The commercial trust's performance was underpinned by healthy leasing momentum, securing 0.8 million square feet during the quarter to push first-half leasing to 2.2 million square feet. Committed occupancy held firm at 93% on an area basis, while in-place rents climbed 7% year-on-year to reach Rs 101 per square foot monthly. Portfolio metrics were heavily supported by existing tenants expanding their footprints, alongside notable rental repricing in major tech and financial hubs. Across six Indian cities, the firm continues to oversee 29 Grade A office assets spanning 46.5 million square feet.
Key points
Expanding operating margins and higher in-place rents continue to strengthen financial re…: Expanding operating margins and higher in-place rents continue to strengthen financial returns for commercial office unitholders.
Tenant retention and internal expansion remain critical primary drivers of ongoing office…: Tenant retention and internal expansion remain critical primary drivers of ongoing office space absorption across key Indian metropolitan markets.
High committed occupancy levels demonstrate sustained corporate demand for Grade A office…: High committed occupancy levels demonstrate sustained corporate demand for Grade A office assets despite broader macroeconomic uncertainties.
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The office REIT declared record distributions of Rs 764 crore for the second quarter of the ongoing financial year, translating into a distribution per unit (DPU) of Rs 1.72, up 11% from a year ago. Around 82% of the distribution is tax-efficient in the hands of unitholders, the REIT said in its earnings release.
The trust recorded gross leasing of 0.8 million sq ft during the quarter, including 0.2 million sq ft of pre-leasing, taking its cumulative leasing for the first half of the financial year to 2.2 million sq ft.
The REIT’s committed occupancy stood at 93% on an area basis and 94% on a value basis. The average spread on leasing during the quarter was 24%, while in-place rents increased 7% year-on-year to Rs 101 per sq ft per month.
“Our growth levers remain firmly in place - contracted escalations, sizeable mark-to-market potential, vacant area lease-up, economic occupancy convergence and an active development pipeline – while our loan to value ratio of 18% provides significant headroom as we evaluate multiple value-accretive opportunities across sponsor and third-party assets,” said…
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