Brookfield India Real Estate Trust · NSE:BIRET.RR
Brookfield India Real Estate Trust — Q2 FY2026 Earnings Presentation
40 slides from Brookfield India Real Estate Trust's earnings presentation, Nov 4, 2025
Slide 1: Q2 FY2026 Investor Update
Brookfield India Real Estate Trust Q 2 F Y 2 0 2 6 – I N V E S T O R U P D AT E NOVEMBER 04, 2025 WORLDMARK DELHI
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, on path to become a pan-India vehicle SELECT ASSETS 24.6 MSF OPERATING AREA Delhi NCR 17 90% WORLDMARK DELHI COMMITTED OCCUPANCY 5%+ YoY Kolkata Mumbai, 3 Pune 4 2 Rs 98 PSF IN-PLACE RENT P
Slide 4: Q2 FY2026 Business Highlights
Q2 FY2026 Business Highlights Financial Proposed Leasing Performance Acquisition 592 KSF Rs 5.25 / unit 31% Gross Leasing DPU Growth in operating area Re-leasing spread of 21% 14% YoY driven by same through proposed acquisition store NOI growth of 12% YoY of Ecoworld in Bengaluru 90%+ Rs 3
Slide 5: Leasing Success | Q2 FY2026
1 Leasing Success | Q2 FY2026 Strong leasing momentum with ~ 592,000 SF of gross leasing; 46% contribution from GCCs LEASING UPDATE – CURRENT QUARTER New Gross Leasing Renewals Leasing Global Financial Accenture Institution(2) Area 492,000 100,000 592,000 (SF) Domestic Global SEZ Properties Technolo
Slide 6: Leasing Success | Last Years
1 Leasing Success | Last 2 Years Achieved 90% occupancy through consistent leasing, backed by healthy demand across product and tenant categories STRONG LEASING ACROSS CATEGORIES COMMITTED OCCUPANCY (%) 90% 85% 80% IT / Commercial 45% 2.4 MSF Sep-23 Sep-24 Sep-25 2.9 MSF 6.4 MSF SEZ Gross Leasing
Slide 7: Leasing Success | Tenant Expansions
1 Leasing Success | Tenant Expansions Robust expansion demand reflects sustained occupier confidence in our high-quality portfolio SELECT TENANT EXPANSIONS (SF) A GLOBAL FINANCIAL INSTITUTION(1) 4,14,000 5,01,000 1,36,000 2,19,000 56,000 82,000 Sep-23 Sep-25 Sep-23 Sep-25 Sep-23 Sep-25 N2, G1 Downto
Slide 8: Distributions
2 Distributions Q2 FY2026 FINANCIAL HIGHLIGHTS Q2 FY2026 - DPU COMPOSITION Rs 5.1 Bn Rs 0.83 , 16% Rs 0.04 , 1% NET OPERATING INCOME (1) Rs 1.85 , 35% Rs 3.4 Bn DISTRIBUTIONS (2) Rs 5.25 per unit Rs 5.25 DPU 14% vs Q2 FY2025 Rs 2.53 , 48% November 8, 2025 (3) RECORD DATE Interest on Share
Slide 9: Proposed Acquisition | Large Office Campus in Bengaluru
3 Proposed Acquisition | Large Office Campus in Bengaluru Strategic and unique opportunity to make a large entry into Bengaluru by acquiring a 100% stake in Ecoworld, a 7.7 MSF grade A office campus located on the Outer Ring Road KEY METRICS ACQUISITION Rs 131,250 Mn Rs 120,000 Mn + PRICE Rs 11,250
Slide 10: Proposed Acquisition | Increasing Scale
3 Proposed Acquisition | Increasing Scale The acquisition will increase consolidated GAV by 35% and operating area by 31% CURRENT PRO-FORMA ECOWORLD PORTFOLIO PORTFOLIO CONSOLIDATED GAV Rs 396 B Rs 140 B Rs 536 B +35% OPERATING AREA 24.6 MSF 7.7 MSF 32.3 MSF +31% COMMITTED OCCUPANCY 90% 94%(1) 91%
Slide 11: Proposed Acquisition | Highly Accretive
3 Proposed Acquisition | Highly Accretive The acquisition is at an attractive entry discount (6.5% below GAV)(1), and is expected to result in 1.6% NAV accretion and 3.0% DPU accretion DISCOUNT TO GAV(1) NAV ACCRETION(2) DPU ACCRETION(3) Rs Billion Rs per unit Rs per unit / quarter 360 6.29 140 355
Slide 12: Business Updates
Business Updates DOWNTOWN POWAI, MUMBAI
Slide 13: Significantly Complete and Diversified Portfolio
