Brookfield India Real Estate Trust

Q 2 F Y 2 0 2 5 – I N V E S T O R U P D AT E
NOVEMBER 06, 2024

WORLDMARK DELHI
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2
High Quality Properties in Gateway Cities

India’s only 100% institutionally managed office REIT, with strong growth prospects

SELECT REIT ASSETS

​24.3 MSF​
OPERATING AREA
Delhi NCR

17
​89%​ WORLDMARK DELHI
EFFECTIVE ECONOMIC
OCCUPANCY(1)
Kolkata
Mumbai,
3
Pune
4 3

Rs ​95​ PSF
IN-PLACE RENT PER DOWNTOWN POWAI, MUMBAI
MONTH
Bangalore,
Chennai, 13
Hyderabad REIT assets
(in MSF)

​7.1 Yrs.​ Other Sponsor assets

(in MSF)
WALE
CANDOR TECHSPACE G1, GURUGRAM

(1) Income Support in Candor TechSpace G1 (​​4%​ Effective Economic Occupancy for the overall portfolio) on 1.0​ MSF of vacant area. Committed Occupancy for the portfolio is 85%.
Note: All metrics are as on September 30, 2024. In-place Rent and WALE are only for the Leased Area and excludes the area under Income Support throughout the presentation.
Operating metrics and Consolidated GAV include 100% of all assets across the presentation. BIRET owns 50% economic interest in G1, Downtown Powai (Commercial / IT Park) and
the North Commercial Portfolio. While G1 and Downtown Powai (Commercial / IT Park) are consolidated in the financials, North Commercial Portfolio is accounted for using the equity 3
accounting method.
3x AUM Growth since IPO

CURRENT PORTFOLIO
14.1 MSF 24.3 MSF
Total Operating Area Total Operating Area

Candor TechSpace G2 Candor TechSpace K1 Candor TechSpace G1

Rs 160 B Rs 368 B
Consolidated GAV Consolidated GAV(1)

51% 25%
Share of top 5 tenants(2) Share of top 5 tenants(2)
Candor TechSpace N1 Downtown Powai (SEZ) Downtown Powai (Commercial / IT Park) North Commercial Portfolio
N2 Acquisition(3) Acquisition(3)

At IPO G1 and Downtown Powai

(2021) (Commercial / IT Park)
Acquisition(3)

10.3 MSF 20.7 MSF

Total Operating Area Total Operating Area

Worldmark Delhi

Rs 115 B Rs 285B
Consolidated GAV Consolidated GAV

59% 31%
Share of top 5 tenants(2) Candor TechSpace N2 Share of top 5 tenants(2) Airtel Center Wolrdmark Gurugram

(1) As on September 30, 2024.

(2) By Gross Contracted Rentals.
(3) Candor TechSpace N2 acquisition was completed on January 24, 2022, Candor TechSpace G1 acquisition was completed on August 18 2023, Downton Powai (Commercial / IT 4
Park) acquisition was completed on August 28 2023 and North Commercial Portfolio acquisition was completed on June 21, 2024.
Turning the Corner

~500bps improvement in occupancy over the last 12 months

COMMITTED OCCUPANCY(1)
(%)

96% 96%
95% 94%

87%
84% 84% 85%
83% 82%
80% 80%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24

Work from home Strong return to office

Global recession Increased technology / GCC hiring

Increasing interest rates Improving interest rate environment

Delayed SEZ reforms NPA conversions underway in SEZs

(1) Impact of Candor TechSpace N2, Candor TechSpace G1, Downtown Powai (Commercial / IT Park) and the North Commercial Portfolio has been captured from their respective 5
acquisition dates.
Key Highlights - Q2 FY2025

1.0 MSF 500bps YoY Rs 4.76

Gross Occupancy NDCF
Leasing Growth per unit

0.4 MSF 18% YoY Rs 344

Tenant Expansions Same Store Net Asset Value
in SEZs NOI Growth(1) per unit(2)

• 5-star GRESB rating for the third consecutive year

• Ranked #1 in Asia for “Management Score” for the second consecutive year

• Global Sector Leader for Sustainable Mixed-use Development

(1) Excludes NOI of Candor TechSpace G1, Downtown Powai (Commercial / IT Park) and the North Commercial Portfolio.
(2) As on September 30, 2024. If BIRET would have accounted the NCP as an asset acquisition (non-GAAP/non Ind AS) rather than as equity accounted investee (where share in net
assets is computed by applying the principles of business combination (under Ind AS 103)), the NAV for the Portfolio would have increased by INR 9.50 per unit to INR 353 per 6
unit as at September 30, 2024.
Leasing Success

Gross leasing of 1.0 MSF of which ~50% was in SEZ properties

LEASING UPDATE – Q2 FY2025(1)

New Gross
Renewals
Leasing Leasing
Fidelity
Area
679,000 286,000 965,000
(SF)
Qualcomm
SEZ Properties 447,000 34,000 481,000
(SF)

Average Rent(1)
Rs 113 Rs 150 Rs 124
(PSF)

ION Ernst & Young

Average Term(1)
10.6 9.8 10.3
(Yrs.)

Spread
​17%​ ​21%​ ​19%​
(%)

(1) Average leasing rent (including car park rent) and lease term are weighted by area. Average leasing rent is provided only for non-amenity areas and average lease term is provided 7
only for office areas.
Leasing Success (Cont’d)

Our SEZ properties witnessed significant expansion demand totaling to 447,000 SF

KEY TENANT EXPANSIONS (SF)

Fidelity
136,000 255,000 267,000

200,000
163,000
79,000

DOWNTOWN POWAI (SEZ) G1 G1

A GLOBAL
SEMICONDUCTOR CO.
169,000
248,000 298,000
128,000
184,000 273,000

N2 N2 N2
Jun-24 Sep-24
8
Stable Distribution

Q2 FY2025 - DPU COMPOSITION

Rs ​4,858​ million
ADJUSTED NOI (Q2 FY2025)(1)
Rs 0.51 , 11% Rs 0.05 , 1%

Rs 1.66 , 36%
Rs 2,285 million
NDCF (Q2 FY2025)(2)

