Nexus REIT clocked 18% LTL (like-to-like) consumption growth across its urban consumption centres (malls) in Q2FY24 (similar growth achieved in Q1FY24) with footfalls up 14% YoY and balance growth from high spend per customer. This resulted in Q2FY24 NOI of INR3.5bn which grew 17% YoY.

The Brookfield India REIT (BIRET) saw Q4FY23 NOI remaining flat QoQ at Rs2.4bn as portfolio committed occupancy remained flat at 84%. The REIT manager has proposed to acquire two RoFO assets (Downtown, Powai and G1, Gurugram) for a GAV of Rs109.0bn in 50:50 partnership with GIC Singapore which would require the REIT manager to raise Rs34bn of equity at REIT level to fund the acquisition.

Mindspace Business Parks REIT (MREIT) delivered a steady performance in Q4FY23 with both revenue and NOI declining 1% QoQ to Rs5.4bn and Rs4.4bn, respectively. Overall portfolio occupancy as of Mar’23 was at 83.4% (decline of 30bps QoQ) with committed occupancy at 89.0% (up 70bps QoQ).

The Brookfield India REIT (BIRET) saw Q3FY23 NOI remaining flat QoQ at Rs2.4bn as portfolio committed occupancy also remained flattish at 83%. While delay in DESH (SEZ) Bill and global macro factors continue to impact large leasing deals, small and mid-sized deals continue to see traction.

Mindspace Business Parks REIT (MREIT) delivered a resilient performance in Q3FY23 with office rental collections of over 99% and 5% QoQ increase in NOI to Rs4.6bn at a NOI margin of 83.6%. Overall portfolio occupancy as of Dec’22 was at 83.7% (up 90bps QoQ) with committed occupancy at 88.3% (up 140bps QoQ).

We attended Brookfield India REIT’s (BIRET) analyst meet and site visits in NCR and Mumbai where the company reiterated its strategy and business outlook for its office assets including: 1) overall portfolio physical occupancy (footfalls) which was 21% in Apr’22 has improved to 50% in Oct’22 and continues to see a steady rise.

Mindspace Business Parks REIT (MREIT) delivered a resilient performance in Q2FY23 with office rental collections of over 99% and 4% QoQ increase in NOI to Rs4.2bn at a NOI margin of 83.9%.

The Brookfield India REIT (BIRET) saw Q2FY23 NOI rising marginally QoQ by 3% to Rs2.4bn owing to inch up in portfolio committed occupancy by 100bps to 84%.

Mindspace Business Parks REIT (MREIT) delivered a resilient performance in Q1FY23 with office rental collections of over 99% and 5% QoQ revenue increase at Rs 4.9bn with NOI of Rs4.0bn at a NOI margin of 81.6%.

We attended Mindspace Business Parks REIT’s (MREIT) analyst meet in Mumbai/Pune, where the company reiterated its strategy and business outlook for its office assets including: 1) overall portfolio physical occupancy which was 23% in Apr’22 has improved to 30-35% in May’22, and is expected to cross 60% by Sep’22 barring any fresh Covid related disruptions 2) the REIT manager expects portfolio occupancy levels to cross 90% by end of FY23 or H1FY24 on the back of renewed occupier interest for larger sized deals.

The Brookfield India REIT (BREIT) manager has proposed to acquire the N2 call option asset in Noida, NCR having 4.5msf of saleable area at an EV of Rs39.7bn in Jan’22. While the asset has a committed occupancy of 83% on the completed area of 3.6msf as of Sep’21, the REIT sponsor (Brookfield Group) will offer a rent support of up to Rs1.5bn over Jan’22 to Mar’24 to the REIT which assures a 100% economic occupancy until leasing momentum revives.

We believe Embassy REIT would be in a position to ride the current turbulence and hence recommend HOLD on Embassy REIT with a target price of Rs 340 (arrived using DCF valuations). At CMP, the dividend yield is around 8.5%.

Embassy Office Parks REIT delivered a steady set of numbers in Q1FY21 amidst an uncertain environment. Q1FY21 revenue fell by 4% to Rs 516 cr while the EBIDTA remained flat at Rs 418 cr; EBIDTA margins expanded by 283 bps (YoY) to 80.9%. Company reported NoI of Rs 456.9 cr (up 1% YoY)