Ladies and gentlemen, good day and welcome to Brookfield India Real Estate Trust Q4 FY25 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. On the call, we have Mr. Alok Agarwal, CEO and MD, Mr. Amit Jain, CFO of Brookprop Management Services Private Limited, Mr. Rachit Kothari, and Mr. Shailendra Sabhnani from Brookfield. I now hand the conference over to the management. Thank you, and over to you. Good afternoon, everyone. On behalf of the Brookfield India Real Estate Trust, I extend a warm welcome to all participants joining us today for this conference call. Let me start with some updates on India and its office market. India's economic outlook remains strong, and India is projected to remain one of the fastest-growing large economies, reaffirming its dominance in the global economic landscape. Stabilizing inflationary trends have enabled the Reserve Bank of India to cut the repo rate twice in the past three months, and this would help boost liquidity for the businesses. The Indian office market witnessed a record-breaking leasing performance in 2024 and it's poised for sustained momentum in 2025 as well, cementing India's reputation as the office to the world. As per IPC report, Q1 of calendar year 2025 witnessed gross leasing activity of over 20 million sq ft. Space taken by GCCs played a key role in strengthening office adoption, with GCCs contributing a share of over 30% in the overall office space leasing in Q1 of calendar year 2025. India's abundant skilled talent pool continues to attract MNCs seeking to establish or expand their GCCs. This coupled with Indian companies expanding their office footprint backed by sustained revenue growth projections on the wave of commercial office leasing in 2025 as well. Turning to Brookfield India Real Estate Trust, I'm delighted to report an outstanding year of growth for us in financial year 2025. We delivered on our efficiency guidance and exceeded our DPU guidance for financial year 2025. We achieved 3 million sq ft of gross leasing with a re-leasing spread of 18%. Out of this 3 million sq ft of gross leasing, over 50% leasing happened in our SEZ properties. Some of the key large gains for us this quarter are Teleperformance: 111,000 sq ft in N2, Noida; Park Place renewal of 172,000 sq ft in N1, again Noida; and Fidelity 65,000 sq ft in G1, which is Gurugram, among others. We have given a guidance of 1.5-2 million sq ft of new leasing at the start of financial year 2025, and we closed the year with approximately 2.2 million sq ft of new leasing, with a spread of 19%. Our occupancy increased by over 6% from 82% in March 2024 to 88% in March 2025. The occupancy of our SEZ properties increased from 79% to 84% in the same period, and the occupancy of our non-SEZ properties increased from 91% to 96% in the same period. During financial year 2025, we raised over INR 4,700 crore from market investors through QIP and preferential allotment. The preferential allotment in Q1 2025 of INR 1,200 crore was to fund the acquisition of 50% stake in North Commercial Portfolio, a portfolio of 3.3 million sq ft of prominent real estate properties in Delhi NCR, designed and built to high specs. This highly innovative acquisition also saw the Bharti Enterprises becoming a cornerstone unit holder in Brookfield REIT. The occupancy of North Commercial Portfolio increased from 91% at re-acquisition to 95%, and in-place rent increased by over 8%, INR 150, as of March 2025. In Q3 financial year 2025, we successfully raised INR 3,500 crore through QIP. The QIP issue saw strong demand from market long-term investors like IFC, LIC, SBI Mutual Fund, and ICICI Prudential Mutual Fund, among others. As a result of the QIP, our LTV has come down from 24% to 25%, which gives us enough headroom to pursue strategic inorganic growth opportunities for the REIT. We are in conversation with our sponsor group to evaluate acquisition opportunities in Bangalore. Currently, the sponsor group is working on carve-out of these assets through our NCLT-approved merger-demerger process, and we will have further updates on this by next quarter. On the ESG front, we continue to make significant strides towards our net-zero carbon goals by 2040 or sooner. With the recognition of our efforts, we received many applause and awards, and some of the key notable ones are: received five-star rating from GRESB for the third consecutive year, recognized as global sector leader for sustainable mixed-use development for New Town, Kolkata, ranked number one in Asia for management score with 100% governance score, achieved 40% renewable energy transition for 15.4 million sq ft across Gurugram and Noida assets via Brookfield's Bikaner Solar Project, completed phase one of green energy transition at Noida campuses producing 11,000 metric tons of carbon dioxide emissions annually, received the EDGE certification in downtown Powai SEZ for more than 20% savings in energy, water, and embedded energy from benchmarks, received WELL Equity Rating for North Commercial Portfolio, demonstrating strong sustainability focus. Looking ahead, we expect leading momentum to remain strong in financial year 2026 as well. With