Significantly Complete and Diversified Portfolio Our portfolio has a Committed Occupancy of 90% and a long-dated WALE of 6.6 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 14: 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 396 B Rs 396 B 19% (3) 28% 97% Gurugram Mumbai Noida Operating Development (3) Delhi Kolkata Ludhiana Note: North Commercial Portfolio is accounted for using the equity
Slide 15: Lease Expiry Profile
Lease Expiry Profile Portfolio has a well staggered lease expiry profile with only 34% of the contracted rentals due for expiry till FY2029 LEASE EXPIRY SCHEDULE 3.5 0.40 34% 3.0 28% 0.30 Expected Renewals 2.5 2.4 0.20 15% Achieved Renewals 6% 2.0 0.10 Area Expiring 1.6 1.5 1.5 0.00 Cumulative Expir
Slide 16: ESG | Strong Sustainability Focus
ESG | Strong Sustainability Focus Continued recognition from global ESG institutions reaffirms our leadership in sustainability (1) 5 Star Rating 100/100 94/100 Development score Standing Investments score Ranked #1 in Asia/Listed Ranked #1 in Asia/Listed For the fourth Global Sector Leader Global S
Slide 17: Financial Updates
Financial Updates CANDOR TECHSPACE G2, GURUGRAM
Slide 18: Q2 FY2026 | Financial Highlights
Q2 FY2026 | Financial Highlights Growth vs RS MILLIONS Q2 FY2026 Q2 FY2025 Operating Lease • Rs 499 million YoY increase primarily due to recent new Rentals (OLR) Rs 4,757 11.7% leasing, renewals and escalations achieved offset by expiries Net Operating Income • Rs 582 million YoY increase primarily
Slide 19: Property Income
Property Income RS MILLIONS H1 FY2026 H1 FY2025 KEY DRIVERS Income from Operating Lease • Rs 880 million (10.4%) YoY increase due to new leasing Rs 9,340 Rs 8,460 and contractual escalations partly offset by expiries Rentals (OLR) • Rs 603 million (19.0%) YoY increase primarily due to growth (+) CAM
Slide 20: NDCF | Walkdown
NDCF | Walkdown RS MILLIONS Q1 FY2026 Q2 FY2026 H1 FY2026 Income from Operating Lease Rentals (OLR) Rs 4,583 Rs 4,757 Rs 9,340 CAM / Other Revenue 1,833 1,949 3,783 Revenue from Operations Rs 6,416 Rs 6,706 Rs 13,122 CAM / Other Direct Expenses (1,430) (1,612) (3,043) NOI Rs 4,986 Rs 5,094 Rs 10,080
Slide 21: NDCF | Walkdown
NDCF | Walkdown RS MILLIONS Q1 FY2026 Q2 FY2026 H1 FY2026 NDCF Distributed to REIT Rs 3,379 Rs 3,467 Rs 6,846 Interest on Shareholder Debt/CCD/NCD 1,300 1,314 2,614 Dividends 432 577 1,009 Repayment of Shareholder Debt/NCD 1,647 1,577 3,224 Cash Flows Received from SPV’s / Investment Entities Rs 3,3
Slide 22: Summary Balance Sheet
Summary Balance Sheet Our business is well-capitalized, backed by a strong balance sheet and Sponsor Group RS MILLIONS Sep 30, 2025 Total Equity 166,307 Equity 146,324 Non-Controlling Interest 19,984 Liabilities 107,651 Bank Borrowings(1) 79,974 NCD's and CCD’s(1) 10,856 Security Deposits 11,107 Oth
Slide 23: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating 21.6% Dual AAA Rating 88% 7.5% LTV EXCLUDING SHAREHOLDER [ICRA]AAA(STABLE) LOANS LINKED TO AVG INT RATE INSTRUMENTS(1) CRISIL AAA/STABLE REPO RATE(2) DEBT MATURITY PROFILE (Rs BILLION) Portfolio
Slide 24: Information Supplement
Information Supplement CANDOR TECHSPACE G1, GURUGRAM
Slide 25: Brookfield: One of the World's Largest Real Estate Portfolios
Brookfield: One of the World’s Largest Real Estate Portfolios With ~$278B in real estate AUM and ~25,000 employees across 50+ 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 26: Sponsor Assets Pipeline
Sponsor Assets Pipeline Our Sponsor Group owns another 26 MSF across India in complementary markets MILLENIA, CHENNAI (1.6 MSF) ECOSPACE, BENGALURU (1.6 MSF) WATERSTONES, MUMBAI (1.4 MSF) NXT + CENTENNIAL, BENGALURU (1.4 MSF) BLUEGRASS, PUNE (2.1 MSF) 3 FLOORS IN GBKC, MUMBAI (0.3 MSF) 26