Rs 4.60
Rs ​2,208​ million per unit
DISTRIBUTION (Q2 FY2025)(2)

Rs 2.38 , 52%
Nov 9, 2024
(3)
RECORD DATE Interest on Shareholder Loan
Repayment of Shareholder Loan(4)
Dividends
On or Before Nov 18, 2024 Interest Income on Fixed Deposits
PAYOUT DATE

(1) Adjusted NOI is the aggregate of reported NOI excluding the North Commercial Portfolio and including the Income Support on G1 in Q2 FY2025. NOI from the North Commercial
Portfolio is ​Rs 1,298​ Mn. North Commercial Portfolio is accounted for using the equity accounting method in the financials.
(2) Includes distribution from the North Commercial Portfolio.
(3) Includes interest on CCD’s and NCD’s. 9
(4) Includes repayment of NCD’s.
Strong Outlook

Backed by strong leasing momentum and NPA conversions, we expect the occupancy to
reach 87% - 89% by the end of FY2025
LEASED AREA Committed Occupancy (%)
(IN MSF) 87% - 89%

​85%​
​0.4​ - 0.9​ ​21.0​ - 21.5​
​83%​(1)
​0.5​ ​20.6​

​20.1​

March, 2024 H1 FY25 September, 2024 H2 FY25E March, 2025

Net Leasing Net Leasing

NPA CONVERSION UPDATE

2.8 MSF 1.3 MSF 2.2 MSF

Vacant Area Under Robust NPA
SEZ Area NPA Conversion Tenancy Pipeline

10
(1) Excluding North Commercial Portfolio, the committed occupancy is 82%.
Strong Outlook (Cont’d)

Steady leasing recovery can drive ~14% growth in NOI and ~27% growth in distributions

Q2 FY2025 Under Pro-forma

Rs Billions Lease up(2) Levers
Run Rate Contract(1) (at 100% occ.)

100% Owned Assets (at 100%) 10.5 0.3 1.7 12.4

Rent growth, contracted
escalations and MTM
50% Owned Assets (at 50%) 7.1 0.2 0.3 7.6

NOI (REIT's Share) 17.5 0.5 2.0 20.0

Interest Expense
(8.4) (8.4) 80%+ Repo linked loans
/ Others (REIT's Share)

NDCF 9.1 11.6

Per Unit / Yr 19.0 24.2

Note: The above table does not represent any impact on account of rent growth, contractual escalations, MTM and changes in the interest rates.

(1) Indicates the impact of leases signed recently which will reflect in the NOI partially in Q3 FY2025 and completely thereafter. 11
(2) Incremental NOI based on management estimates and is net of 28% revenue share payable to landowner (GIL) for G2.
Business Updates

CANDOR TECHSPACE K1, KOLKATA

Significantly Complete and Diversified Portfolio

Our portfolio has an Effective Economic Occupancy of ​89%​ and a long-dated WALE of 7.1 Yrs.​

Economic Operating Leased Committed / WALE In-place Rent Dev. Potential Asset Value(4)
Properties
Interest % Area (MSF) Area (MSF) Econ. Occ. %(2) (Yrs.) (Rs PSF) (MSF) (Rs Bn)

SEZ Properties
G2 72% 3.9 3.0 76% 8.5 83 0.2 45
N2 100% 3.8 3.1 80% 7.9 60 0.8 45
G1 50% 3.7 2.8 74% / 100% 7.0 77 0.1 52
(1)
K1 100% 3.2 2.8 89% 7.7 46 2.7 30
Downtown Powai 100% 1.6 1.5 96% 9.8 125 - 29
Sub-Total 16.3 13.2 81% / 87% 8.1 Rs 73 3.7 Rs 200
Non - SEZ Properties
Downtown Powai 50% 2.7 2.4 88% 3.4 177 - 75
N1 100% 2.0 1.9 97% 8.5 57 0.9 27
(3)
Worldmark Delhi 50% 1.5 1.4 94% 4.8 209 - 41
Worldmark Gurugram 50% 0.8 0.7 91% 7.0 87 - 10
Airtel Center 50% 0.7 0.7 100% 3.5 130 - 12
Pavilion Mall 50% 0.4 0.3 88% 3.9 57 - 3
Sub-Total 8.0 7.5 93% 5.3 Rs 134 0.9 Rs 168

Total 24.3 20.6 85% / 89% 7.1 Rs 95(3) 4.6 Rs 368

(3)

(1) BIRET has 72% economic interest in mixed-use development of 0.6 MSF.
(2) Econ. Occ. % denotes Effective Economic Occupancy and is inclusive of Income Support.
(3) Achieved escalation of ​9.4%​ on 1.9​ MSF leased area. Achieved 5.0% on ​0.6​ MSF of annual escalations and 15% on 1.3​ MSF of 3-year escalations. 13
(4) As on September 30, 2024.
Note: North Commercial Portfolio is accounted for using the equity accounting method in the financials.
Significantly Complete and Diversified Portfolio (Cont’d)

ASSET VALUE BY GEOGRAPHY(1) ASSET VALUE BY STATUS(1)

8% 1%
3%
11%
32%

​Rs 368 B​ ​Rs 368 B​

19%
(3)

28% 97%

Gurugram Mumbai Noida

(3)
Delhi Kolkata Ludhiana Operating Development Potential

14
(1) As on September 30, 2024.
Note: North Commercial Portfolio is accounted for using the equity accounting method in the financials. Consolidated GAV of Rs 368 B includes 100% of the North Commercial Portfolio.
 High-quality Tenant Roster

SECTOR DIVERSIFICATION OF TENANTS(1) TOP 10 TENANTS(1)

% Gross
% Leased
Tenant Name Industry Contracted
Area
Others, Rentals
14%
Technology, TCS Technology 7% 8%
26%
Oil and gas,
2%
Accenture Consulting 6% 8%
Real Estate and
Infrastructure, 3% Bharti Airtel Telecom 4% 3%
Healthcare,
3% Cognizant Technology 4% 7%
Industrials
and Capgemini Technology 3% 4%
Logistics,
6%
Crisil Ltd BFSI 2% 1%
Retail and
F&B, 6% Deloitte Consulting 2% 1%

