Brookfield India Real Estate Trust (BIRET) Q4 25/26 earnings summary

Executive summary

• Achieved record gross leasing of 4 million sq ft in FY26, with 1.6 million sq ft in Q4, and committed occupancy rising to 93%, up 5% year-over-year, with 50% of Q4 leasing from GCCs.

• Completed the acquisition of Ecoworld, a 7.7 MSF grade A office campus in Bengaluru, making it the largest market and further diversifying the portfolio.

• Raised INR 26 billion via QIP and INR 11.3 billion from 360 ONE for Ecoworld, strengthening the balance sheet and providing significant growth headroom.

• Recognized for governance and sustainability, receiving the Golden Peacock Award and multiple ESG certifications.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions.

Financial highlights

• FY26 net operating income (NOI) reached INR 22,912.99 million, up 24% year-over-year; same-store NOI grew 10%.

• Q4 FY26 NOI was INR 7.4 billion, up 52% year-over-year, driven by Ecoworld and portfolio growth.

• FY26 distributions totaled INR 21.40 per unit, an 11% increase year-over-year, with total distributions at INR 15,161.78 million.

• Revenue from operations rose to INR 29,711.44 million from INR 23,899.98 million year-over-year.

• Gross asset value (GAV) reached INR 565 billion, with NAV per unit at INR 387, up 10.8% from Q2 FY26.

Outlook and guidance

• Targeting occupancy to reach 96% by end of FY27, with DPU expected to grow as occupancy and debt paydowns progress.

• Income at 93% occupancy projected to grow 5%-6% annually, with potential for 6%-7% NDCF increase as occupancy trends toward 97%.

• Robust pipeline of sponsor assets and significant liquidity for future acquisitions, with INR 50+ billion dry powder at 35% LTV.

• No formal DPU guidance provided, but historical growth and current trends indicate continued increases.

• Record date for Q4 FY26 distribution is May 14, 2026, with payment scheduled on or before May 21, 2026.