Brookfield India Real Estate Trust REIT (NSE: BIRET) Q1 2026 Earnings Call dated Aug. 04, 2025
Corporate Participants:
Unidentified Speaker
Alok Aggarwal — Chief Executive Officer, Managing Director, Executive Director
Amit Jain — Chief Financial Officer
Analysts:
Unidentified Participant
Puneet Gulati — Analyst
Pritesh Sheth — Analyst
Dhiraj Dave — Analyst
Presentation:
operator
Foreign. Ladies and Gentlemen, good day and welcome to the Brookfield India Real Estate Trust Q1FY26 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 on your touchstone phone. On this call we have with us today Mr. Alok Agarwal, CEO and MD Mr. Rachit Kothari Non Executive Director Mr. Amit Jain, CFO of Brookprop Management Services Private Limited Mr. Shailendra Sabnani from Brookfield.
I now hand the conference over to the management for opening comments over to you.
Alok Aggarwal — Chief Executive Officer, Managing Director, Executive Director
Good afternoon everyone, this is hello on behalf of Brookfield India Real Estate Trust, I extend a warm welcome to all participants joining us for today’s Q1 financial year 2026 earning call. Let me begin by sharing some insights on India’s vacuum wide macroeconomic environment and continued relevance to the office real estate sector. 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 infinity trends have enabled Reserve bank of India to cut the repo rate strike in 2025 a total of 100 mixed reductions and this would help boost liquidity for the majority.
The Indian Office Market Witness Report became leasing performance in 2024 and is poised for sustained momentum in 2025 as well, cementing India’s reputation as an office to the world. As per industry reports, office remains healthy with gross absorption exceeding 40 million square feet in H1 CY 2025 and on early basis we expect this to cross 90 meters per feet here. It’s heartening to note that from last two years we have been crossing all time high leasing year on year. Case take up by GCC played a key role in strengthening office adsorption. GCC is contributing a share of over 1/3 in the overall office space leasing in H1 of calendar year 2025 followed by BFSI and tech companies.
India’s abundant skilled talent pool continues to attract MNCs seeking to establish or expand their GCC. This coupled with combination of stable inflation, improving interest rate outlook and sustained corporate growth august well for increased demand for space pickup in 2025, 26 and later years as well. Good signal. REIT remains well positioned to capitalize on this demand with high quality feature ready campuses in top gateway cities. Turning to Brookside reit, I am delighted to report a good last quarter they achieved GROSS Leasing of 6,50,000 square feet in Q1FY 26 of which 61% was with GCC. The RE leasing spread stood at 22%, one of the highest in recent quarter. It is interesting to note that the total leasing that happened in this quarter was 78% that is over 5 lakh square feet. Gross leasing was across our SEG properties. This included SEG space as well as NPS space.
Post SAG reforms in December 2023 we have achieved gross leasing of about 4.6 million square feet across our portfolio. This leasing was spread across SEG IT Commercial and NPA areas, the former two taking roughly 40% share each and NPA areas contributing over 20% plus percentage. It’s interesting to note that GCC has contributed 40% of the total raw leasing during this 18 month period which is roughly over 1.8 million square feet. Showing continued demand from GCC. There is. A strong demand revival in our SVG portfolio with occupancies going by over 11% in past 18 months. SCG Properties K1 and Downtown Kauai SCG are already at over 95% occupancy and G1 and G2 are at mid 80s and moving towards 90% occupancy. We continue to have a strong pipeline across our SCG properties and we expect occupancies to to improve across all of our SCG properties in quarters to bound at portfolio level. We look at our occupancy track record for past six quarters. We have been able to consistently increase our occupancy quarter on quarter with over 9% occupancy growth in past six quarters.
Our committed occupancy for the REIT portfolio would stand at 89%. Our board has approved a preferential issue of Rs.1000cr at an issue price of rupees 310 to new investors. Of course this is subject to unitholders approval. This would help create capacity to pursue future growth opportunities. We are in conversation with our sponsor group to evaluate acquisition opportunities in Bangalore and Chennai. On the ESG front, we continue to make significant strides towards our net zero carbon goals by 2040 or sooner. Currently 44%. The total energy requirement at our Delhi NCR campuses is sourced from renewable energy and we are on track to achieve 100% green power across all our campuses by 2027.
