Brookfield India REIT Q4 Review - Resilient Performance: ICICI Securities
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ICICI Securities Report
The Brookfield India real estate investment trust delivered a resilient FY21 performance with over 99% of rental collections and flattish FY21 net operating income of Rs 6.5 billion.
We expect the REIT to deliver a net operating income compound annual growth rate of 9.3% over FY21-23E.
We expect over 30% of the distribution to be in the form of tax free dividend and capital return with balance returns from interest post the conversion of Rs 10.1 billion of compulsorily convertible debentures in Candor Kolkata (G2+K1 special purpose vehicle) to equity shares effective April 1, 2021.
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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