the dual offerings of SEZ and non-SEZ spaces across our campuses, we are well-positioned to attract a diverse tenant base and accelerate our journey towards high occupancy. Let me now invite Amit to take you through the financial updates. Thank you, Anuj, and good afternoon, everyone. Our operating fees rentals have grown to INR 460 crore in Q4 FY25, 4% higher QoQ compared to INR 443 crore in the previous quarter, and 14% higher YOY compared to INR 405 crore in the same period last year. The NOI for Q4 FY25 is at INR 488.5 crore, 3% higher QoQ compared to INR 475.5 crore in the previous quarter, and 16% higher YOY compared to INR 422 crore in the same period last year. The YOY growth is primarily on account of new leasing and contractual escalations in rentals offset by expiries and acquisition of MIO, which we concluded in Q4 FY25. With sequential occupancy improvement in the last four quarters, we have seen an increase in the same-store NOI by 15% from Q4 FY24 to Q4 FY25. This was also supported by the contractual escalations as well as the spreads achieved on re-leases and renewals. On the distributions front, we are distributing INR 5.25 per unit this quarter, translating to a total distribution of INR 1,019 crore. With this, we have distributed a total of INR 1,054 crore in this financial year, taking the DPU for FY 2025 at INR 19.25 per unit, which is an increase of 8.5% over the DPU in FY 2024. Valuation for Brookfield India REIT as of March 2025 stands at 38,000 crore, which translates to an NAV of INR 336 per unit. As you are aware, our portfolio assets where we own 100% stake with G2, K1, N1, N2 investors, and assets where we have 50% ownership with G1, Kairos, and North Commercial portfolios. If we were to consider 50% share of the annualized NOI from 50% ownership assets and 100% share of annualized NOI from 100% ownership assets based on Q4 FY24 rent rate, our total NOI rent rate per annum comes to INR 1,820 crore. We can expect a growth of 14% in our NOIs if we were to consider the full year NOI potential of areas currently contracted and assume a steady leasing recovery, that is, lease of existing 3 million sq ft of vacant area at current market rent with a 2.5% vacancy allowance on the portfolio. This growth in NOI, along with the impact of reduction in repo rates of 25 basis points in April 2025, will lead to an approximate 21% growth in distributions. This would translate to a distribution per unit on a stabilized basis of INR 25+, without accounting for any impact on account of rent growth, contractual escalation, MTM, and any future changes in the interest rates. We continue to maintain a dual investment grade rating from rating agencies on the back of our strong balance sheet, long-dated maturity profile, and limited amortization over the next few years. As you are aware, RBI has reduced the repo rate in February and April. The impact of February rate reduction has happened in our consolidated portfolio, NCP. The impact of rate reduction on NCP, that is, 50 basis points repo rate reduction, and the impact of 25 basis points rate reduction, which happened on April 2025, will start showing in from the next quarter. A majority of our loans are linked to the repo rate, and we will be benefited as the benchmark rates begin to trend lower. With that, I would request the moderator to open the floor for Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may 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. We'll take a first question from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much for the opportunity. My first question is, you know, what are you hearing from your tenants in terms of future leasing opportunities? Are they worried about what's happening in the globe? Any decisions on hold? Or are you still seeing, you know, eagerness to close deals? Yeah, let me take this question, Puneet. And of course, this is a pertinent question, but, you know, I'm happy to say, at least we are not hearing any uncertainty or somebody saying, you know, I want to wait and, you know, wait for some more time to close the space. You know, tenants have seen that most of the institutional real estate properties' occupancies have moved to, you know, around 90s. And this availability is getting a bit of a challenge. You know, where space is available, but if you want contiguous space in one go, you want the space what you want, that's becoming a challenge. Landlords are not willing to wait very long for signing of leases, and tenants are aware of this phenomenon. So we are not seeing any slowdown, and there's an urgency to close space. It's a large deal. They will take their own time, you know, so that's fine. But smaller deals, if tenants want it, they're closing. And today, landlords aren't willing to wait. You know, a year back, it was different. Today, we are already at around 90%. The momentum is strong. So if you want a space, you want to close it fast, then you've got to close it, you know, without a lot of delay. That's helpful. Thank you so much. My second question is on the financials. If I look at your net debt number, that seems to have grown up by about INR 270 crores