We have also achieved 44% reduction in carbon emissions against the 50% target by 2030. On the resource utilization side, we have reduced water consumption by 27% and achieved 58% recycling of water across our portfolio. Recognition of our efforts on the ESG fans we received many applause. Are edge. Which is Excellence in Design for Greater Efficiencies certification by IFC which is part of World Bank Group in the population of achieving over 20% savings in energy, water and embodied energy in downtown Pawai G1 G2 N1, N2S K1 have successfully been recertified under the ISO 2001 Energy Management System standard reaffirming their continued commitment to energy efficiency and sustainable operation practices. We also received CI Kaizen Award for the Best Sustainability Practice for Downtown Kauai, both SEG and IT Commercial Assets and Airtel center demonstrating our strong focus on ESG initiatives. Looking ahead, we expect leading momentum to remain strong in less than a year.
With high quality future ready campuses offering both scg, NPA and IT openly commercial space, we are well positioned to attract a diverse end base and accelerate our. Journey towards high occupancy and growth. Let me invite AMIT to take you through the financial update.
Amit Jain — Chief Financial Officer
Thank you Anok Good afternoon everyone. We continue to grow organically with sequential occupancy improvements, contractual escalation as well as the spread achieved on re leasing and renewals. Our operating lease rentals have grown to Rs.458 crore in Q1FY 2026, 9% higher YoR compared to Rupees 420 crore the same period last year. The NOI for Q1FY 2026 is at Rupees 499 crore, 13% higher YoY compared to Rupees 440 crore in the same period last year. On the distribution front, we are distributing. Rupees 5.25 per unit this quarter translating to a total distribution of Rs. 319 crore. This is an increase of 17% YoY compared to Q1FY 2025. REIT is well positioned to benefit from the reducing interest rate environment backed by robust credit rating and predominantly resource linked borrowings. As you are aware, RB has received repo rate consecutively for three times in calendar year 2025, reducing the benchmark interest by 100 basis points. Our portfolio has 88% of our loans linked to repo rate and this interest rate cuts shall translate to savings and hence increase distribution for us. We have already achieved 35bps reduction in our portfolio interest rate since Q1 of 526 and the remaining 55bps reduction in our portfolio interest rate shall come into effect in Q2FY 2026.
This would lead to additional interest savings of INR 61 crore per annum. We continue to maintain a dual AAA rating from ICRA and CRISIL on the back of our strong balance sheet along with a maturity profile and limited amortizations over the next few years. Our outlook for future growth of NOI and distribution in our current portfolio is very healthy. Once our current portfolio achieves stabilization at 97.5% occupancy, we would realize growth of 13% in NOI and 23% in our distribution. In terms of numbers, this would mean our distribution per unit on a stabilized basis would become Rs.
26 plus. And this is without accounting for any impact on account of contractual expirations and any future changes in the interest rate. With that, I would request the moderator to open the floor for Q and A.
Questions and Answers:
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all participants if you wish to ask any questions. You may press star and 1. We have a first question from the line of Puneet from hsbc, please go ahead.
Puneet Gulati
Yeah, thank you so much. My first question is on the change in working capital and India’s adjustment of 375 million. If you can talk a bit about how much of it is coming from tenant deposits and which assets in particular, it will be very helpful.
Alok Aggarwal
This is primarily related to the vendor payments. I would say now in March quarter, so there are manpower vendors who are typically paid in a time lag of two to three months. But for March quarter, because of the year end cycle, that lag is reduced. To say a month period. Right. But now in June, coming in June, so there is a time lag of say two to three months in making the vendor payment. So I would say the major movement in the working capital is because of this change in the cycle for the vendor payment, especially the manpower vendors.
Puneet Gulati
This is a positive number for you, right?
Alok Aggarwal
Yes, that’s correct. In the current quarter, you know, we have made lesser payments and thereby. Yeah, that correct.
Puneet Gulati
Okay. Secondly, on your, you know, CAM and other revenue, if I look at CAM as a percentage of income from operating lease rentals, that has gone up to almost 40% compared to 34, 35, what it used to be. How should one read that?
