Brookfield India Real Estate Trust · NSE:BIRET.RR
Brookfield India Real Estate Trust — Q3 FY2026 Earnings Presentation
41 slides from Brookfield India Real Estate Trust's earnings presentation, Jan 29, 2026
Slide 1: Investor Update Q3 FY2026
Investor Update Q3 FY2026 January 29, 2026 BR O O K FIELD IN DIA R EIT.IN 1 ECOWORLD, BENGALURU
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 pan-India office REIT SELECT ASSETS 32.4 MSF Gurugram, Noida, Operating Area Delhi Ç 32% QoQ 17 92% ECOWORLD, BENGALURU Committed Occupancy Ç 2% QoQ 3 Mumbai, 4 Kolkata Rs 101 PSF Pune 8 WORLDMARK, DELHI In-Place Ren
Slide 4: Q3 FY2026 Business Highlights
Q3 FY2026 Business Highlights We have executed on our stated strategy and are poised for continued growth Metric Performance Gross Leasing of 1.2 MSF(1) Re-leasing spread of 17% 1 Leasing Committed Occupancy at 92%, Ç5% YoY Driven by strong leasing demand across product and tenant categories Same st
Slide 5: Leasing Success | Q3 FY2026
1 Leasing Success | Q3 FY2026 Robust leasing performance with 1.2 MSF(1) of gross leasing; 44% contribution from GCCs LEASING UPDATE – CURRENT QUARTER New Gross Renewals Leasing Leasing Area 715,000 485,000 1,200,000 Indian Automobile (SF) Co. SEZ Properties 585,000 412,000 997,000 Big 4 Indian Tech
Slide 6: Leasing Success | Q3 FY2026 (Cont'd)
1 Leasing Success | Q3 FY2026 (Cont’d) Strong leasing momentum backed by robust expansion demand and conversions to non-processing areas SELECT TENANT EXPANSIONS (KSF) Big 4 Consulting Indian Technology MNC 583 271 230 478 2% 196 8% 8% +2 +3 150 +4 Sep-25 Dec-25 Sep-25 Dec-25 Sep-25 Dec-25 NON-PROCE
Slide 7: Leasing Success | 9M FY2026 YTD Performance
1 Leasing Success | 9M FY2026 YTD Performance Achieved 2.4 MSF gross leasing with healthy demand across product and tenant categories STRONG LEASING ACROSS CATEGORIES; 6% OCCUPANCY GROWTH ACROSS SEZ ~49% CONTRIBUTION FROM GCCs PROPERTIES G2 N2 IT / Commercial 83% 92% 31% 73% 84% 8% 10% 0.8 MSF 0.8 M
Slide 8: Leasing Success | G2 Highlights
1 Leasing Success | G2 Highlights G2 witnessed a 10% increase in occupancy during 9M FY2026, driven by strong leasing momentum, high-quality campus-style value proposition and non-processing area conversions NEW TENANT DEMAND STRONG TENANT RELATIONSHIPS India’s Largest Automobile Co. Leveraged stron
Slide 9: Distributions
2 Distributions Q3 FY2026 FINANCIAL HIGHLIGHTS Q3 FY2026 - DPU COMPOSITION Rs 5.4 Billion Rs 0.27 , 5% NET OPERATING INCOME (1) Rs 0.94 , 17% Rs 1.59 , 29% Rs 4.0 Billion DISTRIBUTIONS (2) Rs 5.40 per unit Rs 5.40 DPU Ç 10% vs Q3 FY2025 February 3, 2026 Rs 2.60 , 48% RECORD DATE (3) Interest on Shar
Slide 10: Acquisition and Fundraising | Ecoworld Acquisition
3 Acquisition and Fundraising | Ecoworld Acquisition Large scale entry into Bengaluru through acquisition of Ecoworld, a 7.7 MSF premium Grade A office campus, located on the Outer Ring Road, India’s largest and top performing micro market Completed the acquisition on December 24, 2025 Increased ope
Slide 11: Acquisition and Fundraising | Qualified Institutional Placement