QoQ, but CapEx has been closer to INR 107 crores. How should one read this gap? Sorry, what's the question? What has grown by INR 270? The net debt has grown by roughly INR 270 crores. But your CapEx for the quarter, this is QoQ, but the CapEx for the quarter is INR 107 crores. How should one read this gap? Which slides are you saying, Puneet? We are calculating this net debt number. Is the understanding correct that net debt changes to INR 70 crores, or is it a different number? No, the net debt seems to be much higher because of the proceeds the QIP were actually used in the last quarter. Some of it was used in December, but a lot of it was used in March. But Amit, you can add. Yeah, yeah. I know net debt, not the gross debt. I know the gross debt has fallen quite a bit, but net debt for the quarter end versus previous quarter? Please share the net debt number. I think it will be useful. So the slide you are seeing, but whatever is the net debt, you know, either it will be utilized for repayment of. So what is the net debt number? Sorry, what is the net debt number for the quarter? Net debt number for the quarter is, you know, if you come to slide 21. Yeah. So there is an addition of bank debt of INR 47 crores, and if you add these three numbers, please. Okay, if you add these three numbers. So my understanding is there is a gross debt that you're saying that has INR 7,910 crores, and the cash on your books as per your balance sheet is INR 575 crores. So net debt should be INR 7,335 crores. Okay, so you're talking about not the moment between the quarters, but total net debt number, right? Yeah, total net debt number for this quarter and total net debt number versus last quarter. If you can share those two numbers and help me reconcile the balance. So you're right. You know, so at the consolidated level, the net debt number as of March 2025 is, you know, INR 8,000 crores, which is a debt at the REIT level, minus cash of INR 570 crores. So, you know, you're right in saying that, you know, the net debt number is around INR 7,500 crores. The similar number for the last quarter, let me just quickly check that. Puneet, I would say that, you know, net debt number for the previous quarter would have been INR 11,000 crores because the total debt at December 2024 was INR 11,000 crores. That's gross debt, right? Yeah, that's gross debt. And then, you know, the cash balance would be in the similar range. So, you know, the net debt movement between the two quarters should be in the range of around INR 3,000 crores to INR 3,500 crores. INR 3,000 crores has been utilized to repay the debt, and around INR 200 crores would have been utilized for CapEx purposes. Okay, okay, maybe I'll take this separately. The other question is also, if you can talk a bit about, you know, the fall in NOIs for Worldmark and Airtel Center on a QoQ basis, what's happening there? Just give us, okay, Airtel Center and EHS expenses. Otherwise, there's nothing, you know. The NOI wouldn't have fallen, Puneet, because. Yeah, yeah, the cash has gone down, distribution from NCP portfolio, because in the previous quarter, we had tax refunds, right, that got distributed to REIT. But in the current quarter, because there are no tax refunds in the NCP portfolio, the distribution to REIT has gone down. I think you are looking at the. I'm just looking at the NOI, which was previous quarter was INR 90 crores. This is INR 86.3 crores. Q3 was end Q4 number, and similarly, Airtel Center INR 41 crore down to INR 35 crores for the quarter. It would be damaged at the end of the quarter. Puneet, why don't we look at this and get back to you? We should get back. From a business perspective, there's no change. Okay. This will continue to be in line, but why don't we just sign this thing as well? Okay. Lastly, if you can also, sorry. On the previous question, look, I think we invested about INR 150 crores of what we raised to purchase [audio distortion]. So that's basically translated into an investment on the books in a way, because we used the QIP part of it for that. And we had INR 50 crores of cash that was sitting as a part of our DSRA with the lenders as we repaid those loans, got released as a part of the DSRA this quarter. So that's about 200 crores of the 270 movement. Balance, I think we can come back to it a bit. Okay, that's fine. And similarly, on the CapEx side as well, second quarter versus this quarter, the CWIP is INR 178 crores. And the last year, sorry, Q2 CWIP was INR 208 crores. Now it's INR 178 crores. So is there something, some new asset which you've capitalized in this quarter? Yeah, yeah. So Puneet, we do the tenant improvements or certain, you know, upgrade CapEx on a continuous basis. So until a project is completed, it is booked in CWIP, and once a particular project gets completed, it moves to, you know, the property, plant and equipment or, you know, investment property. So that's it. Which asset is this? You know, this is across all the assets, but the tenant improvement and, you know, the asset upgrades is a continuous process, and, you know, we continue to do these activities across all the assets. Okay, that's