Brookfield India Real Estate Trust filed compliance disclosures with BSE Limited and the National Stock Exchange of India Limited on May 11, 2026, pertaining to its Non-Convertible Debentures (NCDs) under Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing, submitted by Brookprop Management Services Private Limited acting as manager of the trust, encompasses three key components: a security cover certificate, a statement of utilization of issue proceeds, and a report on Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) linked to the Sustainability-Linked NCDs.

NCD Issuance Details

The trust issued 2,00,000 Sustainability Linked, Listed, Rated, Secured, Redeemable, Transferable, Non-Cumulative, Non-Convertible Debentures via private placement on December 22, 2025. The key terms of the issuance are summarized below:

Parameter:	Details
ISIN:	INE0FDU07018
Mode of Issuance:	Private Placement (EBP)
Face Value per NCD:	Rs. 1,00,000
Number of NCDs:	2,00,000
Coupon Rate:	7.06% p.a.
Total Principal Amount:	Rs. 20,000 million
Net Amount Raised:	Rs. 19,969.20 million
Date of Allotment:	December 22, 2025
Final Redemption Date:	December 20, 2030

The net amount raised of Rs. 19,969.20 million reflects a discount of Rs. 30.80 million, which will be amortized over the tenor of the instrument.

Security Cover Certificate

Deloitte Haskins & Sells, the statutory auditors of Brookfield India Real Estate Trust, issued a security cover certificate for the year ended and as at March 31, 2026. The certificate was prepared pursuant to SEBI circulars dated August 13, 2025, and covers the book value of assets contained in the Statement of Security Cover and Statement of Compliance Status of Covenants.

The security for the NCDs is structured as an exclusive charge comprising a pledge over 100% of the equity share capital and Compulsorily Convertible Debentures (CCDs) of Seaview Developers Private Limited ("Candor N2"), held by Brookfield India Real Estate Trust. The standalone security cover metrics are as follows:

Metric:	Value
Cover on Book Value (Standalone):	1.08
Cover on Market Value (Standalone):	1.98
Exclusive Security Cover Ratio (Standalone):	1.98
Pari-passu Security Cover Ratio (Standalone):	NA

The fair value of investments in equity shares and CCDs of Candor N2 offered as exclusive charge was determined based on the first valuation report issued by a valuer appointed by the Debenture Trustee, IDBI Trusteeship Services Limited, in accordance with the Debenture Trust Deed dated December 15, 2025. On the consolidated basis, the cover on book value stands at 0.02, with the management noting that the creation and perfection of mortgage over the Mortgaged Properties is in the process of completion within the 150-day period from the date of allotment as permitted under the Debenture Trust Deed.

Covenant Compliance

Brookfield India Real Estate Trust confirmed compliance with all covenants, including affirmative, informative, and negative covenants, as stipulated under the Debenture Trust Deed dated December 15, 2025. The financial covenant metrics as at March 31, 2026, are detailed below:

Covenant:	Threshold:	Actual Ratio:
Net Total Debt / NOI:	<= 6.5x	5.45
Loan to Value Ratio:	<= 49%	32.12%

For the purpose of computing the Net Total Debt to Net Operating Income ratio, the consolidated NOI was adjusted by annualising the NOI attributable to Arliga Ecoworld Business Parks Private Limited, which was acquired on December 24, 2025.

Utilization of Issue Proceeds

The trust reported no deviation in the utilization of NCD proceeds for the quarter ended March 31, 2026. The proceeds were utilized in line with the objects stated in the Trust Deed dated December 15, 2025, and the Key Information Document dated December 15, 2025. The allocation and utilization details are as follows:

Object:	Original Allocation (Rs./Mn):	Funds Utilized till March 31, 2026 (Rs./Mn):
Partial or full pre-payment/repayment of existing Financial Indebtedness and loans to Rostrum and Group SPVs:	19,896.70	19,896.70
Issue Expenses:	72.50	64.29
Total:	19,969.20	19,960.99

Sustainability Performance Targets

In compliance with Clause 10 of Chapter IX-C of the SEBI Master Circular dated October 15, 2025, the trust disclosed the performance of KPIs and the status of achievement of SPTs as specified under Annexure IX of the Key Information Document dated December 15, 2025. Bureau Veritas India Private Limited conducted an independent post-issuance verification of the Sustainability-Linked Bond, covering the initial reporting period from January 2026 through March 2026.

