Brookfield India REIT: Q4: Steady quarter on operations; in-line DPU growth

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Brookfield India REIT: Q4: Steady quarter on operations; in-line DPU growth

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Brookfield India REIT

Q4: Steady quarter on operations; in-line

DPU growth

Reiterate Rating: BUY | PO: 355.00 INR | Price: 326.16 INR

Steady quarter on operational metrics 12 May 2026

Committed occupancy increased to 93% in Q4 (vs. 92% in Q3), driven by new leasing of Equity

1.1msf in the quarter, which was higher than the 0.8msf expiry exits. Demand continues

to be led by GCCs and this segment contributed to 50% of the gross leasing in Q4 (vs. Kunal Tayal >>

44% in Q3). Gross leasing in Q4 was done at a healthy spread of 15%. Of the 2.8msf Research Analyst

BofAS India

expiries planned for FY27, REIT has already secured renewals for 0.7msf & expects to +91 22 6632 8663

renew another 1.3msf during the rest of the year, keeping the quantum of planned exits kunal.tayal@bofa.com

benign and supportive of gradual expansion in occupancy through the year towards the Jatin Kalra, CFA >>

Research Analyst

steady-state 95%-96% range. BofAS India

+91 22 6632 8390

Undertook a balance sheet reset in April jatin.kalra3@bofa.com

In April, the REIT raised INR 26bn through a QIP and also received an INR 11bn

investment from 360 ONE for a minority stake in the Ecoworld asset. These transactions

have together reduced LTV from 32.2% (Mar’26) to 25.2%. This leaves the REIT with Stock Data

INR 50bn debt headroom for future acquisitions considering its target ceiling of 35%. Price 326.16 INR

The sponsor pipeline remains sizeable, including potential consolidation of the North Price Objective 355.00 INR

Commercial Portfolio. Q4 financials included the first full quarter contribution from Date Established 13-Apr-2026

Ecoworld (acquisition was completed in late December).