Ladies and gentlemen, good day and welcome to Brookfield India Real Estate Trust Q3 FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. On the call, we have the following persons: Mr. Alok Aggarwal, CEO and MD; Mr. Rachit Kothari, non-executive director; Mr. Amit Jain, CFO of Brookprop Management Services Private Limited; Mr. Shailendra Sabhnani from Brookfield. I now hand the conference over to the management. Thank you, and over to you.
Good morning, everyone. This is Alok, and welcome to Brookfield India Real Estate Trust Q3 FY26 earnings call. Thank you to all our unit holders, analysts, and participants for joining us today. Let me begin with a brief update on the broader macro environment in India. India's strong macro fundamentals continue to support the office market, with GDP growth of 7.3% projected for financial year 2026, stable inflation, and supportive financial conditions anchoring long-term investment confidence. Robust service exports and steady foreign investment inflows reinforce India's position as a global hub for GCCs, technology, and knowledge-led sectors, driving sustained demand for high-quality Grade A office space. Against this backdrop, the Indian office market recorded strong momentum in CY 2025, with gross leasing reaching a record 83 million sq ft plus.
Net absorption of 57 million sq ft has begun to decline to multi-year lows, underscoring healthy occupier demand and tightening supply conditions. Turning to Brookfield India REIT, Q3 2026 was a strong quarter for Brookfield India REIT. We delivered robust leasing performance, continued improvement in occupancy and cash flows, and completed a marquee acquisition with significant scale and diversification benefits. With the addition of Ecoworld, a large part of our portfolio value is now concentrated in high-growth and resilient micro markets of Outer Ring Road in Bangalore and Powai in Mumbai. These markets are characterized by a high concentration of GCCs and sustained demand for multinational occupiers. Now, let me walk you through our leasing performance for the quarter. Leasing and occupancy update.
During Q3 financial year 2026, we achieved 1.2 million sq ft of gross leasing, comprising 0.7 million sq ft of new leasing and 0.5 million sq ft of renewals. Leasing demand was well-diversified across technology, consulting, GFSI, proficiency services, and engineering-led occupiers. GCCs accounted for 44% of this leasing, reaffirming their continued preference for high-quality, institutionally managed campuses like ours. We achieved a releasing spread of 17% with an average lease term for 11 years, underscoring both rental upside and long-term income visibility. On the nine-month financial year 2026 basis, we achieved 2.4 million sq ft of gross leasing, with 49% contribution from GCCs and a 19% releasing spread. With this, our committed occupancy now stands at 92%, up 5% year-on-year, while maintaining a WALT of 6.5 years, providing a strong visibility on future cash flows.
A key driver of leasing momentum was strong relocation and expansion demand enabled by our focused non-processing area conversion strategy, which has positioned our SCG campuses for occupiers with domestic business activities as well. Overall, committed occupancy of our SCG properties increased by 6% in the nine-month quarter of this year, with space take-up from marquee tenants such as a leading automobile company, among others. In G2 and N2, the rate of occupancy increased by 10% and 8% respectively for 1.3 million sq ft of space, with a breakup of about 0.7 million sq ft in G2 and 0.6 million sq ft in N2, which has been converted or is at advanced stages of conversion, which is expected to further augment our leasing efforts and drive occupancy growth.
Quarter three was also a transformational quarter with the completion of the Ecoworld acquisition, a 7.7 million sq ft premium grade A office campus located on the Outer Ring Road, Bangalore. Post-acquisition, our operating area increased by 31% to 32.4 million sq ft. Consolidated GAV increased by almost about 35%. Bangalore is now the largest market, contributing 32% of estate gross asset value. Together with Mumbai, these GCCs' focus markets account for almost half of the portfolio value. Tenant roster has improved, with share of GCC tenants increasing to 45%, which was 37% earlier, and share of top 10 tenants reducing to 30%, which was 34% earlier. We successfully raised INR 55 billion during the quarter through QIP, and India's largest sustainability-linked bonds via REIT till date. The strong demand from a diverse set of global and domestic marquee institutional investors significantly diversified the unit holder base.