Alok Aggarwal
See you know, this is driven by increasing occupancy levels as well. Our occupancy levels have grown by 9% in last 18 months. And even in quarter on quarter if you see occupancy is growing. So that means. And obviously the operating expenses, the CAM expenses don’t grow in the same ratio while our CAM revenues grow as our occupancy increases. So that is a broad impact and the reason for improvement in the CAM margins overall.
Puneet Gulati
But between the fourth quarter 25 and fifth and the current quarter where I think your occupancies have gone up marginally, the jump seems to have been quite sharp. That’s what I’m trying to understand.
Alok Aggarwal
So there are two, three reasons there. So I would say there is a contribution from MYOP as well. MYOPE was acquiring the REIT portfolio in Jan to March quarter. So there is a profit margin which Mayop has for providing property management services to D1. So that is one sector. And as you see the expenses have also increased right quarter on quarter. So that translates into the increase in revenue as well. Occupancy growth is the third reason. And then if you see the OLR margins for our Kairos portfolios have improved because we have been able to recover higher costs as CAM revenue in that particular portfolio.
So I would say that these three ports are the primary reasons for a major increase in CAM revenue quarter on quarter.
Puneet Gulati
Okay, that’s helpful, thank you. And last.
Amit Jain
Part of leasing that we had done six months back has started generating income only this quarter. So some amount of impact is on. Account of that as well.
Puneet Gulati
Yeah, no, I’m saying I think on a Q and Q basis your income operating lease has been flat, but it’s the CAM increase which is driving in the growth on the NOI side. So hence the question here.
Amit Jain
Yeah, that’s it.
Puneet Gulati
Lastly, on the preferential issue, how should we think about that versus a qip? Why go for preferential issue?
Alok Aggarwal
Yeah, so the reason we decided to raise a preferential issue as a manner of fundraising was really because there was a lot of interest in the market from non institutions as well, which we were receiving at the same point in time. In a qip, a lot of, I would say corporates who don’t have QIB licenses or have high net worth clients or family offices cannot participate. So this is the only way we can make them participate in the company’s growth. So we decided to tap into the opportunity and raise funds. As you’re already aware, we are in conversations with the sponsor group to enable a large entry into Bangalore and Chennai.
So in many ways the thousand crore, if this gets approved by other unitholders will add to the 3,500 crores that we raised in Q4, not Q4, Q3 of last financial year and give us about 4,500 crores to 5,000 crores of dry powder which will help us buy assets worth 7,000 to 7,500 crores. So we believe we are in a good spot and this fundraise will help us only send them.
Puneet Gulati
Understood, that’s helpful. And lastly on the ofo part, what should one think about in the timeline for evaluating that 104 equinox?
Alok Aggarwal
Yeah, so I think the current focus for the, for the REIT is to grow into markets that it’s not present in. So I think the focus is Bangalore and Chennai right now. And I think in terms of timing, of course management wants to do it as soon as possible. We continue to work with the sponsor group but we’ll of course announce it. As soon as we can.
Puneet Gulati
Okay. So my reading was this is they are also looking to sell to third party unlikely to come to reit. That’s, that’s how one should read it.
Alok Aggarwal
Are you talking about the right of first of.
Puneet Gulati
Equinox? Yeah. Yeah.
Alok Aggarwal
So I think the seller has found a better price in the private market for that asset and it’s likely that it goes through there. But if it does not, then the REIT Roku comes back after three months. So REIT did make an offer before. The seller got a better price in the market.
Puneet Gulati
Understood, that’s helpful. Thank you so much and all the best.
operator
Thank you. A reminder to all participants, if you wish to ask any questions you may press star and 1. Anyone who wishes to ask a question, you may press Star and one. Now we have our next question from the line of Pritesh state from Access Capital. Please go ahead.
Pritesh Sheth
Yeah, thanks for the opportunity. First is on leasing. So I think good traction this quarter on G1, G2 and N2 specifically, you know, how is the pipeline sort of looking like now? You know can we extrapolate this run rate in terms of leasing what we have seen in this quarter for the full year and what would be our occupancy target for these three assets for this year considering the start that you’ve got. And second on the exit that we saw in our campaigns and non FBA portfolio likely was crisil. When can we backfill the space.
You. Know and what sort of, what sort of rental expectations that we would be having. So first two questions on legal.
