Brookfield India REIT Q1 Review - Resilient Performance: ICICI Securities
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ICICI Securities Report
The Brookfield India Real Estate Trust delivered a resilient Q1 FY22 performance with over 99% of rental collections and flattish net operating income of Rs 1.7 billion on YoY basis with same store occupancy remaining healthy at 89% (down 2% QoQ on fresh expiries).
We cut our rating on Brookfield India REIT with a revised March 2022 discounted cash flow based target price as we incorporate further expiries in FY22E.
We expect over 30% of the distribution to be in the form of tax-free dividend and capital return with balance returns from interest.
Key risks to our thesis are the large-scale adoption of work-from-home by occupiers over the long term and rising interest rates globally.
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