Of this, INR 35 billion were raised through QIP, which was subscribed over three times, reflecting strong investor confidence in the Brookfield India REIT platform, our operating performance, and also our long-term growth strategy. In addition, we issued INR 20 billion of sustainability-linked bonds anchored by IFC, a member of World Bank Group, underpinning our continued commitment to sustainability. During the quarter, we developed Blueprint 2030 to operationalize ESG commitments and adopted sustainability-linked finance frameworks, SLFF, which is called SLFF. On the operational side, our focus remained on embedding sustainability, wellness, and social impact across our portfolio, and we continue to receive recognition from global ESG institutions. Key recognitions in ESG included WELL rating for the majority of buildings in Powai, Ecoworld, North Commercial portfolio, G1, G2, N1, N2, and K1, which is Candor portfolio, recognizing unwavering dedication to fostering inclusiveness and supporting the environment.
IGBC net zero energy rating for K1, highlighting our commitment to sustainability, adoption of renewable energy, and energy-efficient operations. K1 and N2 received IGBC Performance Challenge Excellence Awards. Airtel Center received Gold Certification at State Level Energy Conservation Awards 2025. I will now hand over to Amit to take you through the financial performance for the quarter.
Thank you, Alok, and good morning, everyone. Let me take you through the financial highlights for Q3 FY26. Our net operating income for the quarter stood at INR 5.4 billion, reflecting a steady YOY growth of around 14%. Including the North Commercial portfolio, total NOI stood at INR 6.8 billion. Growth in NOI was driven primarily by lease-up of vacant areas, mark-to-market gains, and contractual rent escalations. For Q3 FY26, we declared a distribution of INR 5.4 per unit, an increase of 10% YOY, translating to total distributions of INR 4 billion. The dividends and repayment of shareholder loan contributed to 65% of the total distributions. For nine-month FY26, our NOI stood at INR 15.5 billion, reflecting a steady YOY growth of around 13%. Including the North Commercial portfolio, total NOI stood at INR 19.6 billion.
For nine-month FY26, we declared a distribution of INR 15.9 per unit, an increase of 14% YOY, translating to total distributions of INR 10.6 billion. The dividends and repayment of shareholder loan contributed to 64% of the distributions. Our balance sheet remains robust with our borrowing LTV of 31.5%, excluding shareholder loan instruments, and dual AAA stable credit rating from CRISIL and ICRA. Our average cost of debt of 7.6% in the current quarter is expected to reduce to 7.3% in Q4 FY26, following 25 basis points reported cut and reduction in borrowing cost of Ecoworld SPV. We have a long-dated debt profile, minimal near-term amortizations, and ample headroom for future acquisitions.
As mentioned by Alok, during the quarter, we successfully completed a INR 35 billion QIP with 3X subscription and issued INR 20 billion of sustainability-linked bonds, the largest such issuance by an Indian REIT at a competitive coupon of 7.06%, nearly 20 BPS lower versus repo-linked REIT borrowings. Our outlook for future growth of NOI and distribution in our current portfolio is very healthy. On the back of lease-up and reduced borrowing costs, we expect 19% growth in our DPU once our current portfolio achieves stabilization at 97.5% occupancy. This does not factor in any impact on account of contractual escalations and MTMs. I will now hand the call back to Alok for closing remarks.
Thank you, Amit. Quarter three FY26 marks an important milestone for Brookfield India REIT with strong leasing execution, 92% commit to occupancy, a large-scale entry into Bangalore. In the strengthened balance sheet, we believe the platform is well-positioned for its next phase of growth. With this, I would now request the moderator to open the floor for questions. Thank you.
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on a touch-tone telephone. If you wish to remove yourself from the question queue, press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Deep Shah with B&K Securities. Please go ahead.
Yeah, hi. Thanks for the opportunity and congrats on this sustained increase in occupancy. So the first question was around an area that we are in the process of conversion to 3.1 million sq ft. There, the occupancy seems in 60% range. So what is the typical time that you expect for this conversion to happen into non-SEZ areas? And when will this also see that 90-odd% level of occupancy? Your assessment of that. That is first. And second question is on the receipt of INR 650 million, which we see in the NDCF walkthrough. If you could explain what exactly is this and is the understanding today that this is a one-off, but it's offsetting what would have otherwise come via Ecoworld? Some clarity on this would be very useful. Thank you.