3 Acquisition and Fundraising | Qualified Institutional Placement Successfully raised Rs 35 Billion from diversified marquee investors with 3x subscription, underscoring confidence in our high-quality portfolio and robust business outlook UNITHOLDING PATTERN ISSUE SIZE Rs 35 Billion DEMAND RECEIVED
Slide 12: Acquisition and Fundraising | Sustainability Linked Bond
3 Acquisition and Fundraising | Sustainability Linked Bond Successfully completed issuance of ~Rs 20 Billion Sustainability Linked Bond (SLB) – largest ever by an Indian REIT till date, anchored by IFC KEY SUSTAINABILITY TARGETS ISSUE SIZE ~Rs 20 Billion 52% reduction in portfolio level carbon TENUR
Slide 13: Robust Outlook | Organic Growth
4 Robust Outlook | Organic Growth Steady leasing momentum expected to drive embedded NOI and distribution growth Q3 FY2026 Under Lease Pro-forma Rs Billion Run Rate Contract(2) up (Leased) Occupancy 92% 97.5% 100% Owned Assets (at 100%) 11.9 0.4 1.0 13.3 50% Owned Assets (at 50%) 7.3 0.1 0.4 7.9 (1)
Slide 14: Robust Outlook | Inorganic Growth Opportunities
4 Robust Outlook | Inorganic Growth Opportunities Our Sponsor Group has high-quality properties across key gateway office markets of Delhi NCR, Mumbai, Bengaluru and Chennai CONSOLIDATION OF NORTH COMMERCIAL PORTFOLIO (3.3 MSF)(1) BLUEGRASS, PUNE (2.1 MSF) ECOSPACE, BENGALURU (1.6 MSF) FLOORS IN GBK
Slide 15: Business Updates
WORLDMARK, DELHI 01 Business Updates BR O O K FIELD IN DIA R EIT.IN
Slide 16: Significantly Complete and Diversified Portfolio
Significantly Complete and Diversified Portfolio Our portfolio has a Committed Occupancy of 92% and a long-dated WALE of 6.5 Yrs. Economic Operating Leased Area Committed WALE In-place Rent Dev. Asset (1) (1) (2) Interest % Area (MSF) (MSF) Occ. % (Yrs.) (Rs PSF) Potential Ecoworld 100% 7.1 6.6 94%
Slide 17: Value Diversification
Value Diversification Following the Ecoworld acquisition, majority of the portfolio value is contributed by high growth micro-markets of Outer Ring Road, Bengaluru and Powai, Mumbai AT-SHARE GAV(1) AT-SHARE GAV(1) (BY GEOGRAPHY) (BY ASSET) Ecoworld, Bengaluru, 32% Bengaluru, 32% Downtown Mumbai, Pow
Slide 18: High-quality Tenant Roster
High-quality Tenant Roster SECTOR DIVERSIFICATION OF TENANTS(1) TOP 10 TENANTS(1) % Gross % Leased Tenant Name Industry Contracted Area Rentals Real Estate and TCS Technology 5% 6% Infrastructure, 2% Oil and gas, 2% A Global Professional Services Co. Consulting 5% 5% Healthcare, 3% Others, Industria
Slide 19: Lease Expiry Profile
Lease Expiry Profile Well staggered lease expiry profile with only 31% of the contracted rentals due for expiry till 2029 LEASE EXPIRY SCHEDULE(1) 4 .0 31% 40% 3 .5 24% Achieved Renewals 14% 20% 3 .0 4% Achieved Re-Leasing 0% 2 .5 Expected Renewals 2.6 2.5 -20% 2 .0 Area Expiring 1.4 -40% 1 .5 1.3 1
Slide 20: ESG | Strong Sustainability Focus
ESG | Strong Sustainability Focus Continued recognition from global ESG institutions reaffirms our leadership in sustainability Ecoworld, North Commercial Portfolio, 9 out of 10 buildings in Downtown Powai, G1, G2, K1, N1 and N2 received the WELL Equity Rating, demonstrating unwavering dedication to