Slide 27: 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 15% Technology, TCS Technology 7% 8% Oil and gas, 27% 2% Accenture Consulting 6% 7% Real Estate and Infrastructure, Bharti Airtel Telecom 4% 3% 2% H
Slide 28: Leasing Q2 FY2026
Leasing Q2 FY2026 SELECT NEW LEASES / RENEWALS(1) Tenant Assets Area (SF) Global Financial Downtown Powai 272,000 Rs 136 PSF Institution(2) AVERAGE RENT ON GROSS LEASING(3) Accenture G2, K1, N2 127,000 Global Education Downtown Powai 38,000 Company Domestic Technology Downtown Powai 31,000 Company
Slide 29: 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 6M FY26E FY27E FY28E FY29E 6M FY26E FY27E FY28E FY29E 6M FY26E FY27E FY28E FY29E Downtown Powai 35 473 428 333 2% 18% 16% 13% Rs 185 Rs 178 Rs 190 Rs 204 (Commercial / IT Park)
Slide 30: Portfolio Occupancy: Q1 FY2026 to Q2 FY2026
Portfolio Occupancy: Q1 FY2026 to Q2 FY2026 June 30, 2025 September 30, 2025 Operating Leased Committed Operating Leased Committed Asset ('000 SF) Leasing Expiries Renewed Area Area Occupancy Area Area Occupancy Downtown Powai 4,388 3,949 90% - 355 (78) 14 - 4,458 4,240 95% Commercial / IT Park 2,78
Slide 31: Portfolio Occupancy: Q4 FY2025 to Q2 FY2026
Portfolio Occupancy: Q4 FY2025 to Q2 FY2026 March 31, 2025 September 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% - 405 (356) 17 - 4,458 4,240 95% Commercial / IT Park 2,
Slide 32: Q2 FY2026: New leasing & Renewals
Q2 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 355 153 14 200 369 155 Commercial / IT Park 355 153 14 200 369 155 SEZ - - - - - - G1 - - 2 - 2 - G2 26 89 4 - 30 89 N1 2 - - - 2
Slide 33: H1 FY2026: New leasing & Renewals
H1 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 405 158 17 200 422 160 Commercial / IT Park 405 158 17 200 422 160 SEZ - - - - - - G1 162 81 2 - 164 81 G2 227 84 5 - 232 84 N1 17
Slide 34: Property Income | Consolidation Details (Q2 FY2026)
Property Income | Consolidation Details (Q2 FY2026) INCOME FROM OPERATING REVENUE FROM MILLIONS NET OPERATING INCOME(1) LEASE RENTALS (OLR) OPERATIONS Q2 FY2026 Q2 FY2025 Q2 FY2026 Q2 FY2025 Q2 FY2026 % OLR Q2 FY2025 % OLR Downtown Powai Rs 1,952 Rs 1,823 Rs 2,172 Rs 2,053 Rs 1,840 94% Rs 1,791 98%
Slide 35: Property Income | Consolidation Details (H1 FY2026)
Property Income | Consolidation Details (H1 FY2026) INCOME FROM OPERATING REVENUE FROM MILLIONS NET OPERATING INCOME(1) LEASE RENTALS (OLR) OPERATIONS H1 FY2026 H1 FY2025 H1 FY2026 H1 FY2025 H1 FY2026 % OLR H1 FY2025 % OLR Downtown Powai Rs 3,862 Rs 3,689 Rs 4,313 Rs 4,097 Rs 3,706 96% Rs 3,565 97%
Slide 36: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating GROSS DEBT SUMMARY (2) REIT Shareholder Borrowings Cost of debt (Rs Billions)(1) Debt / NCD(3) REIT 7.0 8.2% - Downtown Powai - - 12.8 (SEZ) Downtown Powai 25.6 7.5% 2.3 (Commercial / IT Park) G1
Slide 37: 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 38: 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 B&K Securities Deep Shah Deep.Shah@bksec.com BOB Capital Markets Yashas Gilganchi Yashas.Gilganchi@bobcaps
Slide 39: Glossary
Glossary Acquisition Presentation Presentation for proposed acquisition of Ecoworld Bharti Group Bharti Enterprises Limited and its affiliates BIRET / Brookfield India REIT Brookfield India Real Estate Trust Brookfield Group / Sponsor Group Brookfield Corporation and its affiliates CAM Common Area M
Slide 40: Glossary (Cont'd)
Glossary (Cont’d) 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-place rents, reflected as a % change LTM Last Twelve Months MIOP Mountainstar India Office Parks Private Limited N1 Candor TechSpac
Brookfield India Real Estate Trust — Q2 FY2026 Earnings Presentation on 6ix