No, thank you, Deep. I think good observation. This is Alok. Let me take the first question. See, let me just give a background. Initially, we have applied for about 1.9 million sq ft of area across our assets for conversion, which is all leased out. After that, we have applied for additional 1.2 million, which is under advanced stages of conversion or already converted. Most of this is backed by LOIs or advanced stages of negotiations. See, please appreciate. And so this is 1.2. So while 62% looks at 31st December, but when we talk about next quarter, this would have been substantially leased, actually. And part of that is already leased or way advanced stage of leasing. And then, in addition, we also kind of are working out a strategy.
Probably we'll have to go for additional 0.7 million sq ft of a further conversion, which is again backed by demand. Please appreciate, we are already at 92%. And we have 8% kind of a vacancy, and we have to mindful for the space which we take for conversion because once converted, it cannot be kind of redone. And we keep getting SCG demand also. So we also have now, in fact, we have tracked the code. I think operationally, we are efficient. Generally, when the transaction is advanced stage of signing or it's almost signed, within 75-90 days, we are able to convert. And that's a process we have kind of been able to achieve. So that, I hope, answers your question. And I would request Amit to take the second question. If there's anything you can ask.
On the second question, Deep, so the portfolio, the existing REIT portfolio, ex-Ecoworld, has generated INR 5.4 DPU by itself. As you mentioned, that Ecoworld contributed INR 65 crore of cash, but a part of that cash was utilized towards meeting the debt cost at the Ecoworld level. And then Ecoworld had other certain receivables from the demerged entity. As you know, Ecoworld came into being as a legal entity through a demerger scheme. So Ecoworld, as a legal entity, has other receivables from the demerged entity. So those have also been accounted for while distributing 5.4. So ex-Ecoworld, the generation is 5.4 because of the robust leasing performance over the last few quarters. And Ecoworld by itself has also contributed 5.4. I hope that answers your question.
Sure, sure. So just to follow up, so on the first question, because I wanted this clarity itself, because we've heard you say earlier also that we convert when we have REITs or practically we are very close to an official REIT signing. So practically, we can expect, say, that 60% becoming 90% or in the range of portfolio in a quarter or so. So that clarification you already have. Yeah, thank you. That's very helpful. Thank you, guys.
Yes, you're right.
Thank you. Next question comes from the line of Puneet Gulati with HSBC. Please go ahead.
Hey, Hank. Thank you so much for the opportunity. My first question is, how do you feel about the leasing of the IT commercial part of Downtown Powai and the upcoming expiry at K1 for this quarter?
So on the upcoming expiry, we already have on Noida, we already have signed the term sheet. And that leasing, because it's going to expire next quarter, so that's beyond 1.2 million sq ft. So beyond 1.2 million sq ft, we have additional 0.5 million sq ft term sheet signed. But they have not been taken this quarter because expiry is happening next quarter. So that's on K1. Even in Powai, whatever vacancy we are getting, we have signed term sheet for that as well, which is part of about 0.5 million sq ft. And so I hope that answers the question. Is there anything else I can answer?
Yes, so basically for fourth quarter, you're saying there could be a bit of gap in the K1 piece, and then it comes in next year?
No, no gap because the term sheet is signed as soon as the tenant vacates, the tenant will move in. I mean, term sheets are being signed in advance in Powai as well as Noida.
So Puneet, I think Q4, we have 1.1 million sq ft of expiry, out of which 800,000 are already kind of spoken for, renewed or released already. So there's 300,000 sq ft work in progress, but I would say 80% of it is already covered across assets.
Okay. Understood. That's helpful. Thank you so much. Yeah.
Yeah. Just to add here, we are able to, yeah, as last quarter was indicated, there's a bit of a churn in tech sector, but there's a strong enough demand from GCCs to take up, take space at least in advance, and we are able to get better terms for the space which is getting vacated.
Understood. That's very helpful. Thank you so much.
Thank you. Next question comes from the line of Parvez Qazi with Nuvama. Please go ahead.
Hi. Good morning. A couple of questions from my side first. I mean, we have seen a pretty healthy increase in our occupancy levels. And here down the line, where do you expect the overall occupancy at a portfolio level? And second, we have seen improvement in occupancy in G1 and G2 also. I mean, your outlook on the leasing and occupancy in these two assets would be great. Thank you.
