Q3 2024 Brookfield India Real Estate Trust REIT Earnings Call Transcript
Key Points
- Achieved a second consecutive quarter of record new leasing since IPO, with 0.5 million square feet for the quarter.
- Gross leasing for the quarter surpassed 1 million square feet, reflecting increasing demand for high-quality Grade A office assets.
- Significant growth in operating lease rentals by 90% to INR393 crores compared to the same period last year.
- Strong organic growth with existing leases delivering a 7% average escalation on 1.3 million square feet during the quarter.
- ICRA assigned a long-term rating of ICRA AAA with a stable outlook, indicating a strong balance sheet and limited refinancing risks.
- Unexpected expiries faced in K1, with space being vacated by Cognizant.
- NOI margin for N1 down to 94% this quarter due to exceptional expenses not recovered from tenants.
- Concerns about re-leasing space in Downtown Powai, with 334,000 square feet due for renewal in FY25.
- Challenges in G2 property with no renewals this year, raising concerns about tenant retention.
- Income support for N2 is ending in the middle of Q4, potentially impacting short-term financials.
Ladies and gentlemen, good day, and welcome to Brookfield Indian Real Estate Trust Q3 '24 earnings conference call. (Operator instructions) Please note that this call is being recorded.
On the call, we have following persons: Mr. Ankur Gupta, Managing Partner, Brookfield Asset Management and Director, Brookprop Management Services Private Limited; Mr. Alok Aggarwal, Director and Chief Executive Officer, Brookprop Management Services Private Limited; Mr. Sanjeev Kumar Sharma, Chief Financial Officer, Brookprop Management Services Private Limited; Mr. Ankit Gupta, President, Brookprop Management Services Private Limited; Mr. Rachit Kothari and Mr. Shailendra Sabhnani from Brookfield.
I now hand the conference over to management.
Good morning, everyone. This is Alok. On behalf of the Brookfield India Real Estate Trust, I extend a warm welcome to all participants joining us today for this conference call. At the outset, I'm happy to say that we continue to witness an
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