Brookfield India REIT Announced Rs. 180 Crore Dividend For September Quarter

India's 1st publicly traded Real Estate Investment Trust (REIT), Brookfield India Real Estate Trust (BIRET) has recently announced that they will payout Rs. 180 crore dividend for the September 2021 quarter. This will take their total profit distribution to Rs. 360 crore since listing in February.

Rs. 180 crore planned dividend payout will be Rs. 6 per unit this quarter, with 35% of the distributions tax-free for their unitholders. So, this will take total distribution to Rs. 12 per unit since listing.

According to the latest official statement, Brookfield India Real Estate Trust (BIRET) has created a net distributable cash flow of Rs. 190 crore or Rs. 6.43 per unit for the reporting quarter. In total their distributable cash flow is Rs. 390 crore or Rs. 12.85 per unit since listing. BIRET has a positive balance sheet with only an 18.7% LTV ratio.

Alok Aggarwal, Chief Executive, Brookprop Management Services, which is the manager of REIT commented, "We've leased and renewed 7.51 lakh sqft space of which 2.16 lakh sqft is in our REIT assets and 5.35 lakh sqft in identified assets, this fiscal. Higher demand is being driven by tenants looking to relocate and expand in grade A assets."

Their income from operating lease rentals has been stable at Rs. 160 crore, a marginal 10 bps (basis points) growth over the same period in the previous year, because of a muted due to pandemic. Net operating income, adjusted for income from identified assets, on the other hand, fell by 7.8% on YoY to Rs. 160 crore. Additionally, in the reporting quarter, BIRET has reported a collection of 99% of contracted rentals and effected an 8% rental hike on 8 lakh sqft of leased area.

According to Alok Aggarwal, "One of BIRET's key projects, Candor N2 in Noida, is fast nearing stabilization with 77,000 sqft of new leasing in October, taking the new leasing to 5.35 lakh sqft so far this financial year."