Brookfield India Reit Q2 net operating income jumps 44%

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₹346.7 crore in the September quarter. The company recorded a 24% jump in the operating income to ₹592 crore for the first half of FY24 (April-September). The company's income from operating lease rentals grew 33% YoY to Rs.

274.1 crore in July-September. The rentals increased by 19% Y-o-Y to ₹485.4 crore in April-September. “The second quarter was transformative for our business due to the successful acquisitions of Downtown Powai and Candor TechSpace (G1) Gurugram.

These transactions have increased our operating area by 45%, strengthened our presence in Mumbai and Gurugram and substantially diversified our tenant roster. We achieved gross leasing of 521,000 sq ft and signed 463,000 sq ft of new leases in the second quarter, with releasing spreads of 19%," said Alok Aggarwal, chief executive officer, Brookfield India Real Estate Trust. The company added 529,000 sq ft of new leasing to take its total to 822,000 sq ft, with a re-leasing spread of 18% on new leases.

The company achieved an 8% average escalation on 3.9 million sq ft leased area, it said in a stock exchange filing. According to Aggarwal, India is already the “office to the world" and is emerging as the destination of choice for fostering global business operations and innovation. The company has a tenant roster with banking and financial services and insurance or BFSI share increasing from 12% to 22% and top five tenant concentration reducing from 52% to 31%.