULE Area Expiring Achieved Renewals KEY HIGHLIGHTS Expected Renewals Cumulative Expiry (% of Rentals) 3.5 37% 0.40 • Of the 1.5 MSF expiries d
Slide 17: Leader in Sustainable Office Development
Leader in Sustainable Office Development Recognized for our top-tier sustainable assets Downtown Powai (SEZ) has been awarded the EDGE (Excellence in Design for Greater Efficiencies) certification for more than 20% savings in energy, water and embodied energy from benchmark North Commercial Portfoli
Slide 18: Financial Updates
Financial Updates WORLDMARK DELHI
Slide 19: Q4 FY2025 | Financial Highlights
Q4 FY2025 | Financial Highlights Growth vs RS MILLIONS Q4 FY2025 Q4 FY2024 Operating Lease • Rs 555 million (13.7%) YoY increase due to recent new Rentals (OLR) Rs 4,603 14% leasing, renewals and escalations achieved offset by expiries • Rs 842 million (15.7%) YoY increase primarily due to: Revenue
Slide 20: Property Income | FY2025 Comparison
Property Income | FY2025 Comparison RS MILLIONS FY2025 FY2024 GROWTH KEY DRIVERS • Rs 4,660 (36.3%) million YoY increase: o Rs 1,223 (9.5%) million due to same store new leasing, Income from Operating MTM on renewals and contractual escalations partly offset Rs 17,489 Rs 12,829 36% by expiries Lea
Slide 21: NDCF
NDCF RS MILLIONS Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY2025 Income from Operating Lease Rentals (OLR) Rs 4,203 Rs 4,257 Rs 4,426 Rs 4,603 Rs 17,489 CAM / Other Revenue 1,535 1,645 1,589 1,598 6,367 Revenue from Operations Rs 5,738 Rs 5,902 Rs 6,016 Rs 6,201 Rs 23,856 Income Support 349 346 292 -
Slide 22: NDCF (Cont'd)
NDCF (Cont’d) RS MILLIONS Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY2025 NDCF distributed to REIT Rs 2,298 Rs 2,525 Rs 3,199 Rs 3,366 Rs 11,388 Interest on Shareholder Debt/CCD/NCD 992 1,024 1,103 1,354 4,473 Dividends 282 317 749 371 1,719 Repayment of Shareholder Debt/NCD 1,024 1,184 1,347 1,641 5
Slide 23: Summary Balance Sheet
Summary Balance Sheet Our business is well-capitalized, backed by a strong balance sheet and Sponsor Group Rs Millions Mar 31, 2025 Total Equity 160,106 Equity 140,299 Non-Controlling Interest 19,807 Liabilities 105,772 Bank Borrowings 79,119 NCD's and CCD's 11,467 Security Deposits 10,663 Other Lia
Slide 24: Capital Structure and Liquidity
Capital Structure and Liquidity Backed by high proportion of operating assets and less development, our portfolio maintains a AAA credit rating 24.9% Dual AAA Rating 84% 8.2% LTV EXCLUDING SHAREHOLDER [ICRA]AAA(STABLE) % LOANS LINKED TO REPO RATE(2) AVERAGE INTEREST INSTRUMENTS(1) CRISIL AAA/STABLE
Slide 25: Information Supplement
Information Supplement CANDOR TECHSPACE G1, GURUGRAM
Slide 26: Brookfield: One of the World's Largest Real Estate Portfolios
Brookfield: One of the World’s Largest Real Estate Portfolios With ~$272B in real estate AUM and ~29,000 employees across 30+ countries, Brookfield owns, operates and manages one of the world’s largest, highest quality portfolios BROOKFIELD PLACE, NEW YORK CANARY WHARF, LONDON BROOKFIELD PLACE, TORO
Slide 27: Sponsor Assets Pipeline
Sponsor Assets Pipeline Our Sponsor Group owns another 26 MSF across India in complementary markets ECOWORLD, BANGALORE (7.5 MSF) ECOSPACE, BANGALORE (1.6 MSF) MILLENIA, CHENNAI (1.6 MSF) WHITEFIELD PORTFOLIO ( 1.4 MSF) WATERSTONES, MUMBAI (1.4 MSF) BLUEGRASS, PUNE (1.4 MSF) 27
Slide 28: High-quality Tenant Roster
High-quality Tenant Roster SECTOR DIVERSIFICATION OF TENANTS(1) TOP 10 TENANTS(1) % Gross % Leased Tenant Name Industry Contracted Area Others, Rentals 16% Technology, TCS Technology 7% 8% 25% Oil and gas, 2% Accenture Consulting 5% 7% Real Estate and Infrastructure, Bharti Airtel Technology 4% 3% 3
Slide 29: Leasing Q4 FY2025
Leasing Q4 FY2025 SELECT NEW LEASES / RENEWALS(1) Tenant Assets Area (SF) Rs 92 PSF Teleperformance N2 111,000 AVERAGE RENT ON NEW LEASING(2) Fidelity G1 65,000 Saxo G2 45,000 Qualcomm Worldmark Delhi and N2 41,000 17% RE-LEASING SPREAD(2) Bernhard Downtown Powai 19,000 New Leasing 351,000 SF Ba
Slide 30: Detailed Lease Expiry Schedule
Detailed Lease Expiry Schedule Area Expiring (‘000 SF) % of Gross Rentals (Asset / Portfolio) In-place rent at Expiry (Rs PSF)(1) Year / Asset FY26E FY27E FY28E FY29E FY26E FY27E FY28E FY29E FY26E FY27E FY28E FY29E Downtown Powai 373 486 431 333 15% 19% 16% 13% Rs 182 Rs 177 Rs 190 Rs 204 (Commercia
