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⌕Shrem InvIT — every number opens to a filing↵
REITs & InvITs
VM

Unit price

monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSE

Market data

from the exchange price file and the latest filed statements; a figure with no source says so

Returns

price return, income return and total return, by fiscal year₹ per unit

The filed years, four numbers

the whole trust, measured from filed statements only

The trust

Dates that matter

filed and scheduled

the company's own guidance, measured against its own first quarter

NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS

Distribution per unit, and what it is made of

₹ per unit

Revenue and net operating income, half year by half year

as filed, with derived halves marked₹ mn
RevenueNet operating incomederived as full year less the filed half

Segments

revenue, net operating income and margin₹ mn · three months

Portfolio at a glance

the number that confuses everyone about REITs, reconciled

What the call claimed, tested

Figures we did not accept, and why

property-wise fair value tables across the balance dates on file

Where the two revenue numbers come from

databook against statutory statement

Series breaks the statements themselves declare

where a line stops meaning what it meant
A break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not

Every filed year, as filed

every figure from a consolidated statement of profit and loss or a segment note₹ mn unless stated
CAGR columns computed on the endpoints showna dot marks a figure derived rather than filed

where the operating result and the unitholder's result part company
RevenueNet operating incomeDistribution per unitNAV per unitFinance costs

Common-size income statement

per cent of revenue from operations

Per-unit series

₹ per unit, on the units outstanding at each year end
every figure in this panel carries its document and page

Segment history

revenue and net operating income by segment₹ mn
Blank cells are periods where the filing gives segment NOI but not segment revenue — never a zero

Half-yearly and quarterly revenue and NOI

assembled from the segment notes of the filings on disk₹ mn
A dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly

Consolidated financial statements

₹ mn
Statement View

Quarterly statement of unaudited results

₹ mn
every figure in this panel carries its document and page

What is not here, and why

declared coverage gaps
A gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one

Ratio analysis

every ratio derived from the filed statements on the previous tab — inputs named in each row
Net debt = borrowings, current and non-current, less cash, bank balances and current investments

Leverage

net debt to EBITDA and interest cover
Net debt / EBITDA (×)EBITDA / finance costs (×)

Where the operating income goes

finance costs as a share of NOI
Finance costs ÷ NOIDistributions ÷ NOI

Statement of net assets at fair value

₹ mn · the balance dates on file
every figure in this panel carries its document and page

NAV per unit against the unit price

book NAV, fair-value NAV and the traded price on the same axis₹ per unit
NAV per unit, fair valueNAV per unit, bookUnit price, where disclosed in the report

Discount to net asset value

every figure in this panel carries its document and page

Statement of total returns at fair value

the REIT-specific statement no equity filer produces₹ mn
Total comprehensive income plus the change in fair value not recognised through profit or loss

Projection engine

drivers on the left, statements below — every default is a measured historical value, not a guess

Projected statements

net operating income to distribution per unit₹ mn unless stated

Valuation

two independent routes, both driven by the sliders above₹ per unit

Sensitivity — value per unit

exit cap rate against terminal NOI growth₹ per unit
every figure in this panel carries its document and page

What the earnings calls on file actually contain

what the files on record actually contain, countedSHREM · earnings calls

Guidance track record

every number the manager guided, against the number that was later filed

The same questions, asked of every call on file

one row per metric management repeats, one column per call
said on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value

Facts joined to the sentence that explains them

every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came from

Who was on the call

extracted from the participant block of each transcript
A governance series that exists only inside transcripts

Distribution per unit, as declared on each call

₹ per unit
every figure in this panel carries its document and page

Net distributable cash flow, SPV level to unitholder

the bridge the whole asset class turns on
every figure in this panel carries its document and page

NDCF by asset, SPV level

where the distributable cash is actually generated₹ mn
every figure in this panel carries its document and page

Distribution per unit, quarter by quarter

as declared₹ per unit
every figure in this panel carries its document and page

Commercial office portfolio

the assets in the portfolio table
Mark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review

Development pipeline

under construction and proposed₹ mn to be spent

Hospitality

every figure in this panel carries its document and page

Revenue, NOI and NDCF by asset

eighteen line items — the detail no XBRL filing carries₹ mn · three months
A blank is a period or a measure not disclosed for that asset, never a zero

Asset fair value, the verified balance dates

from the property-wise break-up inside the statement of net assets at fair value₹ mn
View
Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab

Asset metric picker

any measure the databook carries, for the periods it carries them
Measure
every figure in this panel carries its document and page

Leasing

three months ended

Largest occupiers

share of gross annualised rental obligations
every figure in this panel carries its document and page

Notable deals signed this quarter

Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at

Debt at REIT level

Maturity ladder

principal repayment by fiscal year
every figure in this panel carries its document and page

Leverage

Borrowings and net debt, the filed years

derived from the consolidated balance sheet₹ mn
Consolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself

Unitholding pattern

units as filed
every figure in this panel carries its document and page

Document library

every filing on disk, by class
every figure in this panel carries its document and page

Source register

which filing each period on this page came from
Page references are to the printed page of the source PDF

Sell-side coverage

nineteen firms, as listed in the databook
Analyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely

Download the workbook

INE0GTI23014_SHREM_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.