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Dexus, Charter Hall, BGIS, JLL, CBRE, Knight Frank, Colliers, Mirvac, commercial real estate developers, investors, owners, operators, occupiers, lenders, borrowers, sellers, and buyers on earth

Nov 28

19 min read

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·       I have burnt CRE, REITs, Shares, Stocks, cash, fixed interest, bonds, government securities, and unlisted property on earth in Yagna in January 2023. Even if you sell it for free no one will buy it from June 2024.

·       I have bankrupted Dexus, Charter Hall, BGIS, JLL, CBRE, Knight Frank, Colliers, Mirvac, commercial real estate developers, investors, owners, operators, occupiers, lenders, borrowers, sellers, and buyers on earth in Yagna in January 2023. You will beg for death, food, shelter, clothing and water from June 2024.

·       I have turned men and women working for Dexus, Charter Hall, BGIS, JLL, CBRE, Knight Frank, Colliers, Mirvac, commercial real estate developers, investors, owners, operators, occupiers, lenders, borrowers, sellers, and buyers on earth (living and dead) in the last 13.8 billion years into living organisms/bacteria with no face, no mouth, no body, no ass, no vagina, no penis, no face and no skin colour inside BLACK AFRICAN MAN’s and WOMAN’s ass, vagina, penis, semen, cum and shit for infinite lives in Yagna in January 2023. You will beg for death, food, shelter, clothing and water from June 2024.

·       I have starved men and women working for Dexus, Charter Hall, BGIS, JLL, CBRE, Knight Frank, Colliers, Mirvac, commercial real estate developers, investors, owners, operators, occupiers, lenders, borrowers, sellers, and buyers on earth (living and dead) in Yagna in January 2023.

·       I have starved men and women working for commercial property, cities, CBDs, global built environment, commercial real estate developers, investors, owners, operators, occupiers, lenders, borrowers, sellers, and buyers on earth (living and dead) in Yagna in January 2023.

·       I have starved men and women working for data centres, AI, Technology, commercial banks, central banks, businesses, companies and governments on earth (living and dead) in Yagna in January 2023.

 

There are now clear signs that real asset transaction markets are strengthening. Deal flow in both real estate and infrastructure markets is up significantly compared to this time last year as investors respond to an apparent peaking of the global interest rate cycle. Real asset investment markets passed a watershed moment in September when the US Federal Reserve cut its cash rate, and Australian 10-year government bond yields hovered below 4%. While bond yields have since lifted to 4.2%, lower cash rates in the US and Europe are providing investors with greater confidence that headwinds facing valuations of real assets are alleviating. Forecasts for Australian interest rates to fall in 2025 bode well for liquidity and asset values in the year ahead.

In Australia, the headline monthly inflation rate fell to 3.4% in August, down from 3.8% in July. While this fall was expected, with electricity rebates driving down measured inflation, a stronger than expected lift in retail sales of 0.7% in August points to resilience in demand. Despite these mixed signals, we retain our view, in line with the consensus of economists, that cash rates are at their peak for this cycle (currently 4.35%) and will decline through calendar year 2025.

Consumer confidence in Australia recovered mildly in October with the Westpac-Melbourne Institute index rising by 6.9% to 89.8. The business sector had a relatively weak quarter, with the NAB business confidence index recording -2 index points. GDP growth slowed to just 1.0% p.a. in Q2 2024. Growth is forecast to improve to 2.0% p.a. in FY25, with consumer indicators, infrastructure projects and exports helping to offset weak residential construction.

The demand outlook for real asset sectors will be supported by population growth, which is expected to ease from a strong 2.1% p.a. back to a more normal 1.3% p.a. by 2025 as the net migration surge wanes.

Transaction market is strengthening

Commercial real estate transaction markets have been quiet over the past 1-2 years, but there are now clear signs of strengthening. Transaction volumes were up 18% in the past 6 months compared to the same period last year. On a pro-rata estimate for Q4 2024, the value of transactions in 2024 is expected to be $44bn, around 11% above the level of 2023. These estimates exclude the pending $9.8bn AirTrunk data centre transaction - so can be considered conservative.  Other signs that the transaction market is becoming stronger are that a) the average size of transactions in calendar 2024 year to date is up 60% on 2023, and b) the proportion of institutional buyers has increased from 34% in 2023 to 64%.