Slide 31: Portfolio Occupancy: Q3 FY2025 to Q4 FY2025
Portfolio Occupancy: Q3 FY2025 to Q4 FY2025 December 31, 2024 March 31, 2025 Operating Leased Committed Operating Leased Committed ASSET Leasing Expiries Renewed area area occupancy area area occupancy Downtown Powai 4,367 4,117 94% - 58 (40) 39 - 4,382 4,174 95% Commercial / IT Park 2,759 2,581 94%
Slide 32: Portfolio Occupancy: Q4 FY2024 to Q4 FY2025
Portfolio Occupancy: Q4 FY2024 to Q4 FY2025 March 31, 2024 March 31, 2025 Operating Leased Committed Operating Leased Committed ASSET Leasing Expiries Renewed area area occupancy area area occupancy Downtown Powai 4,340 3,922 90% - 466 (399) 185 - 4,382 4,174 95% Commercial / IT Park 2,737 2,402 88%
Slide 33: Q4 FY2025: New leasing & Renewals
Q4 FY2025: New leasing & Renewals ASSET NEW LEASING RENEWALS GROSS LEASING AREAS IN ‘000 SF AREA RENT PSF PM(1) AREA RENT PSF PM(1) AREA RENT PSF PM(1) Downtown Powai 58 212 39 166 97 181 G1 65 80 - - 65 80 G2 47 65 3 - 50 65 N1 5 - 197 63 202 63 N2 136 60 10 - 146 60 K1 - - 4 - 4 - Worldmark Delhi
Slide 34: FY2025: New leasing & Renewals
FY2025: New leasing & Renewals ASSET NEW LEASING RENEWALS GROSS LEASING AREAS IN ‘000 SF AREA RENT PSF PM(1) AREA RENT PSF PM(1) AREA RENT PSF PM(1) Downtown Powai 466 157 - 185 189 - 651 167 G1 500 83 - 21 - - 521 83 G2 121 81 - 54 - - 175 81 N1 137 64 - 289 65 - 426 64 N2 374 62 - 49 66 - 423 63 K
Slide 35: Property Income | Q4 FY2025 Comparison
Property Income | Q4 FY2025 Comparison RS MILLIONS Q4 FY2025 Q4 FY2024 GROWTH KEY DRIVERS • Rs 555 (13.7%) million YoY increase due to same Income from Operating Lease Rs 4,603 Rs 4,048 14% store new leasing, MTM on renewals and Rentals (OLR) contractual escalations partly offset by expiries • Rs 28
Slide 36: Property Income | Consolidation Details (Q4 FY2025)
Property Income | Consolidation Details (Q4 FY2025) INCOME FROM OPERATING REVENUE FROM RS MILLIONS NET OPERATING INCOME(1) LEASE RENTALS (OLR) OPERATIONS Q4 FY2025 Q4 FY2024 Q4 FY2025 Q4 FY2024 Q4 FY2025 % OLR Q4 FY2024 % OLR Downtown Powai Rs 1,988 Rs 1,775 Rs 2,197 Rs 1,939 Rs 1,881 95% Rs 1,693 9
Slide 37: Property Income | Consolidation Details (FY2025)
Property Income | Consolidation Details (FY2025) INCOME FROM OPERATING REVENUE FROM (1) RS MILLIONS NET OPERATING INCOME LEASE RENTALS (OLR) OPERATIONS FY2025 FY2024 FY2025 FY2024 FY2025 % OLR FY2024 % OLR Downtown Powai Rs 7,578 Rs 4,633 Rs 8,411 Rs 5,074 Rs 7,279 96% Rs 4,375 94% Commercial / IT P
Slide 38: Capital Structure and Liquidity
Capital Structure and Liquidity Backed by high proportion of operating assets and less development, our portfolio maintains a AAA credit rating GROSS DEBT SUMMARY (2) (3) REIT Shareholder (1) Borrowings Cost of debt (4) (Rs Billions) Debt / NCD REIT 6.7 8.3% - Downtown Powai - - 13.3 (SEZ) Downtown
Slide 39: Holding Structure
Holding Structure TRUSTEE MANAGER (2) Axis Trustee Brookprop Management Services Limited Services Private Limited OPERATIONAL 50% SERVICE 100% PROVIDER Airtel Center Mountainstar Holding Company India Office Parks 50% Private Limited Rostrum Realty Private Limited(1) 100% Pavilion Mall 100% 100% 100
Slide 40: Research Coverage
Research Coverage RESEARCH HOUSE ANALYST EMAIL ID Ambit Karan Khanna Karan.Khanna@ambit.co Avendus Girish Choudhary Girish.C@avendusspark.com Axis Capital Pritesh Sheth pritesh.sheth@axiscap.in BofA Securities Kunal Tayal Kunal.Tayal@bofa.com Citi Rajiv Berlia Rajiv.Berlia@citi.com CLSA Kunal Lakhan
Slide 41: Glossary
Glossary Net Operating Income (Excluding North Commercial Portfolio) + Income Support received for Adjusted NOI G1 and N2 Bharti Group Bharti Enterprises Limited and its affiliates BIRET / Brookfield India REIT Brookfield India Real Estate Trust Brookfield Group / Sponsor Group Brookfield Corporatio
Slide 42: Glossary (Cont'd)
Glossary (Cont’d) K1 Candor TechSpace K1 (Candor TechSpace, New Town, Kolkata) Kairos Kairos Properties Private Limited Kensington Kensington, Powai Refers to the potential change in base rent between new leases signed at market rates and Mark-to-market (MTM) Headroom / Spread leases expiring at in-
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