great. Thank you so much for all the rest. Thank you. We'll take our next question from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks. So just a couple of questions. First, on the leasing guidance, you know, 1.5- 2 million sq ft, you know, how are you seeing, you know, these vacancy, I mean, occupancy improvement across our three core assets where there is a higher vacancy: G1, G2, and N2? So individually, if you can highlight on how you're seeing the traction. Obviously, I think this quarter, these are good improvements in N2, but, you know, if you can comment on all three assets combined and whether all of these new leasing that you are expecting is largely, you know, in these three assets, or there are other assets which are contributing to this leasing. Yeah, yeah, it is. I mean, good observation, good question. So let me just say, you know, our leasing guidance of 1.5 million-2 million sq ft. If you see our non-SEZ assets, occupancy is around 95%-96%. There's SEZ occupancy overall is about, you know, 84%-85%. So our bulk of leasing next year is expected to include four assets, which are G1, G2, N2, and Powai. Now, let me take assets one by one. So not three, but four actually. Powai movement is strong. We have just constantly and consistently, you know, done numbers, you know, close leases beyond our business clients' numbers. So we remain confident. There's a traction, and we keep doing leases. We are confident about leasing in Powai. Let's come to G1. G1, if you see occupancy has, you know, kind of dramatically moved up from bottom of 67% to almost now 80%. Our non-SEZ space also came up pretty early, and all of that non-SEZ space, we have been able to lease out 200,000 sq ft in G1 as well. This is, I talked about non-SEZ. SEZ space momentum is continuing, you know, in parallel. So G1 traction momentum remains strong. We are very confident that we should be able to, you know, whatever targets for G1 are there, we should be able to, you know, meet them or kind of do them better. Then there's N2. Again, N2, while we have been able to reload these spaces, we have not seen any leasing in non-SEZ spaces last quarter, but SEZ space momentum remains strong. But we have a strong pipeline even for non-SEZ spaces, and we are confident that we should be able to, even in N2, we should be able to meet our leasing targets number with a combination of SEZ as well as non-SEZ space. Then we come to G2. Of course, G2 has a laggard, but, you know, now we have some non-SEZ space as well. And while G2 will probably be a laggard as compared to G1 and N2, but there's a good pipeline. We are talking to a large tenant as well, and we are confident that in a few quarters, we should be able to get good leasing momentum in G2 as well. So this 1.5-2 million sq ft should more or less, you know, would come from these four assets, and then we'll push our remaining assets to get, you know, whatever, you know, 95. We can move to 97%-98%, even higher. That will be our efforts. Sure. So considering our leasing guidance and, you know, some of the renewals might also get expired, you know, so we right now have 3 million sq ft, 3 million sq ft vacant. Net net, you know, what kind of occupancy target we should be looking at, 93%-odd should be a good number next year? Yeah, fair point. Fair point. I think, you know, between early 90s to mid 90s is something what we expect next year. Now it becomes 92% or 94%. You know, that's probably just too early, but I think around 92%-94% is something we are targeting, or we can, I don't know if we can exceed that, but that's for next year. And then if everything goes well, probably next to next year we can cross 95%. Got it. And from DPU perspective, is this 5.25 now a base number that, you know, we should be eyeing for every quarter? And then probably better leasing will lead to, you know, growth, further growth on that from 27 onwards? Let me take that. Let me go somewhere too. Yeah, yeah. So, you know, at least for the next one or two quarters, we would maintain a similar kind of a distribution of 5.25. And how, you know, once this leasing, you know, pans out, maybe we should be in a position to give a guidance maybe in the next quarter. But for the next one or two quarters, 5.25 should be the minimum distribution that we would be targeting. Got it. And just one last, you know, we mentioned about Bangalore portfolio, you know, which you already started evaluating from sponsors. You know, any thoughts on what we could structure considering, you know, our stock is still trading at 15% discount to NAV? You know, I mean, I understand it's too early, but are the sponsors okay to, you know, do a share swap? You know, is that if valuation discount continues where it is, or, you know, they would want to, you know, cash out whenever this happens? Yeah, so look, the structure is still pretty much under evaluation. We can do various sizes of deals. Some deals are now capable of being financed with the money we've already raised. If you ask me, I think where we trade doesn't matter. The fact that we already have the money, we need to put it to work to strong total returns. So I would say