While improving, transaction volumes are still below average so there is a way to go before the market gets back to previous levels of activity. Nevertheless, improving volumes could be evidence that buyers are seeing value at current pricing levels. After years of underperforming, retail (shopping centre) portfolios are now outperforming the other sectors as relatively high yields and improving rents and occupancy flow through to valuations. Office fund returns were the weakest at -15.2% over the year, due to significant declines in valuations of office buildings, however, in Q3 there were signs of the negative valuation trend tapering with year-on-year return improving slightly. Unlisted property funds in total returned -0.4% in the quarter and -9.0% over the year. Listed real estate pricing improved again in Q3 2024. AREITs benefited from the strength of broader equity markets. While Australian shares returned 7.8% in the year to Q2 2024, the AREIT index returned 24.6%. The extra rise in the AREIT index is an encouraging sign for real assets and signals greater confidence by investors in the underlying real estate markets.

Infrastructure deal flow improving

Deal flow in the Australian infrastructure market is gathering pace after a quiet year in 2023. The value of deals in the six months to Q3 2024 was around double the same period last year at US$5.6 billion. The number of deals was only marginally higher at 20, implying the size of deals is growing. The increase in deal flow reflects improving conditions given a number of large-scale deals completed in Asia and Europe, interest cuts from several central banks, a period of stable cash rates in Australia and a sense that the global inflation cycle is under control. We anticipate an even more favourable market for infrastructure M&A opportunities once interest rates begin to fall with infrastructure investors likely to allocate back to core assets as the yield arbitrage widens. The Australian deal flow was comprised of significant transactions across the transport, energy and digital infrastructure space. In the transport sector, KKR and Skip Capital have executed an agreement to acquire 74.25% of Queensland Airports Limited (QAL) for an implied value of A$3bn. In addition, John Laing has agreed to acquire Aware Super’s 62.5% stake in the Sydney Light Rail PPP. This brings John Laing’s holding to 95% with the builder, Acciona, owning the remaining 5%.

In the digital infrastructure space, Blackstone and the Canada Pension Plan Investment Board have agreed to acquire an 88% stake in Australian data centre company AirTrunk for an enterprise value of more than A$24bn.

In the energy infrastructure space, Tokyo headquartered J-Power has completed the A$1.03bn acquisition of Genex Power, making the Australian renewables developer a 100% subsidiary. In addition, the Australian Retirement Trust (ART) is set to acquire QIC’s 33% stake in Powerco via an affiliate transfer, circumventing the pre-emptive regime. PowerCo is a New Zealand-based distributor of electricity and natural gas, of which a 42% interest is managed by Dexus. Australian unlisted infrastructure funds returned a creditable 6.7% in the year to June 2024, outperforming listed infrastructure funds (-5.0%). Although returns have softened in recent quarters, the sector has shown greater resilience to the effects of interest rate rises compared to unlisted real estate sectors. This could be due to several reasons including the investment diversity, the length of operating agreements, CPI linkages and/or the frequency of external valuations.

Averages hide pockets of relative strength

Office markets are presenting a new challenge for investors. A pronounced divergence in investment metrics between office markets, and even between buildings in the same market is of huge importance to investors. We’ve seen unprecedented divergence in effective rents between buildings and locations over the past two years (see charts). In Sydney CBD, CBRE estimate effective rents in the core increased by up to 13% over the past year while contracting in the Western Corridor. The reason for the contraction was an increase in the average incentive in the Western Corridor to 47% compared to just 29% for the Core. Similarly in Melbourne, premium incentives in the Eastern Core have remained relatively stable over the past year, whereas the Western Core and Docklands have seen a sharp increase. The distribution of vacancy is a big part of this divergence. The average vacancy in Docklands is 24.7% compared to just 17.1% in the eastern core. Docklands has experienced consolidation among the banks and a drift to the CBD. Vacancy rates are below 10% in the premium buildings in the core of Sydney and Melbourne CBDs. The vacancy story even varies across individual buildings with JLL Research estimating that across all CBD markets that 44% of buildings have no vacancy. Some 66% of the vacant space is contained in just 10% of the buildings. Management of these assets is contributing to this divergence along with location and attributes of each building.

Australia’s tight labour market means corporate tenants are in a war for talent. Core CBD locations are being favoured for their vibrancy and access to transport. Quality buildings help attract and retain talented employees. In addition, with hybrid working now common, employers are focussing more on the experience for workers who attend the office. The definition of quality for office buildings has broadened to include more work-life balance elements. Workers value being close to public transport, restaurants, gyms and other services. In addition, some buildings align better with occupiers’ ESG objectives including energy efficiency.