Slide 21: Financial Updates
WORLDMARK, GURUGRAM 02 Financial Updates BR O O K FIELD IN DIA R EIT.IN
Slide 22: Q3 FY2026 | Financial Highlights
Q3 FY2026 | Financial Highlights Growth vs Q3 Rs Million Q3 FY2026 KEY DRIVERS FY2025 Operating Lease • Rs 577 million YoY increase primarily due to recent new Rs 5,003 13.0% Rentals (OLR) leasing, renewals and escalations achieved offset by expiries • Rs 889 million YoY increase primarily due to: R
Slide 23: Property Income
Property Income Rs Million 9M FY2026 9M FY2025 KEY DRIVERS • Rs 1,457 million (11.3%) YoY increase due to new leasing Operating Lease Rentals (OLR) Rs 14,343 Rs 12,886 and contractual escalations partly offset by expiries • Rs 915 million (19.2%) YoY increase primarily due to (+) CAM / Other Revenue
Slide 24: NDCF | Walkdown
NDCF | Walkdown Rs Million Q1 FY2026 Q2 FY2026 Q3 FY2026 9M FY2026 Operating Lease Rentals (OLR) Rs 4,583 Rs 4,757 Rs 5,003 Rs 14,343 CAM / Other Revenue 1,833 1,949 1,901 5,684 Revenue from Operations Rs 6,416 Rs 6,706 Rs 6,904 Rs 20,027 CAM / Other Direct Expenses (1,430) (1,612) (1,500) (4,543) N
Slide 25: NDCF | Walkdown
NDCF | Walkdown Rs Million Q1 FY2026 Q2 FY2026 Q3 FY2026 9M FY2026 NDCF Distributed to REIT Rs 3,379 Rs 3,467 Rs 4,139 Rs 10,985 Interest on Shareholder Debt/CCD/NCD 1,300 1,314 1,401 4,015 Dividends 432 577 786 1,795 Repayment of Shareholder Debt/NCD 1,647 1,577 1,951 5,175 Cash Flows Received from
Slide 26: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating 31.5% Dual AAA Rating 7.6% LTV EXCLUDING SHAREHOLDER [ICRA]AAA(STABLE) AVG INT RATE(2) INSTRUMENTS(1) CRISIL AAA/STABLE (Q4 FY2026E - 7.3%) GROSS DEBT MATURITY PROFILE (Rs BILLION) GROSS DEBT COM
Slide 27: Information Supplement
DOWNTOWN POWAI (IT/ COMMERCIAL), MUMBAI 03 Information Supplement BR O O K FIELD IN DIA R EIT.IN
Slide 28: 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 ~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 29: Leasing Q3 FY2026
Leasing Q3 FY2026 SELECT NEW LEASES / RENEWALS Tenant Assets Area (SF) Indian Automobile Co. G2 220,000 Rs 105 PSF AVERAGE RENT ON GROSS LEASING (1) Big 4 Consulting N2 105,000 Alight Services G1, N2 75,000 Indian Technology MNC G2 74,000 17% Global Education Platform G2 44,000 RE-LEASING SPREAD (1)
Slide 30: Detailed Lease Expiry Schedule
Detailed Lease Expiry Schedule (1) Area Expiring (‘000 SF) % of Gross Rentals In-place Rent at Expiry (Rs PSF) Asset/Year 3M 26E 27E 28E 29E 3M 26E 27E 28E 29E 3M 26E 27E 28E 29E Ecoworld 43 760 310 660 - 12% 5% 10% Rs 80 Rs 93 Rs 96 Rs 87 Downtown Powai 168 469 578 415 11% 21% 31% 21% 143 177 177 1
Slide 31: Portfolio Occupancy: Q2 FY2026 to Q3 FY2026
Portfolio Occupancy: Q2 FY2026 to Q3 FY2026 September 30, 2025 December 31, 2025 Operating Leased Committed Operating Leased Committed Asset (KSF) Leasing Expiries Renewed Area Area Occupancy Area Area Occupancy (1) Ecoworld 7,046 6,625 94% 35 (386) 339 7,052 6,615 94% Downtown Powai 4,458 4,240 95%
