Grade A shopping malls earning fixed rent plus a share of tenants' sales.
Develops and runs large urban malls, leasing space to brands for a minimum rent or a share of their sales (whichever is higher), plus parking, advertising and entertainment income.
India has very little Grade A mall space per person compared with other large economies, so the best malls in each city run near-full and capture a growing share of branded spending.
Rent rises with tenant sales through revenue-share leases, so a well-located mall grows like a consumer business with a property balance sheet. Weak, poorly located malls (most of India's older stock) earn far less - the pool is concentrated in a few dozen assets.