A Leading International Bank BFSI 2% 1%

(2)
Telecom, BFSI,
7% 20% RBS BFSI 2% 2%
Consulting,
13%
Nomura BFSI 2% 1%

Total 34% 36%

(1) By gross contracted rentals. 15

(2) Banking, Financial Services and Insurance.
Lease Expiry Profile

Portfolio has a well staggered lease expiry profile with only 36% of the contracted rentals due
for expiry in the next 4 years
LEASE EXPIRY SCHEDULE
Area Expiring Achieved Renewals
KEY HIGHLIGHTS Expected Renewals Cumulative Expiry (% of Rentals)

• Of the 1.0 MSF expiries due 36% 0.40

in H2 FY2025, only 0.3 MSF 2.5

2.5 0.30

of expiries are in SEZ

20%
assets 0.20

2.0

10% 1.7
• Renewed 0.3 MSF at a
6%
0.10

spread of ~19%(1)(2) during 1.5

H1 FY2025 0.00

1.0 1.0
1.0

0.7 -0.10

0.5
0.5
0.3
-0.20

0.4 0.5
0.0 -0.30

H1 FY25 H2 FY25E FY26E FY27E FY28E

Rent at expiry (Rs PSF)(3) 122 129 94 119 128

MTM Spread %(1) 19%(2) 12%(3) ​9%​ 4% 3%

Note: Addition of 0.4 MSF expiries in FY2025; ​24%​ already backfilled

(1) Excludes retail and amenity areas.
(2) Realized spread on office renewals during H1 FY2025.
(3) Weighted average MTM spread on the scheduled office expiries in FY2025. It also includes the impact of expansion potential at Downtown Powai (Crisil House) after expiry of 16
a 200,000 SF lease.
NPA Conversion Update

We expect NPA conversions to further augment leasing in our SEZ properties

Downtown
In MSF G2 N2 K1 G1 Total
Powai (SEZ)

SEZ Area(1) 3.9 3.8 2.5 3.7 1.6 15.6

SEZ Vacant Area ​0.9​ ​0.8​ ​0.0​ ​1.0​ ​0.1​ 2.8

Area Under Conversion 0.5(2) 0.3 - 0.5 - 1.3

Leasing Pipeline ​0.5​ ​0.7​ 0.5(3) ​0.5​ - ​2.2​

(1) Total area in SEZ properties is 16.3 MSF including the 0.6 MSF converted area in K1.
(2) Includes ​0.3​ MSF area under application. 17
(3) Pipeline for the converted 0.3 MSF used as an incubation space (considered as vacant) by HDFC Bank until their primary office space becomes operational.
ESG | Achievements

40% of occupier space energy at G1 and G2 transitioned

to green energy
Sourcing of green energy done from Brookfield Renewable Bikaner Solar
Power Project with a total capacity of 550 MWp upon full commissioning

Pioneering Transaction in India under the Inter State

Transmission System (ISTS) bilateral arrangement
Initiative will further lead to a reduction in carbon emissions by 20,000 MT

GLOBAL SECTOR LEADER IN SUSTAINABLE DEVELOPMENT

100/100
Development score(1)(2)
• 5-star GRESB rating for the third
consecutive year

• Ranked #1 in Asia for “Management

Score” for the second consecutive year

• Global Sector Leader for Sustainable 92/100

Mixed-use Development Standing Investments score(1)

(1) 100% in both social and governance categories for both standing investments and development. 18
(2) Score for 0.6 MSF of area under development.
 ESG | Initiatives

Strengthening communities through significant impact initiatives

WORLD NATURE
CONSERVATION

•
100+ Commemorated World Nature Conservation Day to
underscore the importance of conserving nature.
DAY

PARTICIPANTS
• Activities conducted with participants included terrarium-
making, plantation drive, nature walk, and learning sessions
5+ on Kokedama, a traditional Japanese technique for growing
plants in moss-covered soil balls.
ACTIVITIES

• Sessions on personal finance literacy organized in

PARTNERSHIP
ON PERSONAL

collaboration with our occupier partner, Midland Capital

LITERACY
FINANCE

Management (MCM), at Candor Techspace, Sector 48

80+ Gurugram for both blue-collar workforce and employees.

PARTICIPANTS • The sessions covered key aspects of empowering the

workforce to take proactive measures on savings,
investments and availing government benefits.

•
GREENTABLE

Hosted the NASSCOM Greentable 2024 at Candor

28+
NASSCOM

Techspace in Sector 135, Noida.

2024

SUSTAINABILITY • The session focused on key sustainability issues for

LEADERS FROM organizations especially GCC’s, effective practices,
DIFFERENT challenges in achieving sustainability goals, and
ORGANIZATIONS recommendations to improve sustainability outcomes

19
ESG | Progress on Net Zero

We are actively tracking our emissions and are closely working with all our stakeholders to
achieve a Net Zero carbon future by 2040 or sooner

GREENHOUSE GAS EMISSIONS INTENSITY ENERGY USE INTENSITY

(‘000 Tons of CO2/SFT ) (UNITS/SFT/MONTH)

Scope 2 Scope 1
334

4,325
288
102 96 12
195 119
2,687 9
2,222 9
2,153 1,999 7 7 6
1,670

FY20 FY21 FY22 FY23 FY24 H1 FY25 FY20 FY21 FY22 FY23 FY24 H1 FY25

WATER USAGE INTENSITY SOLID WASTE GENERATION INTENSITY

(‘000 KILOLITRES / SFT) (‘000 KILOTONS / SFT)
Fresh Water Recycled Water
38
31
104 26
80
19 246
13 15 61
45 168
43 42 115 106
61 74