The KPI performance against SPTs is presented below:

KPI:	FY25 (Actual):	FY26 (Actual):	FY27E:	FY28E (SPT 1):	FY29E:	FY30E (SPT 2):	FY31E:
Renewable Power (%):	42	42	48	52	55	57	60
Water Recycling Rate (%):	37	47	65	80	90	97	100

Bureau Veritas confirmed that KPI 2 (Renewable Energy) has been achieved for the period under review, while KPI 1 (Water Recycling) is currently in progress and will be assessed at the relevant SPT Observation Dates. The trust sources renewable energy through open access procurement, the Indian Energy Exchange (IEX), Discom green tariffs (REGO), and International Renewable Energy Certificates (I-RECs). Water stewardship initiatives include IoT-enabled submetering, advanced cooling tower treatment systems, increased utilization of RO reject water, and transition of flushing systems to STP-treated water.

Bureau Veritas confirmed alignment of the Sustainability-Linked Bond framework with the SEBI Circular dated June 05, 2025, and the ICMA Sustainability-Linked Bond Principles (June 2023), across all five principles covering KPI selection, SPT calibration, bond characteristics, reporting, and verification. The filing was signed by Saurabh Jain, Company Secretary and Compliance Officer, and the security cover statement was certified by Amit Jain, Chief Financial Officer, both dated May 11, 2026.

Brookfield India Real Estate Trust has submitted comprehensive valuation reports for its entire portfolio of commercial real estate assets for FY26 under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The reports, carrying a valuation date of 31st March 2026 and report date of 7th May 2026, were prepared by IBBI-registered valuer L. Anuradha (IBBI/RV/02/2022/14979) and cover assets spanning Mumbai, Kolkata, Gurugram, Noida, Delhi NCR (including Aerocity District), Bengaluru, and Ludhiana.

Valuation Methodology and Key Assumptions

All assets were valued using the Income Approach — Discounted Cash Flow Method using Rental Reversion, in accordance with IVSC International Valuation Standards effective from 31st January 2025. The valuation exercise adopted consistent financial assumptions across the portfolio, with notable revisions from the previous September 2025 valuation cycle.

Parameter:	Current (31st March 2026)	Previous (30th September 2025)
WACC:	11.50%	11.75%
Cost of Debt:	7.90%	8.40%
Cost of Equity:	14.50%	14.50%
Debt-Equity Mix:	45:55	45:55
Cap Rate (Completed, Mumbai/NCR/Kolkata):	8.00%	8.00%
Cap Rate (Ecoworld, Bengaluru):	7.75%	—
Construction Discount Rate:	12.75%	13.00%

The cost of debt was benchmarked against comparable REITs as of December 2025, with Brookfield at 8.05%, Embassy at 7.45%, Mindspace at 7.73%, and Knowledge Realty Trust at 7.67%.

Mumbai Portfolio

The Mumbai portfolio comprises the Kensington SEZ asset (Downtown Powai) and the nine-building portfolio owned by Kairos Properties Private Limited (KPPL), both located in the Andheri & Powai micro-market.

Kensington (A & B), Powai

Kensington is the only private IT/ITeS SEZ in the Mumbai region (excluding Thane and Navi Mumbai), spread over 8.96 acres with a total leasable area of 1,619,079 sq. ft. and committed occupancy of 95.61% as of 31st March 2026. The property houses prominent tenants including Tata Consultancy Services, Larsen & Toubro, GE Oil & Gas India Pvt Ltd, and Nomura Services India Private Limited. The Weighted Average Lease Expiry (WALE) stands at 9.13 years.

