Property Share Investment Trust - Propshare Platina has informed the Exchange regarding Annual report for FY ended 2024-25
Awaiting price reaction for this filing.
PropShare Platina, India's first listed Small and Medium REIT (SM REIT) scheme, submitted its inaugural annual report for the period from inception (June 27, 2024) to March 31, 2025. The scheme owns a single 246,935 sq ft LEED Gold-certified office asset (Prestige Tech Platina) in Bengaluru's Outer Ring Road, 100% leased to US-based 24/7 Customer Pvt Ltd on a 9-year lease with ~4.3 years of weighted lock-in remaining. Revenue from operations stood at ₹97.73 million, total income at ₹100.65 million, and EBITDA at ₹78.48 million (80.3% margin). Net Distributable Cash Flow was ₹97.46 million, translating to a distribution per unit of ₹28,997 and an annualised yield of 9.0% on issue price. Reported profit after tax was just ₹2.67 million, depressed by a ₹52.67 million deferred tax charge on the investment property. NAV was ₹3,709 million with market capitalisation of ₹3,428 million as of March 31, 2025.
For investors, this is a reassuring first-year report: the asset is fully occupied under a long lease to a marquee global tenant, distributions are on track with a 9% yield, and operating cash flow is healthy. However, the headline PAT is misleadingly low due to a non-cash deferred tax charge, and the unit price has slipped from ₹10,50,000 at listing to ₹10,20,000 — a modest decline worth noting.