Brookfield India Real Estate Trust · NSE:BIRET.RR
Brookfield India Real Estate Trust — Q1 FY2026 Earnings Presentation
34 slides from Brookfield India Real Estate Trust's earnings presentation, Aug 1, 2025
Slide 1: Q1 FY2026 Investor Update
Brookfield India Real Estate Trust Q 1 F Y 2 0 2 6 – I N V E S T O R U P D AT E AU G U S T 0 1 , 2 0 2 5 DOWNTOWN POWAI, MUMBAI
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 Delhi NCR 17 89% WORLDMARK DELHI COMMITTED OCCUPANCY Kolkata Mumbai, 3 Pune 4 3 Rs 97 PSF IN-PLACE RENT PER MONTH DOWNTOWN P
Slide 4: Q1 FY2026 Business Highlights
Q1 FY2026 Business Highlights Leasing Distributions Robust Outlook 651 KSF Rs 5.25 / unit ~22% Gross Leasing 17% YoY Embedded DPU growth Re-leasing spread of 22% to be driven by increase in occupancy 9%+ 13% YoY ~55bps Occupancy growth Same Store NOI Incremental reduction in in last
Slide 5: Leasing Success | Q1 FY2026
1 Leasing Success | Q1 FY2026 Strong leasing momentum with ~ 651,000 SF of gross leasing; 61% contribution from GCCs LEASING UPDATE – CURRENT QUARTER New Gross Renewals Leasing Leasing Area 594,000 57,000 651,000 (SF) Big 4 SEZ Properties Consulting 485,000 24,000 508,000 (SF) Average Rent(1) Rs 96
Slide 6: Leasing Success | Consistent Occupancy Growth
1 Leasing Success | Consistent Occupancy Growth Consistent increase in occupancy over the last 18 months backed by robust leasing demand COMMITTED OCCUPANCY (%) (1) 89% 87% 84% 83% 82% 80% Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Work from home Strong return to office Global pandemic Increased tech
Slide 7: Leasing Success | Since SEZ Policy Reforms
1 Leasing Success | Since SEZ Policy Reforms Achieved 4.6 MSF gross leasing with healthy demand across product and tenant categories STRONG LEASING ACROSS CATEGORIES; 11% OCCUPANCY GROWTH ACROSS SEZ OVER 40% CONTRIBUTION FROM GCCs PROPERTIES Downtown Powai K1 (SEZ) 97% IT / Commercial 96% 39% 88% 74
Slide 8: Distributions
2 Distributions Q1 FY2026 FINANCIAL HIGHLIGHTS Q1 FY2026 - DPU COMPOSITION Rs 5.0 Bn Rs 0.63 , 12% Rs 0.02 , 0% NET OPERATING INCOME (1) Rs 1.89 , 36% Rs 3.2 Bn DISTRIBUTIONS (2) Rs 5.25 per unit Rs 5.25 / unit DPU 17% vs Q1 FY2025 Rs 2.71 , 52% August 6, 2025 RECORD DATE (3) Interest on Shar
Slide 9: Robust Outlook | Organic Growth
3 Robust Outlook | Organic Growth Steady leasing recovery expected to drive ~13% growth in NOI and ~22% growth in distributions Q1 FY2026 Under Pro-forma Go-forward Rs Billions Lease up(2) Growth % Run Rate Contract(1) (Leased) Growth Trend Occupancy 89% 97.5% 100% Owned Assets (at 100%) 11.5 0.
Slide 10: Robust Outlook | Reducing Rate Environment
3 Robust Outlook | Reducing Rate Environment Well positioned to benefit from the reducing interest rate environment, backed by robust credit rating and predominantly repo-linked borrowings PORTFOLIO AVERAGE INTEREST RATE 25.0% ~35bps ~55bps LTV EXCLUDING Achieved in Q2 FY26 SHAREHOLDER INSTRUMENTS(1
Slide 11: Robust Outlook | Preferential Issue
3 Robust Outlook | Preferential Issue Board has approved a preferential issue to new investors to create capacity for future growth opportunities POST-ISSUE UNITHOLDING(1) ISSUE SIZE Rs 10.0 Billion 25.1% ISSUE PRICE Rs 310 per unit 640 Mn Units PREMIUM TO IPO PRICE 12.7% Others 74.9% # UNITS TO BE
Slide 12: Robust Outlook | Acquisition Pipeline
3 Robust Outlook | Acquisition Pipeline Conversations underway with Sponsor Group for potential acquisition of dominant grade A properties across Bangalore and Chennai, designed and built to high specifications Ecoworld, Bangalore (7.5 MSF) Ecospace, Bangalore (1.6 MSF) Millenia Business Park, Chenn
Slide 13: Business Updates
Business Updates CANDOR TECHSPACE N2, NOIDA
Slide 14: Significantly Complete and Diversified Portfolio
Significantly Complete and Diversified Portfolio Our portfolio has a Committed Occupancy of 89% and a long-dated WALE of 6.8 Yrs. Economic Operating Leased Area Committed WALE In-place Rent Dev. Potential Asset Value Properties Interest % Area (MSF) (MSF) Occ. % (Yrs.) (Rs PSF) (MSF) (Rs Bn) SEZ
Slide 15: Lease Expiry Profile
Lease Expiry Profile Portfolio has a well staggered lease expiry profile with only 35% of the contracted rentals due for expiry till FY2029 LEASE EXPIRY SCHEDULE 3.5 0.40 35% 29% 3.0 0.30 Expected Renewals 2.5 2.4 0.20 15% Achieved Renewals 6% 2.0 0.10 Area Expiring 1.6 1.5 1.4 0.00 Cumulative Expir
