Brookprop Management Services, manager of Brookfield India Real Estate Trust, on Wednesday declared a dividend of Rs 170.8 crore or 5.10 per unit to unitholders for June quarter buoyed by timely rental payments and higher occupancy. The company said the distribution comprises Rs 82.1 crore or 2.45 per unit in the form of interest payment on shareholder loans and CCDs, and Rs 2 crore or 0.06 per unit in the form of dividend.
It also includes Rs 85.7 crore or 2.56 per unit in the form of repayment of SPV debt and the balance Rs 1 crore or 0.03 per unit in the form of interest on fixed deposit and income tax refunds, chief executive officer Alok Aggarwal said.
Brookfield India Reit is the only 100 per cent institutionally managed Reit.
The company said rent payments have been near total at 99 per cent.
Aggarwal said the company has generated NDCF (net-distributable cash flow) of Rs 170 crore or Rs 5.13 per unit for the quarter, in line with guidance.
The NDFC is equivalent of profit that can be shared with shareholders and this is a novel concept in the country and is applicable only to Reits.
Operating lease rentals rose 26 per cent to Rs 200 crore over the corresponding quarter last year, primarily due to the addition of Candor Techspace N2 into the portfolio.
Adjusted net operating income rose 38 per cent to Rs 230 crore on- year and it continues to maintain a strong balance sheet with 31 per cent loan-to-value.
He said the company saw a 6 percent increase in organic growth from the previous quarter as the gross leasing remained positive at 311,000 million square feet with robust leasing demand from new clients coupled with an increase in leasing momentum from existing tenants.
He said the company has an acquisition pipeline of 6.4 million sqft, as the there is sustained demand for high-quality assets.
During the quarter, the company achieved gross leasing of 311,000 million sqft at a 27 per cent re-leasing spread and also signed expansion options of 94,000 sqft during the quarter. As much as 85 per cent of the new leasing demand in the quarter was from existing occupiers as they continue to execute their return to office plans.
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