Alok Aggarwal
Yeah, let me. Multiple questions. So let me take one by one. In terms of fifil, you know, we. All knew that it’s going to get vacated. We have, we are at a very, very advanced efficient with a global MNC to take up the space. And we are very confident that it should close. You know, it should close this month itself so that leasing of the same is secured will have. It will happen at market rental that is going on. So that’s something, you know, we are comfortable. No challenges in that. So that’s one. Then you talked about pipeline. The pipeline is strong and it is across. It is across, it’s across assets. We have a 5 million square feet kind of a pipeline as of today which is spread across seg, NPA and commercial and IT assets.
So, you know, and of course pipeline doesn’t mean that everything would get converted. But we have seen in past strong conversion to the pipeline. What we have, some of them are advanced decisions. So leasing something we are comfortable with. And we have been maintaining that momentum is there and it will continue to kind of roll out. But also just talk a bit about individual assets which will give some comfort. When we talk about G1, we already at 84% good pipeline for SCG as well as NPA flow. So that momentum is continuing. K1, we already at about 97%, you know, pushing for a little leftover stuff. N2 something again work in progress, I. Think G2 something I would like to. Talk about or I think last call. Some concerns were raised about D2, but we have maintained that also, you know, probably it will get. We have seen two new tenants taking. Space in G2 last quarter and you know, so. And both of them listing portfolio, they preferred G2. They have been looking at G2. So this again validates that, you know, G2 also is gaining momentum. And please also keep in mind that in G2 while we have a strong discussion on NPA, we have not closed leases as such. But we are very confident that in next few months we should also do that. So again I’m saying there was always. Some concerns of G2, but as we. Have maintained, we are giving strong momentum in G2 as well. And considering what we have given up. Leasing guidance that early 90s, 93% around that. And at this point, to this point. We should be able to continue to keep making progress in leasing. And rentals also kind of are moving up. Tenants are closing leases faster. Not a lot of negotiations happening. We’re seeing 60 percentage by GCCs in our portfolio. Good positive Momentum in leasing across sectors with I would say kind of a. Rental coming up gradually across ethics.
Amit Jain
And I’ll just add to what Alok said. We have about 1.7 million square feet of non processing areas in our portfolio of which 700,000 square feet is yet to be leased because some of that conversion has happened very recently. So if only that portion gets leased, we’ll pick up 3% in occupancy and. There’S a much wider pipeline for that area today. So we feel very comfortable about the ability to prorate this run rate into the rest of the year and end. At about 93% as I described.
Pritesh Sheth
Got it. Pretty helpful. Thanks for the detailed answer. Second, I think on our largest tenant which is TCS of late we all have come across news about you know, the let offs, any sort of discussion that you guys are having with them in terms of any space which can come out which is currently occupied and they want to exit because of this let off in employee count.
Alok Aggarwal
That’s an interesting question but let me tell you without taking names, they are not in the last five years and it and I don’t know, I mean. So my team told me they want. More space in one of our assets. So I would just say that. But I think, you know, my sense here is let’s not get kind of, you know, you know, get annoyed by. A noise here and there. Some of the companies go through this cycle. But let me just give you one while you have heard about one small. You know, I don’t know, negative or. Whatever it is, but large tech companies, they have decided to increase their, you know, back to office from two days to three days. Now that company wants this from us in Noida Gurgaon. So what the point, what I’m saying is some noise here and there will keep happening but the momentum in India. Leasing is based on whether it’s through VCCs, whether it’s backlogs, whether it’s through seg spaces getting converted into MPA, whether. It’S Indian companies which today case which can’t take today space in SCG campuses which they were never able to take. And so one news here and there doesn’t affect us and it’s more set to the ground. That’s the point I’m saying.
Pritesh Sheth
Sure, thanks for clarifying that. And just one last on the interest rate reduction part, some of it we have already realized, some of it is yet to overall how much does it adds to our current DPU run rate if the rest 50, 55 basis points gets Translated to us over next couple of months, I mean over the next couple of months if you think that we are going to benefit, you know, fully from whatever is already cut by the rbi.