Slide 16: ESG | Leader in Sustainable Office Development
ESG | Leader in Sustainable Office Development Recognized for our top-tier sustainable assets Winchester and One Downtown Central have been awarded the EDGE (Excellence in Design for Greater Efficiencies) certification by International Finance Corporation (IFC), in recognition of achieving over 20%
Slide 17: Financial Updates
Financial Updates DOWNTOWN POWAI, MUMBAI
Slide 18: Financial Highlights
Financial Highlights RS MILLIONS Q1 FY2026 Q1 FY2025 KEY DRIVERS Income from Operating Lease • Rs 381 million (9.1%) YoY increase due to new leasing and Rs 4,583 Rs 4,203 contractual escalations partly offset by expiries Rentals (OLR) • Rs 298 million (19.4%) YoY increase primarily due to growth (+)
Slide 19: NDCF
NDCF RS MILLIONS Q1 FY2026 NDCF distributed to REIT Rs 3,379 Income from Operating Lease Rentals (OLR) Rs 4,583 Interest on Shareholder Debt/CCD/NCD 1,300 CAM / Other Revenue 1,833 Dividends 432 Revenue from Operations Rs 6,416 Repayment of Shareholder Debt/NCD 1,647 CAM / Other Direct Expenses (1,4
Slide 20: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating 25.0% Dual AAA Rating 88% 8.1% LTV EXCLUDING SHAREHOLDER [ICRA]AAA(STABLE) LOANS LINKED TO AVG INT RATE(3) INSTRUMENTS(1) CRISIL AAA/STABLE REPO RATE(2) (Q2 FY26E – 7.5%) DEBT MATURITY PROFILE (R
Slide 21: Information Supplement
Information Supplement CANDOR TECHSPACE G2, GURUGRAM
Slide 22: 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 23: 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 (1.5 MSF) 23
Slide 24: High-quality Tenant Roster
High-quality Tenant Roster SECTOR DIVERSIFICATION OF TENANTS(1) TOP 10 TENANTS(1) % Gross % Tenant Name Industry Contracted Leased Others, Rentals Area 18% Technology, TCS Technology 7% 8% 28% Oil and gas, Accenture Consulting 5% 6% 2% Real Estate and Bharti Airtel Telecom 4% 3% Infrastructure, 2% C
Slide 25: Leasing Q1 FY2026
Leasing Q1 FY2026 SELECT NEW LEASES / RENEWALS(1) Tenant Assets Area (SF) Alight G1, N2 196,000 Rs 100 PSF AVERAGE RENT ON GROSS LEASING(2) Telus G2 125,000 Cognizant G2 74,000 Kent Downtown Powai 48,000 Teleperformance G1 33,000 22% RE-LEASING SPREAD(2) Sweco G1 29,000 New Leasing 5,94,000 SF S
Slide 26: Detailed Lease Expiry Schedule
Detailed Lease Expiry Schedule Area Expiring (‘000 SF) % of Gross Rentals In-place Rent at Expiry (Rs PSF)(1) Asset / Year 9M FY26E FY27E FY28E FY29E 9M FY26E FY27E FY28E FY29E 9M FY26E FY27E FY28E FY29E Downtown Powai 107 473 431 333 5% 20% 17% 14% Rs 183 Rs 178 Rs 190 Rs 204 (Commercial / IT Park)
Slide 27: Portfolio Occupancy: Q4 FY2025 to Q1 FY2026
Portfolio Occupancy: Q4 FY2025 to Q1 FY2026 March 31, 2025 June 30, 2025 Operating Leased Committed Operating Leased Committed Asset ('000 SF) Leasing Expiries Renewed Area Area Occupancy Area Area Occupancy Downtown Powai 4,382 4,174 95% - 50 (279) 3 - 4,388 3,949 90% Commercial / IT Park 2,775 2,6
Slide 28: Q1 FY2026: New leasing & Renewals
Q1 FY2026: 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 50 197 3 - 53 197 G1 162 81 - - 162 81 G2 201 84 1 - 202 84 N1 15 - - - 15 - N2 123 62 18 - 141 62 K1 - - 4 - 4 - Worldmark Delhi 27
Slide 29: Property Income | Consolidation Details (Q1 FY2026)
Property Income | Consolidation Details (Q1 FY2026) INCOME FROM OPERATING REVENUE FROM (1) MILLIONS NET OPERATING INCOME LEASE RENTALS (OLR) OPERATIONS Q1 FY2026 Q1 FY2025 Q1 FY2026 Q1 FY2025 Q1 FY2026 % OLR Q1 FY2025 % OLR Downtown Powai Rs 1,910 Rs 1,866 Rs 2,141 Rs 2,044 Rs 1,865 98% Rs 1,773 95%
Slide 30: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating GROSS DEBT SUMMARY (2) (3) REIT Shareholder Borrowings Cost of debt (Rs Billions)(1) Debt / NCD(4) REIT 7.0 8.4% - Downtown Powai - - 12.9 (SEZ) Downtown Powai 25.5 8.0% 2.5 (Commercial / IT Park
Slide 31: 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 32: 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 33: Glossary
Glossary Net Operating Income (Excluding North Commercial Portfolio) + Income Support received for Adjusted NOI G1 Bharti Group Bharti Enterprises Limited and its affiliates BIRET / Brookfield India REIT Brookfield India Real Estate Trust Brookfield Group / Sponsor Group Brookfield Corporation and i
Slide 34: 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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