FY20 FY21 FY22 FY23 FY24 H1 FY25 FY20 FY21 FY22 FY23 FY24 H1 FY25

20
Financial Updates

DOWNTOWN POWAI, MUMBAI

Q2 FY2025 | Financial Highlights

Growth vs
RS MILLIONS Q2 FY2025
Q1 FY2025

Operating Lease • Rs 55 million (1.3%) QoQ increase due to recent new

Rentals (OLR) Rs 4,257 1% leasing, renewals and escalations achieved offset by
expiries

Adjusted Net Operating • Rs 111 million (2.3%) QoQ increase primarily due to new
Income (NOI)(1) Rs 4,858 2% leasing, contractual escalations offset by expiries

Gross Asset Value(2) Rs 368 3% • Increase of Rs 11 billion (3.1%) from Q4 FY2024

(Rs Billion)

(1) Adjusted NOI is the aggregate of reported NOI and the Income Support on G1 in Q2 FY2025.
(2) As on September 30, 2024. Gross Asset Value for Q4 FY2024 is including 100% of North Commercial Portfolio, and has increased by 3% compared to the Gross Asset Value of Rs
357 billion as of March 31, 2024, as reported in the acquisition presentation of the North Commercial Portfolio
Note: The above metrics do not include OLR (​​Rs 1,417​ Mn for Q2 FY2025), Revenue (Rs 1,783​ Mn for Q2 FY2025) and NOI (​​Rs 1,298​ Mn for Q2 FY2025) of the North Commercial 22
Portfolio.
Property Income

RS MILLIONS Q2 FY2025 Q2 FY2024 KEY DRIVERS

• Rs 1,516 million YoY increase:
o Rs 341 million due to same store new leasing and contractual
Income from Operating Lease
Rs 4,257 Rs 2,741 escalations partly offset by expiries
Rentals (OLR)
o Rs 1,176 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

• Rs 389 million YoY increase:

o Rs 108 million due to same store higher physical occupancy and
(+) CAM / Other Revenue 1,645 1,256 some tenants opting for higher hours of operation
o Rs 280 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

Revenue from Operations Rs 5,902 Rs 3,997

• Rs 346 million YoY increase:
o Rs 48 million due to same store higher physical occupancy
(-) CAM / Other Direct Expenses ​(1,390)​ (1,044)
o Rs 298 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

• Rs 1,559 million YoY increase:

o Rs 401 million increase due to same store higher occupancy
Net Operating Income (NOI) Rs 4,512 Rs 2,953
o Rs 1,157 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

% Margin on OLR 106% 108%

• Rs (167) million YoY decrease primarily due to expiry of Income

(+) Income Support ​346​ ​514​ Support in N2

Adjusted NOI Rs 4,858 Rs 3,467

Note: The above metrics do not include OLR (​​Rs 1,417​ Mn for Q2 FY2025), Revenue (Rs 1,783​ Mn for Q2 FY2025) and NOI (​​Rs 1,298​ Mn for Q2 FY2025) of the North Commercial 23
Portfolio. Downtown Powai (non-SEZ) and Candor TechSpace G1 are consolidated in the financial statements from August 28, 2023 and August 18, 2023 respectively.
Property Income

RS MILLIONS H1 FY2025 H1 FY2024 KEY DRIVERS

• Rs 3,606 million YoY increase:
o Rs 548 million due to same store new leasing and contractual
Income from Operating Lease
Rs 8,460 Rs 4,854 escalations partly offset by expiries
Rentals (OLR)
o Rs 3,058 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

• Rs 896 million YoY increase:

o Rs 240 million due to same store higher physical occupancy and
(+) CAM / Other Revenue 3,180 2,284 some tenants opting for higher hours of operation
o Rs 656 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

Revenue from Operations Rs 11,640 Rs 7,138

• Rs 819 million YoY increase:

o Rs 84 million due to same store higher physical occupancy
(-) CAM / Other Direct Expenses (2,729) (1,910)
o Rs 735 million due to acquisition of G1 and Downtown Powai
(Commercial / IT Park)

• Rs 3,683 million YoY increase:

o Rs 704 million increase due to same store higher occupancy
Net Operating Income (NOI) Rs 8,911 Rs 5,228
o Rs 2,979 million due to same store acquisition of G1 and
Downtown Powai (Commercial / IT Park)

% Margin on OLR 105% 108%

• Rs 4 million YoY increase primarily due to addition of Income Support

(+) Income Support ​695​ ​691​ in G1 offset by expiry of income support in N2

Adjusted NOI Rs 9,606 Rs 5,920

Note: The above metrics do not include OLR (​​Rs 2,753​ Mn for H1 FY2025), Revenue (Rs 3,477​ Mn for H1 FY2025) and NOI (​​Rs 2,606​ Mn for H1 FY2025) of the North Commercial 24
Portfolio. Downtown Powai (non-SEZ) and Candor TechSpace G1 are consolidated in the financial statements from August 28, 2023 and August 18, 2023 respectively.
NDCF | Walkdown

RS MILLIONS Q1 FY2025 Q2 FY2025 H1 FY2025

Income from Operating Lease Rentals (OLR) Rs 4,203 Rs 4,257 Rs 8,460
CAM / Other Revenue 1,535 1,645 3,180
Revenue from Operations Rs 5,738 Rs 5,902 Rs 11,640
Income Support 349 346 695
CAM / Other Direct Expenses (1,339) (1,390) (2,729)
Adjusted NOI Rs 4,748 Rs 4,858 Rs 9,606
Property Management Fees (103) (107) (209)
Net Other Income 20 26 46
EBITDA Rs 4,665 Rs 4,778 Rs 9,443
Cash Taxes (Net of Refund) (176) (46) (222)
(1)
Working Capital and Ind-AS Adjustments 358 356 714
Cashflow from Operations Rs 4,847 Rs 5,087 Rs 9,934
Fixed deposit (made)/maturity (0) 76 76
Treasury income / income from investing activities 47 80 128
Capex (including lease liability) (566) (562) (1,128)
Addition of Shareholder Debt 1,250 2,423 3,673
Net Financing Activities(2) (727) (1,867) (2,594)
Finance cost (accrual impact) 20 3 23
Interest on External Debt (2,106) (2,106) (4,211)
NDCF (SPV Level) Rs 2,766 Rs 3,134 Rs 5,900
(3)
Distribution to Reco entities (GIC) (606) (654) (1,259)
NDCF (SPV Level) for REIT Rs 2,160 Rs 2,481 Rs 4,641

