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Equity Bottom-Up

Brookfield India Real Estate Trust / Equity Bottom-Up

Brookfield India Real Estate Trust (BIRET IN)

<ul>
<li>Q1 FY27 revenue up 55.8% YOY and NOI up 51.7% YOY, driven by the Ecoworld consolidation. Completed leasable area jumped 33.1% YOY to 32.6 msf</li>
<li>DPU of INR5.60 (+6.7% YOY) with a 6.3% trailing yield. LTV normalised to 25.9% after the equity raise, restoring balance sheet headroom.</li>
<li>We view BIRET as the cleanest institutional proxy for India's Grade-A office cycle, with visible growth but a heavily floating rate debt book.</li>
</ul>


Q1 FY27 revenue up 55.8% YOY and NOI up 51.7% YOY, driven by the Ecoworld consolidation. Completed leasable area jumped 33.1% YOY to 32.6 msf
DPU of INR5.60 (+6.7% YOY) with a 6.3% trailing yield. LTV normalised to 25.9% after the equity raise, restoring balance sheet headroom.
We view BIRET as the cleanest institutional proxy for India's Grade-A office cycle, with visible growth but a heavily floating rate debt book.


Brookfield India REIT (BIRET): Ecoworld Transforms the Scale; Strong Q1 FY27, BKC Adds CBD Exposure