Bagmane Prime Office REIT declared a ₹5.27 billion distribution for the September quarter as leasing reached 1.2 million square feet and committed occupancy stood at 99% in its completed Bengaluru portfolio.
The completed portfolio spans 16.7 million square feet across six Grade A+ business parks in Bengaluru. Committed occupancy was 99% at Sept. 30, compared with 98.7% at June 30, the prior quarter-end.
The REIT reported 1.2 million square feet of gross leasing during the quarter, including 0.6 million square feet of pre-leasing. That pre-leased area represented half of the reported gross leasing volume. Global Capability Centres (GCCs) accounted for 96% of the total. The company characterized the period as its first full-quarter results since listing.
Average rent on leases signed in the quarter was ₹166 per square foot per month. Bagmane said that rate was 2% above prevailing market rents. Bagmane Prime Office REIT CEO Hugh Andrew said, “GCCs continue to choose Bengaluru.” He linked leasing demand to the centers’ preference for quality and scale in the city.
The board of Bagmane Realty Investment Manager Private Limited, the REIT’s investment manager, approved the distribution on Nov. 2. The payout is ₹1.55 per unit and comprises ₹4.148 billion in dividends, or ₹1.22 per unit, and ₹1.122 billion in interest, or ₹0.33 per unit, less applicable taxes.
Distributions for the first half through Sept. 30 totaled ₹10.4 billion, or ₹3.05 per unit. Bagmane said dividends accounted for 85% of first-half distributions, a figure for the six-month period. By the stated component amounts, dividends made up about 79% of the September-quarter payout.
For the quarter, revenue from operations was ₹7,649.94 million, while net operating income (NOI) was ₹6,844 million, an 89% margin. The record date is Thursday, Nov. 5, and payment is scheduled on or before Nov. 13.