Note: NDCF (SPV Level) does not include the North Commercial Portfolio that has been included in the financial statements separately as joint venture.
(1) Includes surplus cash available in SPVs used for distribution of NDCF.
(2) Includes debt drawdown, repayment of debt, interest on construction finance and other debt utilization during the period. 25
(3) By way of interest and redemption against shareholder loans.
NDCF | Walkdown

RS MILLIONS Q1 FY2025 Q2 FY2025 H1 FY2025

REIT Level Receipts Rs 2,298 Rs 2,525 Rs 4,823
Interest on Shareholder Debt/CCD/NCD 992 1,024 2,016
(1)
Dividends 282 317 599
Repayment of Shareholder Debt/NCD 1,024 1,184 2,208
Net Proceeds from commercial papers 1,871 (4,528) (2,657)
Proceeds from borrowings - 6,554 6,554
Net Financing Activities(2) (785) 192 (593)
Investment in Shareholder Debt to SPVs (1,250) (2,423) (3,673)
Treasury Income (Net of REIT expenses)(3) 34 (35) (1)
NDCF (REIT Level) Rs 2,168 Rs 2,285 Rs 4,452
NDCF per Unit (REIT Level) Rs 4.52 Rs 4.76 Rs 9.28
Distribution per Unit (REIT Level) Rs 4.50 Rs 4.60 Rs 9.10

(1) Includes dividend received from NCP.

(2) Includes (unspent)/utilised debt and interest accrued on commercial papers. 26
(3) Includes expenses met out of the opening surplus cash balance for Q1 FY2025.
Summary Balance Sheet

Our business is well-capitalized, backed by a strong balance sheet and Sponsor Group
Rs Millions Sep 30, 2024
Total Equity 131,272
Equity 111,425
Non-Controlling Interest 19,847
Liabilities 136,822
Bank Borrowings 104,634
Commercial Paper 4,966
NCD's and CCD's 11,888
Security Deposits 9,774
Other Liabilities 5,560
Total 268,094
Assets
Investment Property 237,223
Investment Property Under Development 1,452
Investments accounted for using equity method 12,033
Cash & Cash Equivalents 4,405
Other Assets 12,981
Total 268,094

NOTES:
a) Other Liabilities include trade & other payables, capital creditors, statutory dues, lease liabilities, deferred income, contract liabilities, interest accrued
on borrowings and provisions.
b) Other Assets include Income Support receivable, income tax advances, deferred tax, prepaid expenses, security deposits, restricted cash balances,
trade & other receivables. 27
Note: North Commercial Portfolio is accounted for using the equity accounting method.
Capital Structure and Liquidity

Backed by high proportion of operating assets and less development, our portfolio maintains
a AAA credit rating

34.5% Dual AAA Rating 81% 8.36%

LTV EXCLUDING SHAREHOLDER [ICRA]AAA(STABLE) % LOANS LINKED TO REPO RATE AVERAGE INTEREST
INSTRUMENTS(1) CRISIL AAA/STABLE QUARTERLY RESET(2) RATE(2)
DEBT MATURITY PROFILE
(INR BILLION)

Portfolio Assets North Commercial Portfolio Assets

% Repayment(3)
​83%​
Rs 109.6 B Rs 32.0 B
GROSS DEBT(4) GROSS DEBT(5)
30.5

10 Yrs 15 Yrs
AVERAGE MATURITY AVERAGE MATURITY

​1%​ ​4%​ ​5%​ ​6%​ 88.3

0.0 0.5 1.0

0.0
2.0 5.4 7.1 7.7
FY25 FY26 FY27 FY28 FY29+
Note- As on September 30, 2024 unless otherwise stated.
(1) Basis GAV as on September 30, 2024 for Portfolio Assets and 50% of the GAV for the North Commercial Portfolio. Including the liability component of CCDs of Rs 3.7 B and NCDs of
Rs 8.2 B held by Reco entities, the consolidated LTV is 38.0%. For calculation of LTV, unrestricted fixed deposits, irrespective of their original maturity period, have been considered as
cash and cash equivalents.
(2) Excluding the North Commercial Portfolio.
(3) Includes total repayment for Portfolio Assets and North Commercial Portfolio.
(4) Bank borrowings and commercial paper of Rs 110.5 B adjusted for processing fees of Rs 0.6 B and commercial paper amortization of Rs 0.3 B.
28
(5) 100% of the borrowings of the North Commercial Portfolio.
Information Supplement

CANDOR TECHSPACE G1, GURUGRAM

Brookfield: One of the World’s Largest Real Estate Portfolios

With ~$268B in real estate AUM and ~30,000 employees across 30+ countries, Brookfield
owns, operates and manages one of the world’s largest, highest quality portfolios

BROOKFIELD PLACE, NEW YORK IFC, SEOUL BROOKFIELD PLACE, TORONTO

ICD BROOKFIELD PLACE, DUBAI ONE MANHATTAN WEST, NEW YORK BROOKFIELD PLACE, PERTH

30
Sponsor Assets Pipeline

Our Sponsor Group owns another ​26​ MSF across India in complementary markets

ECOWORLD, BANGALORE (7.4 MSF) ECOSPACE, BANGALORE (1.6 MSF) MILLENIA, CHENNAI (1.6 MSF)

EQUINOX, MUMBAI (1.3 MSF) WATERSTONES, MUMBAI (1.4 MSF) BLUEGRASS, PUNE (1.4 MSF)

31
Leasing Q2 FY2025

SELECT NEW LEASES / RENEWALS(1)

Tenant Assets Area (SF)