Alok Aggarwal
So Amit, so overall at the portfolio level the benefit of 55 bip rate cut that will come to us over the next one or two months would be in the range of around 60 crore. Out of its reach here would be say around 37 crore because Iran taking the economic interest that REIT has in certain assets like NCP, G1 and Kairos and on an annualized basis going forward, I would say the overall benefit that would accrue to REIT would be in the range of 60 crore which would translate into one rupee per unit of distribution.
Pritesh Sheth
Got it. That’s, that’s helpful. Thank you. That’s it from my side and all the best.
operator
Thank you. We have our next question from Lino Avina from Jeffries India. Please go ahead.
Unidentified Participant
Hi. So just a couple of questions on what you’re seeing in terms of leasing trends on ground. So you’ve already elaborated a bit but between the, the assets which we see in CBD versus outside cbd, how are you seeing rental uptick specifically and you know also on the occupancy side if you can talk a bit about that.
Alok Aggarwal
See the leasing momentum is across. You know, kind of a micro market CBD. As well as I would say non. CBD properties leaving momentum is there rental increase which is happening slowly and steadily. Is also across all micro markets. Of course at one quarter a particular micro market can do better than other micro market. That always remains. But unless there are specific questions, I. Would say leasing momentum is across assets across micro markets CBD as well as non CBD properties.
Unidentified Participant
And on rental itself.
Alok Aggarwal
Yes. See it’s very obvious when your occupancies. Move from 80% to 90% when you’re. Leasing in top eight cities in country has been touching all time high from last two years. You know it’s expected to be 90 million square feet this year. It was close to 90 million square feet last year. Not many new properties are coming up. So of course there’s spending of renters. And tenants also know that they have to, they have to. If they want space, they have to close space path. Otherwise as occupancies are moving up they will not get a place of their choice. You know, if they delayed by six to nine months or 10 months.
So now that you know kind of a option is not there and you can wait for some time and the. Property would still be available. And then this SCG reform makes sure that, you know, some of the large companies, and I can’t name them, but from telecom sector, from automobile sector, you know, they are looking at our campuses and at other campuses as well. I mean, not only us, but even. For other top notch developers. So the pool of tenants has opened up actually. So that’s giving a lot of positive traction.
Amit Jain
And I’ll just add one point to this. With the residential cycle doing so well, land prices generally in infill locations have gone up. And what that really does is for any incremental supply to come, they have to charge a higher rental than those prevailing in the market. And definitely the buildings that are already leased and that creates a good spread for properties like ours to capture that or at least grow at inflationary rates going forward. So on the rental growth, as Alok said, I think we feel very good because generally everything around either it’s coming at is coming in a project who had to pay a little bit above market for the land to secure it while residential was doing well, or there is no supply coming online because land has become too expensive.
And both points put together actually create a very good demand supply dynamic for properties like ours.
Unidentified Participant
Right. The second question on the acquisition pipeline that you have presented, so fair to assume that we will be looking to acquire this over a few years? I mean in chunks rather than all at one go?
Alok Aggarwal
Yeah, I mean the sponsor group has a lot of properties, so it’s difficult to acquire everything in one go. But as I described earlier, with 4,500 crores to 5,000 crores of dry powder in equity terms, between the QIP and the preferential allotment, if this goes successfully, we will be able to buy almost 7,000 to 7,500 crores of asset value. Now, there are two ways to do it. Either we buy 100% of 7,500 crores, or we buy 50% stake in 15,000 crores. So there are both ways to do it, but the sponsor group has more assets beyond it, so.
So we expect that activity like this will keep happening every year with the REIT trying to scout for acquisition opportunities from third parties as well as the sponsor as we move along.
Unidentified Participant
Right. And also in tandem. How low is Brookfield willing to go down on the stake part?
Amit Jain
I would say in percentage terms, I think will still be the single largest shareholder in the REIT after this differential allotment. Far, far higher than the second largest unitholders in the reit. And there are plenty of them. But again, I mean, I think state percentages start becoming slightly less relevant when you see absolute amount of money put into the market. Today, If Brookfield owns 25% of 20,000 crore market cap, it’s 5,000 crores of money at work while the regulatory minimum is just 500 crores. So it’s very, very significant. I’ll judge it less by the percentage.
But more by the amount of investment. That Brookfield has in this vehicle. Going forward, the number can be anywhere between, you know, 15 to 25. But the absolute amount matters a lot more in our opinion.