Slide 32: Portfolio Occupancy: Q4 FY2025 to Q3 FY2026
Portfolio Occupancy: Q4 FY2025 to Q3 FY2026 March 31, 2025 December 31, 2025 Operating Leased Committed Operating Leased Committed Asset (KSF) Leasing Expiries Renewed Area Area Occupancy Area Area Occupancy (1) Ecoworld 7,046 6,625 94% 35 (386) 339 7,052 6,615 94% Downtown Powai 4,382 4,174 95% 427
Slide 33: Q3 FY2026: New leasing and Renewals
Q3 FY2026: New leasing and Renewals Asset New Leasing Renewals Gross Leasing (1) (1) (1) Areas (KSF) Area Rent PSF PM Area Rent PSF PM Area Rent PSF PM (2) Ecoworld 35 Rs 116 339 Rs 113 375 Rs 113 Downtown Powai 22 171 3 253 25 183 IT / Commercial 22 171 3 253 25 183 SEZ - - - - - - G2 348 90 16 112
Slide 34: 9M FY2026: New leasing and Renewals
9M FY2026: New leasing and Renewals Asset New Leasing Renewals Gross Leasing (1) (1) (1) Areas (KSF) Area Rent PSF PM Area Rent PSF PM Area Rent PSF PM (2) Ecoworld 35 Rs 116 339 Rs 113 375 Rs 113 Downtown Powai 427 158 20 210 447 160 IT / Commercial 427 158 20 210 447 160 SEZ - - - - - - G2 574 88
Slide 35: Property Income | Consolidation Details (Q3 FY2026)
Property Income | Consolidation Details (Q3 FY2026) OPERATING LEASE REVENUE FROM NET OPERATING Rs Million (1) RENTALS (OLR) OPERATIONS INCOME Q3 FY2026 Q3 FY2025 Q3 FY2026 Q3 FY2025 Q3 FY2026 % OLR Q3 FY2025 % OLR Ecoworld Rs 172 - Rs 214 - Rs 168 98% - - Downtown Powai 2,057 1,902 2,286 2,117 1,984
Slide 36: Property Income | Consolidation Details (9M FY2026)
Property Income | Consolidation Details (9M FY2026) OPERATING LEASE REVENUE FROM NET OPERATING Rs Million (1) RENTALS (OLR) OPERATIONS INCOME 9M FY2026 9M FY2025 9M FY2026 9M FY2025 9M FY2026 % OLR 9M FY2025 % OLR Ecoworld Rs 172 - Rs 214 - Rs 168 98% - - Downtown Powai 5,919 5,590 6,599 6,214 5,690
Slide 37: Capital Structure and Liquidity
Capital Structure and Liquidity Our portfolio is optimally capitalized and maintains a AAA credit rating GROSS DEBT SUMMARY Q3 FY2026 Cost of Q4 FY2026E Cost of REIT Shareholder Borrowings (2) (Rs Billion) (1) Debt (3) Debt Debt / NCD (4) REIT 27.1 7.3% 7.3% - Ecoworld 56.3 8.4% 7.4% - Downtown Powa
Slide 38: Holding Structure
Holding Structure TRUSTEE MANAGER (2) Axis Trustee Services Brookprop Management Limited Services Private Limited 100% 50% OPERATIONAL SERVICE PROVIDERS Holding Airtel Center Mountainstar India 100% 50% Company Office Parks Private Limited Rostrum Realty Candor India Office Private Limited(1) Parks
Slide 39: 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 40: Glossary
Glossary AEIPL Arliga Ecoworld Infrastructure Private Limited 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 Maintenance CGORPPL Can
Slide 41: Glossary (Cont'd)
Glossary (Cont’d) Kairos Kairos Properties Private Limited Kensington Kensington, Powai Mark-to-market (MTM) Headroom / Refers to the potential change in base rent between new leases signed at market rates and Spread leases expiring at in-place rents, reflected as a % change LTM Last Twelve Months M
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