Parvees, thank you. Thank you for this question. So yeah, leasing has been kind of steadily moving up, and that's what we have maintained. All of our assets are market assets. They have seen very high 90s kind of a leasing peak of it, and we see that phenomenon getting repeated. I think right now we are not giving a leasing focus. We can give it probably next quarter. I think that will be fair. I think we don't want to give it right now, but what I can assure you is that leasing momentum will remain strong, and we'll see leasing occupancy moving up quarter-on-quarter basis. That's on property leasing, but next quarter we can come back with a guidance if we all feel it's required. That's fine. G1 and G2, yes, you have seen that.
Again, you have seen occupancy moving up, and it will continue to move up. We have attracted new tenants in SEZ as well as done de-notification, attracted very large automobile manufacturers taking space in G2 campus, which we expect them to take more space. We expect some of the vendors to take space. So momentum would remain strong in G1 and G2 as well. And yeah, we are very confident and positive about both of these assets as well.
Sure. Thanks, and all the best.
Thank you. Next question comes from the line of Yashas Gilganchi with BOB Capital Markets Limited. Please go ahead.
Good morning, team. Thank you for taking my questions. On your acquisition of Ecoworld, what level of occupancy do you expect once the asset stabilizes, and over what time period do you expect the incremental NOI of around INR 0.4 million to flow through? Also, what will drive the approximately 100 basis points reduction in borrowing cost for the Ecoworld SPV?
So issues, let me take the first question in terms of occupancy. In Ecoworld, we are already at 94%, as we have maintained that all assets eventually will achieve high 90s. Definitely, next phase of growth will come. They will cross 95%, and then they will move towards high 90s. We end up with, say, occupancy of 97%, 98%, 99%. That's, I will tell, but high 90s is what we expect. I think the way momentum is kind of building up and the way we see that demand for space is there, and in most of our micro markets, which are very well positioned, we should achieve high 90s in the next 12 to 18 months. And then, on your second question on the reduction in Ecoworld interest rates by 1%, so that's already was part of the transaction when we were moving the SEZ into REIT.
Based on our discussions with the consortium of banks, the rate has to be reduced by 1%. It is currently at 8.4. It will come down to 7.4 by 1st of February. So that's already being discussed and agreed upon with the bankers.
Okay. Understood. Releasing spreads go up year-on-year, but down significantly quarter-on-quarter. I see that the spreads achieved over the quarter were in general lower than your long-term average spreads that you've achieved. What do you think is pressurizing spreads, and how do you expect them to trend in the near future?
Look, I think it's a function of the mix of the expiries that we are dealing with, right? In certain assets, we have a significant amount of mark-to-market available. In some assets, we don't have that much. It's also a question of at what point does the lease expire, how far it is from the market trend. So I think it's a mix that keeps changing every quarter. It'll be unfair to compare. I think on a steady-state basis, if you take full financial year performances, we have always been in high teens, right? Anywhere between 15-20, and that can be expected to be a long-term trend for the next 2-3 years of expiries as we've forecasted.
Got it. And just one last one. I know you already spoke about this, I guess, but weighted average lease terms have contracted significantly year-on-year. Is it mostly being driven by the relatively lower lease terms in Ecoworld and your IT commercial property in Downtown Powai? And how do you think lease terms are going to trend forward, and what is going to drive this?
Not really. I mean, if you take micro market to micro market in Bombay, of course, some of the tenants do sign for 5 years. But I don't think our weighted average lease terms on the whole are going down. It could be this is, yeah, so this is WALT, which is 6.5 years. I think it was in line with some of the leases actually signed last quarter were 15-year leases, actually. So I don't know what you're talking about. It's going down significantly. That's something I need to understand. But just to assure you, I mean, lease terms are kind of not, I mean, I don't see an impact either way, going down or going up. Tenants are signing 10-year, 15-year kind of lease terms.
Okay. Understood. Thank you so much.
Thank you. A reminder to all the participants you may press star and one to ask a question. Next question comes from the line of Pritesh Sheth with Axis Capital. Please go ahead.
Yeah, good morning, team, and thanks for the opportunity. Just on the conversions that we have applied for and we have visible pipeline, of that 1.2, how much of that is for G1 and G2? Just to get some sense on the visibility on the leasing side. And specifically on N2 expiry next year, well, we discussed a few assets, but how are we placed with the N2 expiry coming up next year of roughly 600,000 sq ft? So yeah, first question on that.