Unidentified Participant
Great. And thanks and all the best to the team.
operator
Thank you. We have our next question from the line of Dheeraj Dave from Sambad Financial Services. Please go ahead.
Dhiraj Dave
Can you hear me?
Alok Aggarwal
Yes, we can.
Dhiraj Dave
Thanks for giving me opportunity. My question related on slide 9, we had been given an indicative performer leasing DPU of around 26.25.7 up. So are we giving any guidance or in view of this new issues, we tend to reserve. And if it is, basically it makes sense to give us guidance other than the performance end of it. Because if it is, then in how many years time we expect to reach the 25, 27, assuming the same portfolio, no change in issues. Is that an assumption?
Alok Aggarwal
Yeah. So Dheeraj, for this year we are. Not given a DP guidance but we have distributed 5.25 last quarter. This quarter also we have, we are distributing, you know, 5.25 but for this year we are not given a guidance. Now this 25.7 is something, you know, I would say, let’s say it’s probably around two years time frame. I would say a few months here. And then, you know, it could be earlier, it could be later. But you know, this is indicative number. You know, which does not capture, which. Only talks about if on today’s rental. You know, the properties get leased. It’s not catching the escalations which can happen over two years. This is an indicative number to show, to show the headroom. And this should not serve as a guidance.
Dhiraj Dave
Yeah, I understand and I understand but with certain assumptions assuming same kind of portfolio means obviously if the things underlying assets have changed considerably as you are exploring some acquisition, definitely there would be change. But wouldn’t it make because you had been giving guidance in past that and all the players, most of the prominent one also gives indicative guidance. So it makes sense. Then it’s among the peer group. It becomes relatively better to compare. So just one submission from outside on my side, please consider giving guidance. You may put all the essential Assumptions not because you in past you had been giving guidance and you have done significant acquisition after that as well.
So, so just one suggestion because just this pro forma doesn’t help us to as you correctly said this will happen over two years time. So we don’t know when when exactly we should. So if management gives the formal guidance that would be helpful. So just one feedback. Second part like we see significant distribution at the list we see there is a shift in distribution which is increasingly interest portion is getting less or taxable portion is getting less. So how should one see direction over 12 years time do we see further reduction in the taxable portion in distribution?
Alok Aggarwal
Right. So if you see, you know our current ratio of dividend component and capital distribution component component is around 60 to 62% dividend in the range of 10 to 12%. We expect that dividend component of the distribution will increase over the next few quarters thereby reduction in the interest component. So yes we are, we are targeting to reach a dividend composition of say 15 to 20% over the next few. Quarters
Dhiraj Dave
in how many, how many quarters are a year? If you can by say let us say March 26, what would be expected dividend component in distribution.
Alok Aggarwal
So hard to give a number as of now. But you know, as I said over the next few quarters there should be growth in the dividend component. Maybe we can come back with a. Specific, you know, details around that.
Dhiraj Dave
Yeah, and humble request. Please give us guidance with assumptions definitely whatever because that helps us to compare all the risk. Thanks a lot. Wish you all the best.
Alok Aggarwal
Thank you.
operator
Thank you. We have our next question from the line of Pradhuan Chaudhary from JM Financial family office. Please go ahead.
Unidentified Participant
Yeah, hi, just a couple of questions. One as a follow up to the previous participant, is there any particular reason why you’re not giving the D2 guidance? Like is it to do with the acquisition that you’re planning or any other reason as well?
Alok Aggarwal
I wouldn’t say we haven’t given any guidance. We have basically charted out the path for the, for the distribution profile of the reach itself. Of course in view of the management, it can take as Anok always describes. About 8/4 for us to reach those numbers. So in a way you can prorate the 21 to 26 into two branches where you say every 5% of occupancy will give you about three rupees. That’s the thumb rule. So we have given it in a way because we have given you the 93% occupancy guidance but there’s no specific reason for it. I think we are in an environment where interest rates are dropping as well. Difficult for us to put that into our forecast. We can only talk about leasing, which we have spoken about as a part of our materials.
Unidentified Participant
And any indication on these acquisitions, whether they be lucrative from.
Alok Aggarwal
I mean, that’s the intention in the past. Whatever we have done, you know, those acquisitions have been, you know, from modestly to very well. Like it has been as low as. 2% in some acquisitions, but as high as 10% incrementally in the most recent acquisitions. Our intention will be to have a DPO accretion, you know, right from the first quarter, not even the fourth year.