that, you know, about INR 3,500 crores of dry powder is pretty much ready to be deployed and should be deployed in cash. If the size of the deal is larger than that, then that's a structure that is still under discussion, evaluation. If the size of the deal increases, we may buy more assets beyond just the largest one. But again, I mean, still on the whiteboard on this one, but we'll come back with more details. Got it. Thanks. That's all from my side and all the best. Thanks. Thank you. We'll take our next question from the line of Pradyumna Choudhary from JM Financial Family Office. Please go ahead. Yeah, hi. Thanks for the opportunity. So my question is more related to sectoral-wise, what sort of, are we seeing what sort of demand or softness are we seeing? Like, especially if we talk about the tech sector, are we seeing any sort of slowdown there? Because if you look at commentary by a lot of these larger IT names, the hiring has slowed down. Some of it is to do with the overall weakness in the sector. Some of it is to do with the way tech is now disrupting the entire sector. So if you could give some commentary regarding that in the near term, as well as how you see the impact over the medium term. Yeah, so I think we have been talking about uncertainty. We have been living in a state of uncertainty for the last four years. But honestly speaking, at least today, things are far better than what we have seen. You know, at least last one year has been good, and today also it's good than what we have seen, you know, during COVID time. Slowdown, I think there's a lot of slowdown, but, you know, back to office momentum is always getting around. Space availability has gone down. And even for new contracts, generally companies are, most of the companies have announced, you know, like full-time back to office, not three days, not four days, five days. So at least we are not seeing any slowdown. You know, it's not stock, but we're not seeing any slowdown. Companies tend to take space, and companies cater, you know, take space to cater for the growth in the next one or two years. Now, if whatever slow hiring slowdown, the rate of hiring has come down, but that, you know, companies are already, they have shed their lot of real estate portfolio. So today, whatever hiring they have to do, they have to take more space. And of course, if the slowdown is not there, probably instead of 88%-89%, probably it would have been at 95%. But of whatever uncertainty and the global uncertainty, I think we are late 80s or early 90s. I think if a split comes, probably our, you know, and not us, any institution, landlord, the occupancies could move much higher. But overall demand is good. We are confident. Tenants are not delaying their take-up. They know if you want a space, they have to close out. They have to close. So things are pretty good. You know, fair enough, but like my question is more from a medium-term perspective. Like, of course, in the nearer term, the back to office and limited space availability are resulting in still a good demand environment. But once this comes into the base, once things fully normalize, which I believe is now anyway happening, right, in terms of back to office, most of the organizations have already started that. So over maybe a two-year window, once these demand drivers are no longer there and AI, everyone has been reading, there will be job deficit, right? So then how do we expect things to turn out is what I'm trying to understand. And its impact on different sectors, of course, tech would be the one most disrupted. But even, for example, would GCCs also be impacted, as per your understanding? No, let's look at GCCs. If we talk about GCCs, today, only 30% of the companies have GCCs in India. Out of 100 companies, only 30% have GCCs in India. Not only these 30% who have presence in India will grow, but also we'll keep attracting at least 100 GCCs per annum, you know, in India. Please understand, new GCCs will come. Existing GCCs will expand. Tech companies, I don't think with AI, and this is a constant debate, I don't think with AI on a gross level, we are going to see, of course, 90-level jobs will come down. They may come down, but new job sectors will be created. The rate of growth of hiring is going to go down. That is, we have interacted with many companies, and what we are getting is the rate, the growth will be there in terms of manpower. The rate may come down, but jobs in new different segments may get created. And so this is one. And today, again, you know, also we are seeing, and there are early shoots that for the manufacturing companies, they are looking at our non-SEZ spaces, which was, you know, unheard of. So somewhere, I think we'll get compensated. We'll be already at, by next year, we'll be already at somewhere 90s, 92, 93%. It is a sweet spot to increase our rentals, to push our NOI, get larger tenants. So we are very, very positive and gung ho on commercial real estate sector in a short to medium term. I understood that, sir. And one question was on the, like, how you give a sectoral-wise split of tenants by gross contracted rentals. Similarly, what's the