GET Downtown Powai 103,000 Rs ​113​ PSF

AVERAGE RENT ON NEW LEASING(2)
Fidelity G1 67,000

A Global Semiconductor
N2 64,000
Company

Cognizant G1 64,000

Ergo Downtown Powai (SEZ) 57,000 ​17%​

RE-LEASING SPREAD(2)
ESRI R&D Worldmark Delhi 41,000

Aristocrat N2 40,000

Aptia Downtown Powai (SEZ) 40,000

New Leasing 679,000 SF Rs ​150​ PSF

AVERAGE RENT ON RENEWALS(2)
EY Worldmark Delhi 103,000

Ion N1 88,000

GSTN Worldmark Delhi 37,000

Renewals 286,000 SF
​21%​
Total 965,000 SF RENEWAL SPREAD(2)

(1) Only includes select leases and renewals. 32

(2) Re-leasing spread and renewal spread are calculated for office areas only.
 Detailed Lease Expiry Schedule

Area Expiring (‘000 SF) % of Gross Rentals (Asset / Portfolio) In-place rent at Expiry (Rs PSF)(1)
Year / Asset
H2 FY25E FY26E FY27E FY28E H2 FY25E FY26E FY27E FY28E H2 FY25E FY26E FY27E FY28E
Downtown Powai
302 46 588 489 13% 3% 24% 20% Rs 190 Rs 185 Rs 176 Rs 193
(Commercial / IT Park)
Downtown Powai
41 - 17 244 3% - 1% 17% 160 - 152 148
(SEZ)

G1 27 46 211 226 - - 8% 9% - - 97 99

G2 181 25 33 3 5% - 1% - 87 106 94 -

N1 206 68 25 5 8% 5% 1% - 47 48 56 -

N2 78 350 92 47 2% 10% 3% 1% 67 54 66 54

K1 6 207 495 479 - 7% 19% 18% - 51 51 54

Worldmark Delhi 92 187 150 258 6% 14% 12% 18% 174 208 228 223

Worldmark Gurugram 2 7 16 25 - 1% 4% 5% - - - -

Airtel Center - - - 693 - - - 100% - - - 131

Pavilion Mall 61 16 47 18 19% 7% 14% 8% - - - -

Total 997 951 1,675 2,487 6% 5% 10% 16% Rs 129 Rs 94 Rs 119 Rs 128

33
(1) Excludes retail and amenity areas.
Portfolio Occupancy: Q1 FY2025 to Q2 FY2025

June 30, 2024 September 30, 2024

Operating Leased Committed Operating Leased Committed

ASSET Leasing Expiries Renewed
area area occupancy area area occupancy
Downtown Powai 4,343 3,950 91% - 214 (215) 13 - 4,357 3,962 91%
Commercial / IT Park 2,740 2,430 89% - 118 (135) 13 - 2,749 2,425 88%
SEZ 1,603 1,520 95% - 97 (80) - - 1,608 1,537 96%
G1 3,702 2,543 69% - 207 (2) 2 - 3,727 2,750 74%
G2 3,938 3,012 76% - 14 (23) 1 - 3,940 3,004 76%
N1 1,993 1,924 97% - 54 (123) 88 - 1,993 1,943 97%
N2 3,817 2,975 78% - 129 (76) 31 - 3,825 3,058 80%
K1 3,160 2,802 89% - - (1) - - 3,160 2,801 89%
Worldmark Delhi 1,455 1,325 91% - 50 (146) 142 - 1,455 1,372 94%
Worldmark Gurugram 751 694 92% - - (7) - - 751 687 91%
Airtel Center 693 693 100% - - - - - 693 693 100%
Pavilion Mall 390 336 86% - 9 (12) 8 - 390 341 88%
REIT 24,241 20,253 84% - 679 (606) 286 - 24,290 20,611 85%

34
Portfolio Occupancy: Q4 FY2024 to Q2 FY2025

March 31, 2024 September 30, 2024

Operating Leased Committed Operating Leased Committed

ASSET Leasing Expiries Renewed
area area occupancy area area occupancy
Downtown Powai 4,340 3,922 90% - 242 (236) 34 - 4,357 3,962 91%
Commercial / IT Park 2,737 2,402 88% - 145 (156) 34 - 2,749 2,425 88%
SEZ 1,603 1,520 95% - 97 (80) - - 1,608 1,537 96%
G1 3,702 2,571 69% - 207 (30) 2 - 3,727 2,750 74%
G2 3,934 2,976 76% - 51 (29) 7 - 3,940 3,004 76%
N1 1,991 1,923 97% - 93 (163) 90 - 1,993 1,943 97%
N2 3,808 2,953 78% - 154 (83) 35 - 3,825 3,058 80%
K1 3,173 2,803 88% - 2 (4) 1 - 3,160 2,801 89%
Worldmark Delhi 1,454 1,310 90% - 69 (159) 152 - 1,455 1,372 94%
Worldmark Gurugram 751 649 86% - 45 (7) - - 751 687 91%
Airtel Center 693 693 100% - - - - - 693 693 100%
Pavilion Mall 390 340 87% - 12 (21) 12 - 390 341 88%
REIT 24,236 20,138 83% - 874 (733) 332 - 24,290 20,611 85%

35
Q2 FY2025: New leasing & Renewals

ASSET NEW LEASING RENEWALS GROSS LEASING

AREAS IN ‘000 SF AREA RENT PSF PM(1) AREA RENT PSF PM(1) AREA RENT PSF PM(1)

Downtown Powai 214 146 13 297 227 156

Commercial / IT Park 118 146 13 297 130 164

SEZ 97 146 - - 97 146

G1 207 92 2 - 210 92

G2 14 103 1 - 15 103

N1 54 67 88 68 142 68

N2 129 71 31 66 160 70

K1 - - - - - -

Worldmark Delhi 50 214 143 205 193 208

Worldmark Gurugram - - - - - -

Airtel Center - - - - - -

Pavilion Mall 9 - 8 - 18 -

Total 679 Rs 113 286 Rs 150 965 Rs 124

36
(1) Rents are given per square foot per month (excluding amenity areas) and include car park rent.
H1 FY2025: New leasing & Renewals