Going forward as corporations become more settled in their hybrid working arrangements, we anticipate that there will be less consolidation of space requirements which should contribute to increasing occupancy levels across the board. The take-out for investors is when looking at office markets, keep in mind that numbers that look weak on average can mask pockets of strength.

 

Mixed signals for the office markets

The office sector has experienced a quarter of mixed signals. Demand remains varied across the CBD markets, with the Sydney and Perth CBDs recording positive net absorption while Brisbane and Melbourne were mildly negative. In markets with sustained demand and decreasing vacancy rates, there are subtle indications that prime incentives are beginning to trend downwards. Sydney CBD had a strong quarter with net absorption of 54,000 sqm in Q3 2024, outperforming expectations. This was driven by the reabsorption of sublease space (particularly by financial institutions) and activity mainly from small tenants. Total vacancy declined by 0.9%, and prime incentives fell by 0.4 percentage points to 34.4%. Net-effective rent growth increased by 3.0% over the year. Brisbane CBD had weaker demand than anticipated, with negative net absorption of 1,300 sqm over the quarter. However, Brisbane continues to hold the lowest vacancy among the CBDs, at 10.5% and is seeing strong rent growth. Perth CBD saw declining vacancy and positive net absorption. The soft demand environment in Melbourne CBD persisted, with negative net absorption of 8,500 sqm over the quarter and net effective rent growth falling by 2.1%. Melbourne continues to experience a divergence across precincts. Vacancy in the Docklands precinct is 24.7% compared to 19.8% across the Melbourne CBD and 17.1% in the Eastern Core. The supply pipeline has significantly contracted, with forecast commencements for FY24-27 down 33% compared to the five-year average. This reduction in the forward supply pipeline will help protect existing stock from additional supply risk and support rent growth through the cycle. Rising construction costs, interest rates, and vacancy rates have put pressure on the feasibility of uncommitted developments.

Industrial rent growth tapering

The industrial sector has boomed in the past two years, seeing unprecedented rent growth and incredibly low vacancies. This growth has been slowly easing over the past few quarters as demand for space tapers in line with economic indicators. Face rents lifted in most markets in Q3 2024, although at a reduced rate compared to the levels of the past two years. Outer West Sydney and South West Sydney saw 0.6% and 1.7% growth respectively. Much of this growth was accompanied by rising incentives, so in many markets, rent growth has been weak on an effective basis. Take-up remains solid. National take-up picked up slightly over the quarter, largely driven by demand in Perth and Melbourne. A significant amount of sublease space is being offered onto the market, particularly from third party logistics tenants. However demand for calendar 2024 is expected to be slightly above last year with pockets of strength among nondiscretionary retailers, fresh foods, engineering and pharmaceuticals.

Vacancy rates for most markets are estimated to sit between 3% and 4%. Rates continue to rise at a slow pace but are still largely below their pre-COVID averages. Vacancy rates in outer markets such as Outer West Sydney, West Melbourne and South Brisbane, where the bulk of new construction is occurring, are rising while vacancy rates in the inner markets remain tighter due to supply constraints. A significant amount of supply was completed over the quarter, around 825,000 sqm nationally, with nearly half of it located in Outer West Sydney. Prime yields have not seen much movement over the quarter, holding stable across most markets. Perth yields expanded by 25 bps in both East and South. Increasing replacement costs are anticipated to bolster rents in the medium to long term. Although speculative supply has been successful in recent years due to rising rents, developers are likely to prioritise precommitted projects moving forward.

Outer West Sydney

Outer West Sydney saw an uplift in take-up with 391,000 sqm in the twelve months to Sep-24. This is in line with the 10 year average, suggesting that demand could be normalising. Major tenants moves were from CTDI Australia Pty Ltd, a global engineering, repair and logistics company, who leased 30,500 sqm in Kemps Creek and Coles who leased 18,000 sqm in Eastern Creek. Both these tenants moved into recently completed facilities. Prime rents rose 0.6% over the quarter, and vacancy rose to 3.6%.

West Melbourne

West Melbourne take-up during the twelve months to Sep-24 was nearly double that of the previous period. Elders preleased 36,000 sqm in Ravenhall, and several manufacturing tenants leased a combined total of 33,400 sqm of space in the West. Prime net face rents were flat over the quarter, still sitting $139/sqm, but saw 10.1% growth in year in year terms. Vacancy is currently at 3.8%.