So I think good observation, Pritesh. Now, just to say that 1.2 million sq ft for we are applying in second phase or have applied. Out of that, about 0.5 million is in G2, which is largely backed by LOIs or advanced stages of discussions. And that's not in G1. G1 doesn't have kind of a component of that. Or just 0.1 million sq ft. So that's what it is. So that was the first question. What's the second question, sorry?
N2 expiry for next year?
Yeah. N2 expiry, we have kind of a tenant, and we are hopeful the way in Noida it has worked out, we should be able to backfill the space before the expiry.
It would be renewed. You are expecting?
No, no. Some of it is expanding. Yeah, some of it's expanding. We have a tenant waiting, and what is getting renewed, it gets renewed.
Sure. Okay. Okay. Fair enough. Just on the DPU side, so you highlighted about Ecoworld contributing INR 5.4 per unit this quarter. That was backed by this INR 650 million of receivable as well. Now, if I think about next quarter, this 650 obviously won't come, but then we would offset that with the benefit of lower interest rate that we will have. So largely, the contribution from Ecoworld should sustain that similar run rate. And on the total portfolio basis, how should we see the DPU trajectory? I know we have this INR 25.6 per unit number as a target which we have placed, but is it more back-ended, or will we continue to see that gradual inch up from INR 5.4 per unit right now on a quarterly basis to 6.4 over next two, three years? What's the target area?
So certainly on Ecoworld, please note that Ecoworld, in terms of operating, NDCF contributed only for 8 days in the quarter ended December 25, right? The transaction got completed on 24th December. So for the next quarter, Ecoworld will contribute 100% of operational cash flows to the NDCF. So on your point, yes, INR 5.4 will get organically generated through the operations itself. And on the guidance for the future projections for the NDCF, I think as of now, we are not giving any guidance. We'll maybe give some guidance in the next quarter. But just to say what Amit just was adding here, it will keep inching. It's not back-ended. It will keep moving up every quarter. That's how it's going to happen.
Over the period of 2 years, 3 years, when do we think that we should be reaching this run rate of 25.6?
Yeah. Look, so if you think about it, 87% occupancy going to 92 has led to a 10% increase in DPU, right? Our target of 25 is at 97. So I think it's a question of yeah, so it's a question of when do we achieve the next 5%, and of course, the contractor trend growth on whatever we have. We'd like to do it in four quarters, five quarters. Maybe it'll take us six, seven, but I think at least in the next two years, the idea would be to touch this number if the leasing markets continue to be supportive.
Sure. Fair enough. Okay. Thanks. That's it from my side. All the best.
Thank you. A reminder to all the participants, Nabil, Mahprastar, and Wan to ask a question. The next question comes from the line of Sanjay Agarwal with Ambit Capital. Please go ahead.
Hi, sir. I'm Arjun.
Yes, you are.
Just a couple of questions from my side. Firstly, in terms of acquisition, so in terms of preference for acquisitions, is it more towards acquiring very mature assets at relatively lower cap rates at around, let's say, Ecoworld at 7.5%-7.6%, or to acquire maybe a good asset which is not perhaps managed right well and try to drive a little more delta to increase the absolute DPU per unit? And secondly, just as a follow-up to that, what would be the cap LTV cap ratio that you'd be comfortable with? That's all from my side. Thanks.
Look, I think strategy remains to buy, I would say, stable assets with limited operating risk. And that is something that at least we have tried to strive by in the last two acquisitions, which were the North Commercial portfolio, which we bought at a, call it, mid-90s occupancy, and Ecoworld, which is again at a mid-90s occupancy. I think strategy will be to buy similar assets which are stable in nature, improve the quality of income, do not put the DPU at a lot of risk. That said, look, I think there's always an opportunity to take a little bit more risk and buy assets with some leasing left, some development left. At this moment, we don't have visibility of a pipeline of that nature, but should opportunities arise, there's no reason why the REIT can't do it, having a 32 million sq ft, INR 50,000 crore scale right now.
There is some ability to take a little bit of risk on that front as well. But on the point of DPU growth, look, I think it's not really driven by necessarily taking risk, right? In a lot of our properties, we see a lot of rent growth potential on account of mark-to-market. While we buy at a certain cap rate, we can very quickly deliver close to 7%-8% annualized growth in some of these. Case in point is Ecoworld, where our passing rents are INR 102, but the market right now, on some of the recent transactions that some of our competitors have done, is at 30% higher. And if we were to capture all of that spread, our rent growth in this asset, which is the highest value asset in the REIT right now, will be north of 5%-7%.