ASSET NEW LEASING RENEWALS GROSS LEASING

AREAS IN ‘000 SF AREA RENT PSF PM(1) AREA RENT PSF PM(1) AREA RENT PSF PM(1)

Downtown Powai 242 152 - 34 282 - 276 165

Commercial / IT Park 145 156 - 34 282 - 179 175

SEZ 97 146 - - - - 97 146

G1 207 92 - 2 - - 210 92

G2(2) 51 102 - 7 - - 57 102

N1 93 67 - 90 68 - 183 67

N2 154 71 - 35 66 - 189 70

K1 2 - - - - - 2 -

Worldmark Delhi 69 215 - 153 210 - 222 211

Worldmark Gurugram 45 78 - - - - 45 78

Airtel Center - - - - - - - -

Pavilion Mall 12 - - 12 - - 23 -

Total 874 Rs 113 332 Rs 157 1,206 Rs 125

37
(1) Rents are given per square foot per month (excluding amenity areas) and include car park rent.
Property Income | Consolidation Details (Q2 FY2025)

INCOME FROM OPERATING REVENUE FROM

RS MILLIONS NET OPERATING INCOME(1)
LEASE RENTALS (OLR) OPERATIONS
Q2 FY2025 Q2 FY2024 Q2 FY2025 Q2 FY2024 Q2 FY2025 % OLR Q2 FY2024 % OLR
Downtown Powai Rs 1,823 Rs 787 Rs 2,053 Rs 875 Rs 1,791 98% Rs 770 98%

Commercial / IT Park 1,285 435 1,458 478 1,256 98% 439 101%

SEZ 538 352 595 397 535 99% 331 94%

G1 615 289 878 401 643 105% 303 105%

G2 543 557 888 884 581 107% 603 108%

N1 335 303 575 540 363 108% 345 114%

N2 509 462 824 735 530 104% 482 104%

K1 433 342 684 561 443 102% 354 103%

CIOP - - 253 175 161 - 96 -

Intercompany Eliminations(2) - - (253) (175) - - - -

Total Rs 4,257 Rs 2,741 Rs 5,902 Rs 3,997 Rs 4,512 106% Rs 2,953 108%

Income Support (N2) - - - - - - 176 -

Income Support (G1) - - - - 346 - 338 -

Total (Consolidated) Rs 4,257 Rs 2,741 Rs 5,902 Rs 3,997 Rs 4,858 Rs 3,467

North Commercial Portfolio Rs 1,417 - Rs 1,783 - Rs 1,333 94% - -

(1) The NOI at SPV level is presented without intercompany eliminations. 38

(2) Revenue earned by CIOP gets eliminated with corresponding operating and maintenance expenses at SPV level.
Property Income | Consolidation Details (H1 FY2025)

INCOME FROM OPERATING REVENUE FROM

RS MILLIONS NET OPERATING INCOME(1)
LEASE RENTALS (OLR) OPERATIONS
H1 FY2025 H1 FY2024 H1 FY2025 H1 FY2024 H1 FY2025 % OLR H1 FY2024 % OLR
Downtown Powai Rs 3,689 Rs 1,201 Rs 4,097 Rs 1,321 Rs 3,565 97% Rs 1,153 96%

Commercial / IT Park 2,563 435 2,862 478 2,453 96% 439 101%

SEZ 1,126 767 1,235 843 1,112 99% 714 93%

G1 1,220 289 1,732 401 1,268 104% 303 105%

G2 1,130 1,168 1,810 1,792 1,206 107% 1,251 107%

N1 658 592 1,156 1,068 725 110% 674 114%

N2 1,010 929 1,621 1,463 1,058 105% 973 105%

K1 754 674 1,223 1,092 748 99% 694 103%

CIOP - - 479 325 341 180

Intercompany Eliminations(2) - - (479) (325) - -

Total Rs 8,460 Rs 4,854 Rs 11,640 Rs 7,138 Rs 8,911 105% Rs 5,228 108%

Income Support (N2) - - - - - 354

Income Support (G1) - - - - 695 338

Total (Consolidated) Rs 8,460 Rs 4,854 Rs 11,640 Rs 7,138 Rs 9,606 Rs 5,920

North Commercial Portfolio Rs 2,753 - Rs 3,477 - Rs 2,606 95% - -

(1) The NOI at SPV level is presented without intercompany eliminations. 39

(2) Revenue earned by CIOP gets eliminated with corresponding operating and maintenance expenses at SPV level.
Ongoing Capex

Rs 4.5 billion of capex projects underway across key developments and upgrades, which will
primarily be debt funded

ESTIMATED
COMPLETION PENDING COSTS
KEY ONGOING PROJECTS ASSETS DATE (MILLIONS)

Mixed - use development K1 Q1 FY2027 Rs ​2,190​

Denotification cost G1, G2, N2 Q3 FY2025 ​1,044​

Crisil House refurbishment Downtown Powai Q1 FY2026 ​817​

Façade upgrades G1 Q3 FY2026 ​282​

G1, G2, N1, N2,

Retrofitted emission control devices Q4 FY2025 ​197​
Worldmark Delhi, Airtel Center

Total Rs 4,529

40
Capital Structure and Liquidity

Backed by high proportion of operating assets and less development, our portfolio maintains
a AAA credit rating

GROSS DEBT SUMMARY (2) REIT Shareholder

(1) Borrowings Cost of debt (3)
(RS Billions) Debt / NCD
REIT 11.5 8.0% -
Downtown Powai
10.2 8.3% 3.8
(SEZ)
Downtown Powai
25.1 8.5% 3.2
(Commercial / IT Park)
G1 18.0 8.5% 5.0

G2+K1 27.4 8.4% 8.6

N1 3.7 8.3% 2.5

N2 13.7 8.2% 6.8

Total (Consolidated) 109.6 8.36% 29.9

(4)
North Commercial Portfolio 32.0 8.50% -

(1) As on September 30, 2024.