Unidentified Participant
Thank you. And all the best.
operator
Thank you. We have our next question from the line of Kunal from Bank of America. Please go ahead.
Unidentified Participant
Great. Thank you. My first question was around your financing structure. You know, your exposure to floating rates is serving you very well in market conditions like these. But given that, you know, sooner than later, we should be headed to bottom of the rate curve. Are you thinking along the lines of increasingly shifting in favor of fixed. And I’m asking particularly because given that you have upcoming acquisitions, does it help by sort of locking in rates at a low absolute level?
Alok Aggarwal
Yeah, sure. Kunal. Sharon does make sense to think about fixed rate bonds with where we are. In terms of the cycle. So as we look to raise incremental. Debt for relievering what we have historically raised as equity, a bond structure definitely looks far better today. We obviously look to balance between long. Term maturity tenor on one side, rising on the other side. And it’s the right balance so that we are also not exposing the REIT to refinancing risk on an incremental basis. But yes, I think we constantly keep watching the bank loan capital markets and going forward, you should continue to see some amount of bond issuances that will give us a fixed rate and a floating rate structure to our capital mix.
Unidentified Participant
Got that? Okay. And then just to follow up on the rental rates in the market. You. Know, a lot of the listed companies from where we have the data are essentially confident of path to early 90s, mid-90s in terms of occupancy. So I think based on past behavior. Would you say a 90% sort of occupancy level is enough for you to start seeing those upper divisions to rental rates? Or will it have to be more like mid-90s or late-90s to increasingly get there.
Alok Aggarwal
Keep happening from asset to asset and on quarter to quarter, of course, it’s A function of so many things, difficult to kind of factor in everything. But if you recollect in fact that our interest got related almost by I would say, you know, almost 35 to 40%. You know when we had a large lease of, you know, large lease coming up and our properties we did from ACG to npa. So I would say as you know. Occupancies are moving upward. Yes, we already seen rate revisions and as occupancies move from early 90s to mid-90s and across mid-90s, you know these assets have seen much higher occupancies in past pre Covid and that also will happen. We have seen some assets achieving Those occupancies late 90s, some assets progress rate. Two reasons is a continuous process and we’ll see continuous state division.
Unidentified Participant
Got it. And then the final one just again a follow up on IT services bit. Given this TCS news flow, there’ll be quite a bit of debate around what’s coming here next few years. I just want to understand that as you think about this part of your tenant base, what proportion of the tenants are sort of back in office maybe once or twice a week versus those that are back more regularly. Probably helps us draw a line to thinking as to as more of these companies have a return to office, how much of a question that could serve.
Alok Aggarwal
I think that’s a good question. And if you really see from last. Five years and over next I would say three to five years you will see tenant profile kind of getting reoriented. If you see our portfolio, portfolio itself, we had 61% GCC staking space where their share in our portfolio is about mid-30s, about 25%. So gradually the share of GCCs would inch up. Difficult to say finally what it would look like. And then we can also see a lot of as I said, maybe some of telecom companies, some of the Indian companies, domestic companies, you know, taking space across our properties, even seds across they already have been taking space.
So that would happen. The percentage of IT services company will go down, has been going down. So that would happen. But you know we are not, we. Are not really worried because these companies also one company, one news doesn’t define the sector. We have seen companies continuously taking space in it IT services as well. And please keep in mind most of. These IT services companies already the portfolio. Is down to I would say 60 to 70% pre Covid and their manpower is anything between 50 to 60% up. So today whenever they need space, they need on an as yesterday basis. We have seen these companies come and. They say we need to close today, not yesterday. I mean not tomorrow. We need today. We want to start operations today. That’s still happening. Actually, I think one company, one news. And that also 2% of workforce. It doesn’t worry us. We have seen that in past. Really doesn’t worry us at all.
Unidentified Participant
Makes sense. Okay, thanks so much.
operator
Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and 1. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Alok Aggarwal
Yeah. So thank you everyone for joining today’s call. Look forward to connecting with you next quarter. Thank you.
operator
Thank you on behalf of Brookfield India Real Estate Trust Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.