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What the record says.
Brookfield India REIT reported a strong Q3 FY26, driven by robust leasing of 1.2 msf (44% from GCCs) and completion of the Eco World acquisition, expanding operating area by 31% to 32.4 msf. Committed occupancy rose to 92% (up 5pp YoY) with a 17% leasing spread. NOI grew 14% YoY to ₹5.4B (ex-North Commercial), and DPU increased 10% YoY to ₹5.4. Management guided for 19% DPU growth once portfolio stabilizes at 97.5% occupancy, supported by lease-up and lower borrowing costs (expected to drop to 7.3% in Q4). Key risks include potential slowdown in GCC demand and execution risk in converting non-processing areas. Overall, the REIT is well-positioned with a strengthened balance sheet (LTV 31.5%) and a high-quality, diversified portfolio.
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Guidance to track
- Management expects DPU to grow 19% once the current portfolio achieves stabilization at 97.5% occupancy, excluding contractual escalations and mark-to-market gains.
- Average cost of debt expected to decline from 7.6% to 7.3% in Q4 FY26, following a 25 bps repo rate cut and reduction in Eco World borrowing costs.
- Management targets achieving a 30% dividend mix in overall distributions over the next few quarters through capital restructuring activities.
Risks flagged
- A potential slowdown in GCC expansion could impact leasing momentum and occupancy growth, especially given 44% of leasing came from GCCs this quarter.
- Conversion of 1.3 msf of non-processing areas is critical for occupancy growth; delays could affect near-term leasing and cash flows.
- Leasing spreads declined to 17% in Q3 from 19% in 9M FY26, potentially indicating pricing pressure in certain micro-markets.
Key quotes
- We achieved a leasing spread of 17% with average lease term for 11 years underscoring both rental upside and long-term income visibility.
- Our committed occupancy now stands at 92% up 5% year on year while maintaining a WALT of 6.5 years providing a strong visibility on future cash flows.
- We expect 19% growth in our DPU once our current portfolio achieves stabilization at 97.5% occupancy.
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