North of 5% for sure and 7%-8% potentially because of the spread, right? So DPU growth will come through good asset management, good leasing, great rent capture. So we're going to continue to focus on that and not necessarily look at a lot of lease-up or development risk necessarily. On your second question, I think from a capital structure perspective, we will look at 33%-35% as a cap LTV on the bank borrowings. Right now, we are at 31 with all the obligations put together, so we are fairly comfortable. But of course, the idea would be to stay around the 33 number in the long term.
Understood. That's all from my side. Thanks.
Thank you. A reminder to all the participants, Nabil, Mahprastar, and Wan to ask a question. Next question comes from the line of Sumit Kumar with JM Financial. Please go ahead.
Hi, good morning. Thanks for the opportunity and congratulations on the conclusion of the Ecoworld transaction. My first question is on the Ecoworld property. What assumption we should take going forward basis the NOI margins of the property? Will it be similar to what we see for the others in the range of, say, 100%-105% of OLR, or it's a bit different?
Yeah, it should be in the same similar range. We are expecting similar NOI margins of 90%-100% for this campus as well.
Okay. The second question is on the occupancy bit. I understand the permitted number has moved from, let's say, 87%-92% now, but what is the actual rent yielding or the economic occupancy, and how will that move going ahead? Because that will actually impact your cash flows. So is there a significant delta there, and especially for Ecoworld, because a lot of the leases were recently signed?
So I mean, all of the leases are rent yielding. There's some kind of a mandatory or customary as per deal. They are 3, 4, 5 months kind of a rent free. So leave that apart. I mean, that I think we don't have a data on a lease-to-lease basis, but some of them rent fees are already kind of behind them, and they started giving rent. Probably which got LCD started this quarter. The last quarter, the LCD started. This quarter, the rent would start. But largely, I would say leave that 3, 4 months rent free apart. Every square inch is rent yielding.
Okay. So fair to assume the run rate that you mentioned in the last PPT for Ecoworld, that should come through going forward?
That's correct, Sumit. You should assume 94% as rent yielding.
Okay. Cool. Thank you. That's all from my side.
Thank you. A reminder to all the participants, Nabil, Morningstar, and Wan to ask a question. Next question comes from the line of Dhiraj Dave with Samvad Financial Services LLP. Please go ahead.
Yeah. Hi. Can you hear me?
Yes, Dheeraj.
Yes. Giving me operating and performance. My limited question is basically we have 60%-65% distribution from in a tax-efficient way. And you had in past indicated that you are trying over a period of time to improve the structure so that we can get better efficient tax-efficient return. Any thought exactly what we shared? How you see distribution going up in, say, two to three years' time on the component-wise?
Yeah. So good question. Great question. So yeah, as you rightly said, we did certain capital restructuring schemes. The impact of those have started to flow in. In the current quarter, we have distributed dividends from K1 entity as well where the capital reduction scheme was done. In the upcoming year, we would be doing dividend distributions from Ecoworld, K1, Festus, N1, and therefore our range of the SPVs from where we could declare dividend is increasing. We would be doing certain other capital restructuring activities over the next few quarters for the next year. We are targeting to achieve a 30% dividend mix in the overall distributions.
Okay. So yeah. The dividend would be 30. We shall continue to see kind of one-third, one-third, one-third capital redemption being one-third, dividend being one-third, and one-third interest, or do we see a decline in the interest portion, which is most tax-inefficient for the investor?
Yeah. So whatever we increase in dividend will come out from interest, most probably. So the mix will become 30% dividend, 50% repayment, and 20% interest. That's the guardrail that we are working with.
Yeah. Thanks a lot. That's fine. In fact, next time when you Q4, you are giving guidance, just if possible, also give a range of what kind of component. While it's difficult, but that would be really helpful if you can give that kind of thing. Wish you all the best.
Thank you.
Thank you. A reminder to all the participants, p ress star and one , to ask a question.
So I mean.
Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Thank you. Thank you. I hope you have answered all questions well. Thank you, everybody, for attending the call and giving your time and for your support.
Thank you. On behalf of Brookfield India Real Estate Trust, that concludes this conference. Thank you for joining us. You may now disconnect yourself.