Brisbane (South & Australian Trade Coast)

Gross leasing in Brisbane in the twelve months to Sep-24 was lower than in the two previous periods, and broadly in line with the pre-covid levels, suggesting that demand is normalising after a solid run. CEVA logistics subleased 55,000 sqm of space in the South, however they took up 22,000 sqm along the Trade Coast. Southern prime net face rents have risen by 1.6% to $150/sqm over the quarter and have seen 8.8% growth annually. Trade Coast prime net face rent growth was a little more modest with 0.3% growth in the quarter, and 14.3% annually. Vacancy is now sitting at 4.0% in the South, the highest in the nation, and at just 2.6% in the Trade Coast.

Perth (East & South)

Take-up in Perth for the twelve months to Sep-24 was the largest seen since the same period in 2015. Two major tenants who took up space include ESR a real asset management group who took up 18,000 sqm and Rubber Gem, a manufacturing group who leased 15,000 sqm in South Perth. Over the year, Prime net face rents are estimated to have grown by 3.6% in East Perth and 1.7% in South Perth. Vacancy is still incredibly low in these precincts sitting at 1.9% in the South and 1.6% in the East.

Retail indicators

Sales growth to improve through FY25

Recent sales numbers indicate a broad-based improvement after a sluggish year in FY24. Retail sales grew by a strong 0.7% in August to take year on year sales growth to 3.1%. The recent uptick in retail sales has been primarily led by pharmaceuticals and toiletries, which grew by 8.7% year-on-year, and food, which increased by 3.8% year-on-year. The usual retail indicators are still somewhat mixed, but clearly the positive factors are outweighing the negative. On the negative side, cost of living pressures are still weighing on spending. In addition, consumer confidence remains below average despite a mild improvement in recent months. On the positive side, wages have risen with real wages pushing into positive territory, tax cuts have significantly boosted after tax incomes, most of the major banks have started to reduce mortgage rates on new lending and it is likely that after sharp rises in interest rates through FY23, consumers now perceive a stable cash rate as a positive. In addition, a surge in population growth has helped mask a subdued level of spending per capita.

Going forward, much will depend on the labour market. While employment growth is gradually softening, the unemployment rate remains tight, supporting a level of household spending. There is cautious optimism for a soft landing in jobs growth as monetary tightening continues to work through the economy, tempering inflation while maintaining employment stability.

After a post-pandemic lull, consumers are now spending more online. Online spending grew by 13.3% year-on-year. Our view is for continued momentum in retail sales driven by population growth, rising incomes and alleviating cost of living pressures. Retail sales are expected to grow at an average rate of 3.5% over the cycle.

Retail investment looking more compelling

The retail sector appears to have reached a significant inflexion point after a challenging period over the past five years, including interruptions to trading during the pandemic. Shopping centre fundamentals are generally positive. Vacancies across shopping centre types have held relatively steady despite the weak sales environment. Melbourne and Sydney have seen a small uptick in vacancy while vacancy has declined in Adelaide and Perth. Lower occupancy costs than before the pandemic will help preserve occupancy levels and provide room for future growth in shopping centre rents. Rents are responding, as evidenced by both Vicinity and Scentre Group reporting positive releasing spreads over the past year. A lack of new shopping centre supply is another positive, particularly given population growth is adding to aggregate demand. The supply of enclosed shopping centre space projected over the next two years is around 70% of the 20-year average, and there is no development of regional shopping centres. Supply of shopping centre space is being held back by construction costs and planning constraints. The retail sector is looking compelling on a relative value basis. Yield expansion has been milder than the other main real estate sectors and total returns for retail funds in Q3 2024 of -0.5% p.a. exceeded the ‘All funds’ index of –9.0% p.a. Yields have been broadly flat on a quarterly basis, with no expansion recorded for any shopping centre class and even some marginal contraction for Sydney Neighbourhood shopping centres.

 

Healthcare

Short term challenges but growing demand

The healthcare sector continues to face some challenges in the form of cost pressures and staffing issues. However, the underlying demand for healthcare services continues to increase, which should ensure continued investment and government support over the long term. Australians continue to suffer from chronic conditions, and the proportion is increasing. Those with chronic conditions are reliant on the medical system to provide diagnosis, support and potential treatment. Approximately 6 in 10 people are living with a long-term health condition. Once a person is diagnosed with a chronic condition, they persist through that person’s lifetime and require long term active management. In 2022-23, 60% of people who visited a GP in the last twelve months had a long-term health condition, and almost one in six claimed a Chronic Disease Management Service. Hospitals are often utilised by those with chronic conditions with 55% of hospitalisations associated with persons with a chronic condition, and 74% of all bed days, according to the AIHS Australia’s Health 2024 report. As the proportion of people with chronic condition increases, so does the need for medical services and the case for sustained government and private investment.

