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Brookfield India REIT delivered a record FY26 with 4 million sq ft gross leasing, including 1.6 million sq ft in Q4. Committed occupancy rose 5pp YoY to 93%, driven by strong GCC demand (50% of leasing). NOI grew 24% YoY to ₹22.9B, with same-store NOI up 10%. The Eco World acquisition (7.7M sq ft) in Bangalore was transformational, funded via ₹2,600Cr QIP and ₹1,125Cr primary investment from 361, reducing pro-forma LTV to 25.2% and creating ~₹50B dry powder. Management expects occupancy to reach 96%+ by FY27, with DPU growth of 6-7% annually. Key risk: potential short-term leasing delays from geopolitical tensions, though no demand loss is expected.
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Guidance to track
- Management expects committed occupancy to reach 96%+ by end of FY27, driven by leasing momentum and conversion of SEZ spaces.
- Management guided for DPU growth of 6-7% per year from current levels, implying ~₹1-1.5 per unit increase annually.
- Post QIP and 361 investment, debt repayment of ~₹3,600Cr will save ₹60-65Cr in interest, flowing into distributions from May onwards.
- The dividend component of DPU is expected to increase from 16% to ~25% in FY27, impacted by MAT write-offs.
Risks flagged
- Management acknowledged that the Gulf war could cause short-term delays of a few weeks or months in leasing decisions, though no demand loss is expected.
- An analyst raised concerns about IT companies announcing job cuts; management downplayed the impact, noting that most IT firms are profitable and continue to lease space.
- Releasing spreads in Q4 were ~200bps lower than prior quarters; management attributed this to higher expiring rents, but it may signal moderation in mark-to-market gains.
- An analyst asked about the Prime Minister's suggestion for work-from-home; management dismissed any material impact, citing long-term leases and high tenant stickiness.
Key quotes
- We delivered record leasing performance during the year, achieved meaningful occupancy growth across our portfolio and completed the acquisition of Eco World making Bengaluru our largest market.
- Our committed occupancy increased to 93% up 5% year-on-year while maintaining a long-dated WALE of 6.7 years.
- We have been in forefront of ESG and sustainability initiatives and that continues to remain deeply embedded within our operating portfolio.
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