split between your front office tenants versus middle back office tenants? We can get back on the split in terms of revenue, but most of our IT campuses would not go for front office. They will go for GCCs. They will go for IT companies. They will go for BFSI. But front office is something which, you know, what would be 80/20, I think. It could be around 80/20. We'll share the number with you. But 80/20, 20/20 is a front office balance could be. And I'm saying I'm not thinking GCCs in front office. Front office means their front office. Understood. Thanks. Thank you. Thank you. Before we take the next question, we'd like to remind participants to ask a question. Please press star and one on your phone. The next question is from the line of Parvez Qazi from the Nuvama Group. Please go ahead. Hi, good afternoon, and thanks for taking my question. So two questions from my side. First, we have seen about 15% change to the NOI growth in FY25. So tell me there's a broad spread between what portion of it could have come from occupying, the improvement, rent escalation, cost savings, etc. Parvez, sorry to interrupt. Can you mute your line, please? There's background noise on your line. Thank you. So should we answer this question first, or you want me to answer the second question as well? The second question is, hello. Yeah, please go ahead. How much SEZ conversions have we done till date, and how much of that has been already made? Thank you. This is from the next one also. So under 15% is the NOI growth compared to the FY2024 NOI versus Q4 FY2024 versus Q4 FY2025. Roughly 7% has been on account of occupancy growth, 3%-4% on account of MTM, and roughly 4% on account of restoration that has been coming in after the fall. So that's a broad breakup of the 15% NOI growth. Coming to the question on NP conversions, we are in the process of. We have a total NP area of roughly 2 million sq ft across our portfolio, out of which we have already converted 1.5 million sq ft. And we are in the process of getting another 0.5 million sq ft converted. So that's a broad stack of NP conversions. How much do you lease? Out of the 1.5 million sq ft which has been already converted, 0.8 million sq ft is currently leased. We have a leasability pipeline for the remaining NCP area that we have in terms of our product. 0.6 got leased in Calcutta and 0.2 got leased in G1 Gurgaon, right? Yeah. Sure. Thanks and all the best. Thank you. We'll take our next question from the line of Abhishek Khanna from Kotak Institutional Equities. Please go ahead. Hi, sir. I just wanted to check on two things. One, the MTM spreads that you've given in one of the slides, fairly low 9%-3% for, let's say, 2027, 2028, what we've generally seen is that you tend to do better spreads. Is that how it should likely be in the year ahead also? Is this generally based on industry estimates and you have an expectation that you'll be able to do north of 10% at least in terms of the rental spreads that you'll achieve? I was referring to slide 16, which shows 9% for 2026, 2% for 2027, and 3% for 2028, respectively. No, no, I think that's a good observation, and that's something we also kind of think about, but these are the, you know, kind of repositions of third-party valuers, but just to give two examples, when we renewed Park Place in N1, which is, again, a large lease of 1.5 lakh sq ft, we have been overall increased of almost about 60%. You know, the rent has gone up from, you know, almost INR 45- INR 72. So 60% increase we have achieved. We never predicted that kind of a number. Again, Calcutta issue, if you recollect last year, we were, you know, market rents around 44, 45, you know, and it was very difficult to predict, but anybody would say that, you know, our rents could go up 55+, but last year, when we did new leasing, we got 55+. These are numbers predicted by third parties, and we can't control them. But we are always confident, keep investing in our assets that we should be market leader and able to increase our rentals to the extent possible. So 10% is a reasonable expectation, Gurgaon, maybe? Anything higher is a bonus, but. On average. 8 to 10 should be doable, right? Yes, yes. On average, yes. Sure. That helps. Second, I just wanted to understand, what is the physical occupancy rate? How has it increased over the years for the portfolio and, let's say, for the IT tenants, specifically speaking, if you have some numbers to share there? Now, physical occupancy is now almost in mid-80s. Mid-80s to mid-80s. Some rates go up to, but at least it's mid-80s there. I guess some companies, they don't have, you know, they have only three days or four days. That's the issue. But otherwise, on the working days, it's in mid-80s. That would not be too different for the IT tenants as a whole? As I talked about IT tenants. For non-IT, you have to be in office outside there. Got it. And the last one that I had, how do you see demand from flex players across your portfolio? A lot of other REITs do specifically point out some of these top tenants being some of these flex players. How are you looking at that as a demand category, specifically speaking? Is