Metric:	Value
Market Value (31st March 2026):	INR 31,981 million
Market Value (31st March 2025):	INR 29,168 million
Market Value (31st March 2024):	INR 26,998 million
Achievable Market Rent (IT SEZ):	INR 160 per sq. ft. per month
Achievable Market Rent (IT Non-SEZ):	INR 175 per sq. ft. per month
Cap Rate:	8.00%

Kairos Properties Private Limited (KPPL) Portfolio, Powai

The KPPL portfolio comprises nine completed and operational buildings — Alpha, Delphi, Fairmont, Winchester, Prudential, Spectra, One Boulevard, Ventura A, and One Downtown Central — with a cumulative leasable area of 28,57,612 sq. ft. and committed occupancy of 95% as of 31st March 2026. The portfolio is located across three clusters within the Powai submarket: Central Avenue, South Avenue, and Orchard Avenue.

Building:	Market Value (INR Million)
Alpha:	3,181
One Downtown Central:	6,657
Delphi:	11,989
Fairmont:	8,303
Winchester:	20,889
Prudential:	7,730
Spectra:	5,871
One Boulevard:	4,490
Ventura A:	16,639
Total Market Value:	85,750

The total market value of INR 85,750 million is inclusive of the fair value of Rs 2,935 M pertaining to the property management company (CIOP), which is wholly owned by the REIT. The WALE of the portfolio is 3.88 years.

Kolkata Portfolio — Candor TechSpace K1, Rajarhat

Candor TechSpace K1 is the largest campus-style office development in Eastern India, located at Rajarhat, Kolkata. The property spans 48.38 acres with 12 completed buildings (32,01,857 sq. ft.), one under-construction tower (Tower F, 5,75,580 sq. ft.), and future development area (21,08,408 sq. ft.), totalling 58,85,845 sq. ft. of leasable area. Committed occupancy in completed buildings stands at 98.82%. The REIT holds 100% share in the asset.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 29,479 million
Under Construction / Future Development:	INR 6,731 million

Achievable market rent is INR 57 per sq. ft. per month for Non-SEZ area and INR 55 per sq. ft. per month for SEZ area (including parking charges). The cap rate applied is 8.5%, and the discount rate for under-construction assets is 12.75%.

NCR Portfolio

Candor TechSpace G2, Sector-21, Gurugram

Candor TechSpace G2 is an IT/ITeS SEZ development in Gurugram North with 13 completed buildings (4,083,525 sq. ft.) and one future development building (99,924 sq. ft.). Committed occupancy stands at 83.34%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 47,575 million
Future Development:	INR 537 million

Achievable market rent is INR 90 per sq. ft. per month for SEZ area and INR 99 per sq. ft. per month for Non-SEZ area (including parking charges).

Candor TechSpace G1, Sector-48, Gurugram

Candor TechSpace G1 is an IT/ITeS SEZ development in Gurugram South with 12 completed buildings (3,792,416 sq. ft.) and one future development building (103,884 sq. ft.). Committed occupancy stands at 88.67%. The REIT holds 50% share. The market value is inclusive of the fair value of INR 2,785 million pertaining to the property management company (MIOP), wholly owned by the REIT.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 59,924 million
Future Development:	INR 565 million
REIT's 50% Share:	INR 31,637 million

Candor TechSpace N1, Sector-62, Noida

Candor TechSpace N1 is an IT/ITeS development in Sector-62, Noida with 7 completed buildings (2,023,237 sq. ft.) and 2 future development buildings (8,58,463 sq. ft.). Committed occupancy stands at 97.96%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 26,026 million
Future Development:	INR 3,459 million

Achievable market rent is INR 72 per sq. ft. per month (including parking charges).

