Positioned to Lead, Built to Deliver

Dear Unitholders,

At Brookfield India REIT, our mission is clear: to build and operate a future-ready office platform that not only delivers consistent returns but also shapes the next decade of India’s commercial real estate story. FY2025 was a year where that ambition translated into action – with strong delivery across leasing, income, asset expansion, and capital strategy.

In a market where the global economic environment remains fluid and risk is being repriced across regions and asset classes, India continues to offer structural clarity. A digitally connected workforce, expanding Global Capability Centers (GCCs), and enterprise-led growth are reinforcing India’s position as a core node in global business operations.

This momentum is driving demand for high-quality, institutionally managed office spaces – and Brookfield India REIT is uniquely positioned to capture this demand. Over the past year, we deepened occupier relationships, expanded into strategic submarkets, strengthened our balance sheet, and delivered robust returns to unitholders. More importantly, we laid the groundwork for the next phase of scalable, sustainable growth.

INDIA’S OFFICE MARKET: A STRUCTURAL GROWTH STORY

India’s office market is benefiting from long-term shifts in global operating models. The economy remained resilient in FY2025, with GDP growth holding steady at 6.5%. Office demand surged – anchored by the continued influx of Global Capability Centers (GCCs), rising enterprise confidence, and greater back-to-office mobility.

In Q1 FY2025, GCCs accounted for over 80% of gross leasing activity, led by sectors such as BFSI, technology, and life sciences. It reflects a multi-year structural demand story, backed by India’s skilled workforce and cost competitiveness. A supportive macroeconomic environment – including a 50 bps repo rate reduction by the Reserve Bank of India – has further improved liquidity, setting the stage for sustained momentum.

DELIVERING HIGH-QUALITY GROWTH

We capitalized effectively on this demand cycle. Brookfield India REIT achieved 3M sf of gross leasing – including 2.2M sf of new leases and 0.8M sf of renewals – at an average re-leasing spread of 18%. Notably, over 50% of this occurred within our SEZ assets, particularly in non-processing areas (NPAs), reflecting the success of our SEZ conversion strategy and the resurgence in occupier demand across these zones.

Portfolio occupancy rose over 600 basis points year-on-year to reach 88%. SEZ and non-SEZ assets both recorded over 500 bps occupancy growth, closing the year at 84% and 96%, respectively. Average escalation on leased areas stood at 8.7%, and mark to market on re-leased spaces was 19%.

ROBUST FINANCIAL OUTCOMES

FY2025 also saw one of our strongest financial performances:

• Income from operating lease rentals (excluding North Commercial Portfolio) increased by 36% to ₹ 17,489M
• Net Operating Income (NOI) rose 37% to ₹ 18,540M
• Same-store NOI grew 15%, reflecting embedded growth across the portfolio

We delivered a total distribution of ₹ 19.25 per unit – an 8.5% increase over FY2024 – amounting to ₹ 10,537M. Distributions including North Commercial Portfolio (NCP) were ₹ 1,719M, reaffirming our consistent delivery of returns to unitholders.

STRATEGIC CAPITAL ALLOCATION WITH LONG-TERM FOCUS

During the year, we raised over ₹ 47,280M in capital across two landmark transactions:

• ₹ 12,280M via preferential allotment to Bharti Enterprises, facilitating the acquisition of a 50% stake in the North Commercial Portfolio (NCP)
• ₹ 35,000M via a Qualified Institutional Placement (QIP) in Q3 FY2025, enabling us to reduce our loan-to-value (LTV)

The acquisition of NCP, which includes marquee assets like Worldmark Delhi and Worldmark Gurugram, significantly enhanced our footprint in Delhi-NCR and expanded our mixed-use capabilities.

The QIP, which more than doubled our free float from ₹ 62B to ₹ 130B, also improved liquidity and broadened our investor base – with participation from institutional investors including IFC and LIC. These actions position us well to evaluate new opportunities, including ongoing discussions with our Sponsor Group for potential expansion in Bengaluru.

Brookfield India REIT’s portfolio valuation stood at ₹ 38,000 crore at year-end, with a NAV of ₹ 336 per unit. Our AAA-rated platform, long-tenured debt profile, and high proportion of operating assets continue to reflect our robust financial foundation.

AS WE LOOK AHEAD, WE REMAIN CONFIDENT IN OUR ABILITY TO SUSTAIN AND SCALE VALUE CREATION. WE EXPECT LEASING DEMAND TO REMAIN ROBUST, DRIVEN BY EXPANDING GCCS, NEW MARKET ENTRANTS, AND HIRING MOMENTUM AMONG INDIAN ENTERPRISES.

UNLOCKING VALUE THROUGH SEZ CONVERSIONS

We made meaningful headway in unlocking the embedded value of our SEZ portfolio. Over 1.5M sf of space was converted to NPA in FY2025, enabling broader occupier participation and improved rental outcomes.

Of the 1.5M sf converted space, 0.8M sf has already been leased – validating the demand thesis. With 0.5M sf of additional conversions in progress and a 3.6M sf leasing pipeline across SEZ properties, we expect to further enhance portfolio occupancy and rental upside in the near term.

OPERATIONALIZING ESG AT SCALE

As India’s first 100% institutionally managed REIT, we recognize our responsibility to drive outcomes beyond financial performance. FY2025 marked a transformative year in our ESG execution.

We successfully transitioned our NCR portfolio, a combined 15.4M sf of office space, to 40% renewable power sourced through Brookfield’s Bikaner Solar Power Project. This marks India’s first bilateral green energy transaction under the ISTS framework and sets a replicable model for commercial sector decarbonization.

Continuing our stellar sustainability performance, we were recognized by the Institute of Directors (IOD) with the Golden Peacock awards for ESG this year. This award marks the 4^th consecutive recognition by the Institute of Directors, with the earlier ones being for Energy Efficiency, Sustainability, and Health and Safety.

Our Candor portfolio achieved stellar results in the British Safety Council’s 5-Star Audit and received the sword of honor yet once again, thus strengthening our belief that safe business is good business.

On the social front, we renewed our efforts towards ensuring a just and equitable world through multiple engagement sessions on gender-based violence sensitization in Mumbai and Delhi NCR as well as preventive female healthcare for our employees and tenants.

We also tied up with our tenant to rollout personal finance literacy sessions for employees and associates at Gurugram.

CONFIDENT IN OUR FUTURE

As we look ahead, we remain confident in our ability to sustain and scale value creation. We expect leasing demand to remain robust, driven by expanding GCCs, new market entrants, and hiring momentum among Indian enterprises. Our vacant inventory – 2.9M sf, largely in SEZs – offers immediate lease-up potential in a favorable demand environment.

With the lease-up of vacancy in the portfolio, there is a 14% growth opportunity in NOI. Combined with contractual escalations, rental mark to market, and focused capital deployment, our platform remains well-placed to deliver sustained income growth and long-term unitholder value.

Thank you for your continued trust and support.

Sincerely,