that increasing in your portfolio? Just some thoughts and some that. And I think you also have something within Brookfield, if I'm not mistaken, but just give your thoughts. Yeah, yeah. Fair point. Fair point. So, you know, you know, our aim is to, you know, kind of be with tenants after them for whatever demand they need. So we have a tech platform called COWRKS. And whenever a tenant wants the spaces, whenever a tenant wants the. Yeah. So just to kind of give you numbers, in our REIT portfolio, we have over 2.6 lakh sq ft of co-working space. Some of them lease that by co-working place. Some of them we have kind of provided on a management fee model basis. And in this 2.6 lakh sq ft, we are having an occupancy of 95%. So there are the co-working space that we have in REITs is currently at a very good occupancy. And we have seen some demand coming from the MOS, I mean, managed office space from tenants. And that we have an in-house where we are able to kind of offer those kind of services to our tenants. So going forward, we see some traction on that side also in our REIT portfolio. And we'll be able to kind of get more tenants under the managed office model in our REIT portfolio. Yeah, the tenants sort of not there then go. So whether they want to do the activity, they want to go to our tech space, we want to kind of get them into our portfolio and cater to their needs. Sure. And this would be across geography, right? I understand no specific part of the portfolio where you'll be seeing more demand from it, right? And NCR or Bombay portfolio across that? Across geographies, correct. Okay. Perfect. That is helpful. Thanks a lot. Thank you. We'll take our next question from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Good afternoon, sir. Sir, on slide 16, you have explained the MTM spreads. This is not a big lease. Sir, can you use your handset mode, please? Yes. So first question is on slide number 16. So the MTM spread expectations are coming down. So if you can explain that a little bit more because I think we have mentioned like 14%-15% as the. So, we just answered this question, you know, and I mean, just to kind of sum it up, we had this as third-party estimates. We expect to do much better. Okay, and this 14%-15% re-leasing spreads that you have got is on an average what sort of tenure? From the re-leasing, when we get 18% spreads, then what sort of tenure do we lock in these spreads? Yeah. These are nine-year tenures. In nine-year tenures, Mumbai could be found that could be five years, but typically they're nine-year tenures. So on an average, maybe 1%-2% per year of re-leasing spreads here also captured additionally? Previously it was nine years. Yes. That is correct. 1%-2% per year. So on top of the 5%? Yeah. On top of the existing inflation. Yeah. And on the overall asset book, now we have a sizable almost 40,000-odd gross asset value. So, you know, what sort of pipeline do you see over the next three to five years, you know, where we can reach in terms of new asset as well as organic and inorganic acquisition? Yeah. So look, I'll just compare this to where this asset book used to be when we did the IPO of this company in 2021. It was about INR 11,000 crore. Today we're managing about INR 38,000 crore. Every year you can say that we have added on an average in four years of ownership or both types of ownership, we have added about INR 7,500 crore on an average to this portfolio, right? So you can expect a similar run rate as we move along. You know, probably better if we can raise more money in the REIT, but at least that much will be our end result. In three years' time, you can be looking at a INR 60,000 crore REIT. Okay. On slide number 11, you have explained a pro forma sort of a DPU of 25.4. But you also mentioned that you will be in the first half, you will be distributing around similar to Q4, which is 5.25. So by when do you expect to achieve these sort of a stabilized numbers? Yeah. You know, when you're talking about, you know, 35 kind of numbers, I think it should take about two to three years. That's what we said next year, you know, achieving occupancy of, you know, the targets in mid-90s and then crossing mid-90s, so the next two to three years, we should achieve these numbers. This year on the same sort of an occupancy increase, your DPU growth was much higher, right? You had a 600 basis points of occupancy increase, which led to a much higher DPU growth. What are you projecting for the next year as a whole? And why on a higher sort of an increase? We should not be getting that sort of a DPU growth at least for this year. So we grew 6% in occupancy last year and 10% in DPU terms. Again, you know, I mentioned earlier in the remark that we will try to be somewhere in the 93-94 risk score. If we hit that number, that's again 6 percentage points growth. That should again lead to a 10% increase in DPU. That will be our expectation. So we have 12% vacancy in the portfolio. We managed to lease all of it. Then we should have a 20% growth in our DPU, which is what you see on the slide as well. Understood. Understood. I agree. Thanks a lot, Mr. [audio distortion], for the explanation. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. The next question is from the line of Ankit Minocha from Adezi Ventures Family Office. Please go ahead. Yeah. Hi. Good afternoon. So on the previous question only, you were talking about this INR 25 DPU sometime in the future. Now, assuming this is at peak occupancy like you mentioned, what is the peak occupancy that you've seen in the past? I mean, earlier, whenever you've seen kind of peak occupancy, has it gone up to what levels has it usually gone up to? I think we have to talk asset-wise. I, you know, I will not dare to comment on a portfolio basis, but asset-wise, in most of the assets, we have so at least on portfolio basis, actually talking to yourself, 96% in, you know, 2017. And then in 2020, it was 96%, 2020. But asset-wise, we have gone to 99%, 98%, 100% as well. Yeah. Look, each of these assets in the past has seen a 99%-100% at some point. In the past. Just because the way these have been built, these are large-scale IT parks, rectilinear floor plates, highly efficient. Many tenants sometimes want full building solutions. So there's no structural vacancy. You know, and as Alok said, each of these assets have had a period where they have touched 99%-100% in the past. So everything, you know, goes very heavily in favor of demand. We can't touch those numbers, but I think we are setting ourselves for a target of 97%-98%. Yeah. Just one thing, when we achieved 96% in 2020, we had development in G1, which is Gurugram. We had development in N2, which is Noida. We had development in N1, which is again Noida. So now there is, you know, just we have a development in Kolkata. There's no development. So, you know, also keep in mind that this 96% achieved both considering almost 2.5-3 billion sq ft development happening at that point of time. And, you know, we can see both in large part in under development or under the second building. Now, with no development or very limited development in this portfolio, we are confident. And let's see. I think let's see how does it pan out, but we are confident of achieving high 90s. And if I look at the current reasons where this number was kind of being pulled down, I think if I'm correct, G2 would be one aspect of it. And maybe then, so could you just outline in which are the kind of the assets which currently have lower occupancy figures and what are the reasons for that and what could be the potential triggers for that number to improve? So we discussed this question in detail, but let me just sum it up again. If you see, we have four assets which we are expecting bulk of occupancy or we seem to have them. Of course, G1, G2, N2, and Powai. We have talked about asset-wise in detail. G1 again, very strong long term. We have done two last quarters of a non-SEZ leasing as well. So G1 and very good pipeline. N2, the pipeline is good, but we have not been able to close non-SEZ last quarter, but we remain confident. Pipeline is strong. It should close. Again, Powai, momentum is strong. We are very confidently closing leasing space at much higher than the projected number. Yes, G2 is a laggard, but, you know, we have pipeline. Even if they talk about very large occupiers, that materializes. G2 could be sorted. But otherwise, you know, even a non-SEZ space is now available to lease. So that in itself, we have a good pipeline. So G2 remains a laggard, but it should achieve our projected number in terms of occupancy. Yeah. And just for the data point to add to what Alok said, look, if you just, and this information is on slide 34 of the presentation, right? If you just see what we did last year, just between G1, G2, N2, we were able to add a million sq ft of new leasing between these three assets. Today, as we stand, these three assets put together have about 2.5 million sq ft of vacancy. So if we just did what we did last year, that million sq ft itself can add, you know, in terms of occupancy, almost over 4 percentage points in a single sort of year for us. And that would be our endeavor. Of course, G2 can be slightly slower than the other two, but even last year, you would see G1 and N2 both did about 400-500,000 sq ft each, just in terms of new leasing. Right. Thanks, sir. And considering we are already in Q1 of 2026, I mean, are you guiding for DPU for FY26 for the total year? We mentioned again, you know, currently we are not giving guidance as yet for the full year. What we are saying is that for the next one or two quarters, we would continue at that similar DPU of 5.25, and maybe we'll come back with the guidance, you know, in our next call once we see the momentum on leasing in the current quarter. All right. Thank you and all the best. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. So, if there are no questions, we can talk to the call. Sure, sir. Please go ahead. There are no questions. Okay, so thank you everyone for joining through this call. We look forward to connecting with all of you next quarter. Thank you. Thank you. On behalf of Brookfield India Real Estate Trust, that concludes this conference. Thank you for joining us, and you may now disconnect your line.