Candor TechSpace N2, Sector-135, Noida

Candor TechSpace N2 is an IT/ITeS development in Sector-135, Noida with 14 completed buildings (39,15,881 sq. ft.) and future development (7,70,873 sq. ft.). Committed occupancy stands at 93.52%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 47,064 million
Future Development:	INR 2,346 million

Achievable market rent is INR 70 per sq. ft. per month for SEZ area and INR 75 per sq. ft. per month for Non-SEZ area (including parking charges).

Aerocity District (DIAL) Portfolio

Worldmark 1, Aerocity District

Worldmark 1 is a leasehold office cum retail development (leasehold till 2066) with a total leasable area of 6,07,892 sq. ft. and committed occupancy of 99.36%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 18,856 million
REIT's 50% Share:	INR 9,428 million
Achievable Market Rent (Office):	INR 235 per sq. ft. per month

Worldmark 2 and 3, Aerocity District

Worldmark 2 and 3 are leasehold office cum retail developments (leasehold till 2066) with a combined leasable area of 8,47,326 sq. ft. and committed occupancy of 92.90%. The REIT holds 50% share.

Component:	Market Value (31st March 2026)
Worldmark 2 (Completed):	INR 14,376 million
Worldmark 3 (Completed):	INR 13,687 million
REIT's 50% Share (WM2):	INR 7,188 million
REIT's 50% Share (WM3):	INR 6,844 million

Worldmark Gurugram, Sector-65

Worldmark Gurugram is a freehold mixed-use complex (office cum retail) in Sector-65, Golf Course Extension Road, Gurugram with a total leasable area of 7,51,397 sq. ft. and committed occupancy of 92.2%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 10,912 million
REIT's 50% Share:	INR 5,456 million
Achievable Market Rent (Office):	INR 85 per sq. ft. per month
Achievable Market Rent (Retail):	INR 120 per sq. ft. per month

Bharti Airtel Centre, Sector-18, Gurugram

Bharti Airtel Centre is a freehold Grade-A office development in Gurugram North with a leasable area of 6,92,585 sq. ft., 100% occupied by Bharti Group of Companies. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 14,284 million
REIT's 50% Share:	INR 7,142 million
Achievable Market Rent:	INR 135 per sq. ft. per month

Pavilion Mall, Civil Lines, Ludhiana

Pavilion Mall is a freehold retail mall in Civil Lines, Ludhiana with a leasable area of 3,89,845 sq. ft. and committed occupancy of 79.15%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 3,450 million
REIT's 50% Share:	INR 1,725 million
Cap Rate:	8.75%

Bengaluru Portfolio — Ecoworld, Outer Ring Road

Ecoworld is the REIT's newest acquisition, acquired on 24th December 2025. It is a Grade-A IT/ITeS SEZ campus located along the Outer Ring Road in the Bellandur-Marathahalli region of Bengaluru. The property comprises 15 completed buildings with a total leasable area of 7,652,675 sq. ft. and an effective committed occupancy of 94.3%. The property also has a future development of 79,634 sq. ft. expected to be completed by Q3 FY 2027-28. The REIT holds 100% share through Arliga Ecoworld Business Parks Private Limited.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 147,583 million
Future Development:	INR 696 million
Total:	INR 148,279 million

The achievable market rent is INR 116 per sq. ft. per month (inclusive of parking charges) for both SEZ and Non-SEZ area, revised from INR 114 per sq. ft. in the September 2025 valuation. A cap rate of 7.75% was applied, reflecting the asset's superior performance and location fundamentals in the Competitive REIT micro market.

Market Context

The Competitive REIT micro market in Bengaluru (Outer Ring Road) recorded a vacancy of 6.7% as of Q1 CY 2026, with the Bengaluru overall market at 8.2%. The Gurugram North micro market recorded a vacancy of 4.5%, while Rajarhat (Kolkata) stood at 5.4%. The Andheri & Powai micro market in Mumbai recorded a vacancy of 8.1% in the Competitive REIT micro market. Market rent growth of 5% per annum from FY28 onwards has been assumed across the portfolio for medium to long term projections.