Brookfield Reit declares ₹5 per unit dividend for third quarter
Premium- The total cumulative distribution is at ₹17 per unit since the listing, Brookfield Reit said in a filing
Brookfield India Real Estate Trust (Biret), the country's only institutionally managed Reit, on Friday declared payout of ₹5 per unit as the net distributable cash flow (NDCF) distribution amounting to ₹150 crore for the quarter, of which 34% will be tax-free for unit holders.
The total cumulative distribution is at ₹17 per unit since the listing. The company has reported ₹60 crore in net income during three months ended December on the back of strong leasing momentum.
"We continue to witness strong leasing momentum with 536,000 sf of gross leasing across assets with additional expansion options of 291,000 sf in the quarter totalling 825,000 sf of gross leasable area. We also increased our total leasable area by 32% with the acquisition of Candor Techspace N2 in Noida," said Biret CEO Alok Aggarwal.
The Canadian alternative investment major Brookfield Asset Management-backed Biret was listed in February 2021 after a ₹3,800-crore public issue which was oversubscribed 8-times.
The income from operating lease rentals at ₹140 crore, a decrease of 4.3% over last year period and net operating income at ₹150 crore, down 7.7% year-on-year with an expected pick up in subsequent quarters driven by the new leases contracted in third quarter.
"The country’s high growth IT sector is driving a strong demand for safe, high-quality workplaces. Occupiers are looking to accommodate an even larger workforce today and a stronger core business as they draw their back to office plans. Our global expertise, commitment to sustainable practices and placemaking capabilities ensure that we continue to remain their long-term partner in this journey," he said.
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The company has generated an NDCF of ₹140 crore or ₹4.74 per unit for the quarter, totalling ₹530 crore or ₹17.59 per unit since listing, the company said.
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