The REIT industry has been seen reducing occupancy levels to their SEZ properties because of the preferential income tax exemptions going away.
Brookfield has had dropping occupancy levels for many quarters and they have not been able to renew or sign up new leases to cover up for the expired leases
Plus they added debt to acquire properties jointly with their Singapore sponsor in AMJ/ JAS quarter. Also issued new units at 254 per share through QIP.
This reduced The Dpu per quarter from 4.8-5 range to 3.8 in JAS -CY23 quarter and to 4.4 in OND-CY23 Quarter.
However the government has made some changes to the SEZ policy by allowing demarcation of the area and allowing non SEZ tenants to take up space.
This will help the industry improve occupancy.
The amendment is yet to be formally notified so this may take 2-3 months.
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