(2) Bank borrowings and commercial paper of Rs ​110.5​ B adjusted for processing fees of Rs 0.6​ B and commercial paper amortization of Rs ​0.3​ B.
(3) Excludes liability component of CCDs of Rs 3.7 B and NCDs of Rs 8.2​ B held by Reco entities. 41
(4) Includes 100% debt for the North Commercial Portfolio assets.
Holding Structure

TRUSTEE MANAGER (2)

Axis Trustee Brookprop Management

Services Limited Services Private Limited

50%
100%

Airtel Center
Holding Company
50%
Rostrum Realty
Private Limited(1)

100%

Pavilion Mall

100% 100% 100% 100% 100% 50% 50% 50% 50% 100% 100% 100%

OPERATIONAL
ASSET SPV ASSET SPV
SERVICE ASSET SPV ASSET SPV ASSET SPV ASSET SPV
ASSET SPV ASSET SPV ASSET SPV
PROVIDER Candor Kolkata Candor Gurgaon
Shantiniketan Seaview Oak Infrastructure Arnon Builders &
One Hi-Tech Festus Properties Kairos Properties One Realty Aspen Buildtech
Candor India Properties Private Developers Developers Developers
Structures Private Private Limited Private Limited Projects Private Limited
Office Parks Limited Private Limited Limited Limited
Limited Limited
Private Limited

Candor TechSpace G2, Candor TechSpace K1, Candor TechSpace N1, Candor TechSpace N2, Kensington, Powai, Downtown Powai, Powai, Candor TechSpace G1, Worldmark Delhi Worldmark Gurugram
Sector 21, Gurugram Rajarhat, Kolkata Sector 62, Noida Sector 135, Noida Mumbai Mumbai Sector 48, Gurugram

Brookfield India REIT

GIC
North Commercial Portfolio Holding Entity

(1) Two of the portfolio assets Airtel Center & Pavilion Mall are held by Rostrum Realty Private Limited. 42
(2) Held by Brookfield Group.
Research Coverage

RESEARCH HOUSE ANALYST EMAIL ID

Ambit Karan Khanna [email protected]

Avendus Girish Choudhary [email protected]

Axis Capital Samar Sarda [email protected]

BofA Securities Kunal Tayal [email protected]

Citi Rajiv Berlia [email protected]

CLSA Kunal Lakhan [email protected]

HSBC Bank Puneet Gulati [email protected]

ICICI Securities Adhidev Chattopadhyay [email protected]

IIFL Mohit Agarwal [email protected]

Investec Sri Karthik Velamakanni [email protected]

JM Financial Sumit Kumar [email protected]

JP Morgan Saurabh Kumar [email protected]

Kotak Institutional Equities Murtuza Arsiwalla [email protected]

Morgan Stanley Praveen Choudhary [email protected]

Nuvama Parvez Qazi [email protected]

43
Glossary

Net Operating Income (Excluding North Commercial Portfolio) + Income Support received for
Adjusted NOI
G1 and N2
Bharti Group Bharti Enterprises Limited and its affiliates
BIRET / Brookfield India REIT Brookfield India Real Estate Trust
Brookfield Group / Sponsor Group Brookfield Corporation and its affiliates
CAM Common Area Maintenance
CGORPPL Candor Gurgaon One Realty Projects Private Limited
CIOP Candor India Office Parks Private Limited
Combined Portfolio Includes Portfolio Assets and North Commercial Portfolio

Committed Occupancy (Occupied Area + Completed Area under Letters of Intent)

In %
Completed Area
Comprises Commercial / IT Park (9 buildings) and SEZ (Kensington) portfolio spread across a
Downtown Powai
250-acre integrated township in Powai
DTL Deferred Tax Liability
Sum of Leased Areas and any eligible areas under any income
Effective Economic Occupancy support arrangement (excluding Leased Areas)
In %
Operating Area
Pertains to the period from April 1 of the previous year to March 31 of the stated year, e.g.,
Financial Year
FY2025 is the period from April 1, 2024 to March 31, 2025
G1 Candor TechSpace G1 (Candor TechSpace, Sector 48, Gurugram)
G2 Candor TechSpace G2 (Candor TechSpace, Sector 21, Gurugram)
GIC GIC, a global institutional investor
Gross Asset Value / Asset Value The market value as determined by the Valuer as of September 30, 2024
Monetary support provided by Mountainstar India Office Parks Private Limited (MIOP) to SDPL
Income Support and to CGORPPL with respect to eligible areas under the respective Income Support
Agreement
Rental income from leased area for the month excluding fit-out and car parking income on a per
In-place Rent
square foot basis
44
Glossary (Cont’d)

K1 Candor TechSpace K1 (Candor TechSpace, New Town, Kolkata)

Kairos Kairos Properties Private Limited
Kensington Kensington, Powai
Refers to the potential change in base rent between new leases signed at market rates and
Mark-to-market (MTM) Headroom / Spread
leases expiring at in-place rents, reflected as a % change
N1 Candor TechSpace N1 (Candor TechSpace, Sector 62, Noida)
N2 Candor TechSpace N2 (Candor TechSpace, Sector 135, Noida)
NCD/CCD Non-convertible debenture / Compulsory convertible debenture
Net distributable cash flows (non-GAAP measure). Please refer to pg. 285-287 of the Offer
NDCF
Document for calculation methodology
Net Operating Income calculated by subtracting Direct Operating Expenses from Revenue from
Net Operating Income (NOI)
Operations
North Commercial Portfolio Portfolio of assets comprising 3.3 MSF acquired from the Bharti Group
NPA Non-Processing Area
Operating Area Completed area for the assets SPVs

Operating Lease Rentals (OLR) Revenue from leasing of premises including warm shell rent, fit-out rent and car parking income

Portfolio Assets Assets whose operation are controlled by BIRET (G1, G2, N1, N2, K1 and Downtown Powai)
Reco entities Affiliates of GIC
SDPL Seaview Developers Private Limited
Weighted Average Lease Expiry based on area. Calculated assuming tenants exercise all their
WALE
renewal options post expiry of their initial lock-in period

45