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ICICI Securities Report
The Brookfield India real estate investment trust saw Q1 FY23 net operating income rising 10% QoQ to Rs 2.3 billion owing to full quarter contribution from N2 asset which was infused in January 2022.
Overall committed portfolio occupancy remained flat QoQ at 83% (89% economic occupancy with N2 rent support). For the remainder of FY23E, Brookfield India REIT portfolio has expiries of 1.0 million square feet of which Kensington, Powai asset accounts for 45% share with expiry due in H2 FY23E.
The REIT manager expects to achieve enough new leasing in FY23E to offset any FY23E exits considering the improved leasing outlook going ahead with 1.1 msf of ongoing leasing discussions and is targeting to cross committed portfolio occupancy of over 90% by March/September23E.
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