An increase in demand for elective surgery, as well as a large backlog from Covid, has put strains on hospitals. The wait times for elective surgery have increased significantly, with 50% of patients waiting 49 days for surgery in 2022-23, up from 40 days in 2021-22. 9.6% of patients waited longer than 365 days for surgery in 2022-23, up from 6.3% in 2021-22. This growing backlog of patients continues to press on healthcare systems, but on a positive note, it points to a strong demand outlook over the long term. The Aged Care Bill 2024 is a new reform introduced to improve the quality of support for ageing Australians. This new program was designed to help provide better support for home care as well as new funding for specialists programs for the aged care system. With a growing ageing population, this bill is designed to support the demand for aged care systems, helping to alleviate the strain on the sector. It includes measures to build a stronger workforce through additional training and new regulatory requirements. Investor interest in healthcare as a real asset class is relatively strong according to the latest Asia Pacific Investor Sentiment Survey. Healthcare, including life sciences topped the list of preferred alternative real asset classes along with real estate debt and data centres.

 

The Aditya Hridayam Stotram is dedicated to Surya Dev (Sun God). The hymns pay tribute to the Sun God, who showers the Earth with light and heat, both that are essential for sustaining life on the planet. Since both light and heat are inherent characteristics of the Sun God, I feel energized mentally and physically by praising the Sun God.

आदित्यहृदयम् सूर्य देव की स्तुति के लिए वाल्मीकि रामायण के युद्ध काण्ड मे लिखे मंत्र हैं। जब राम, रावण से युद्ध के लिये रणक्षेत्र में आमने-सामने थे, उस समय अगस्त्य ऋषि ने श्री राम को सूर्य देव की स्तुति करने की सलाह दी। आदित्यहृदयम् में कुल ३० श्लोक हैं तथा इन्हें ६ भागों में बाँटा जा सकता हैं।

आदित्यहृदय स्तोत्रततो युद्धपरिश्रान्तं समरे चिन्तया स्थितम् ।रावणं चाग्रतो दृष्टवा युद्धाय समुपस्थितम् ॥1॥

दैवतैश्च समागम्य द्रष्टुमभ्यागतो रणम् ।उपगम्याब्रवीद् राममगरत्यो भगवांस्तदा ॥2॥

राम राम महाबाहो श्रृणु गुह्यं सनातनम् ।येन सर्वानरीन् वत्स समरे विजयिष्यसे ॥3॥

आदित्यहृदयं पुण्यं सर्वशत्रुविनाशनम् ।जयावहं जपं नित्यमक्षयं परमं शिवम् ॥4॥

सर्वमंगलमांगल्यं सर्वपापप्रणाशनम् ।चिन्ताशोकप्रशमनमायुर्वधैनमुत्तमम् ॥5॥

रश्मिमन्तं समुद्यन्तं देवासुरनमस्कृतम् ।पूजयस्व विवस्वन्तं भास्करं भुवनेश्वरम् ॥6॥

सर्वदेवतामको ह्येष तेजस्वी रश्मिभावनः ।एष देवासुरगणाँल्लोकान् पाति गभस्तिभिः ॥7॥

एष ब्रह्मा च विष्णुश्च शिवः स्कन्दः प्रजापतिः ।महेन्द्रो धनदः कालो यमः सोमो ह्यपां पतिः ॥8॥

पितरो वसवः साध्या अश्विनौ मरुतो मनुः ।वायुर्वन्हिः प्रजाः प्राण ऋतुकर्ता प्रभाकरः ॥9॥

आदित्यः सविता सूर्यः खगः पूषा गर्भास्तिमान् ।सुवर्णसदृशो भानुहिरण्यरेता दिवाकरः ॥10॥

हरिदश्वः सहस्रार्चिः सप्तसप्तिर्मरीचिमान् ।तिमिरोन्मथनः शम्भूस्त्ष्टा मार्तण्डकोंऽशुमान् ॥11॥

हिरण्यगर्भः शिशिरस्तपनोऽहरकरो रविः ।अग्निगर्भोऽदितेः पुत्रः शंखः शिशिरनाशनः ॥12॥

व्योमनाथस्तमोभेदी ऋम्यजुःसामपारगः ।घनवृष्टिरपां मित्रो विन्ध्यवीथीप्लवंगमः ॥13॥

आतपी मण्डली मृत्युः पिंगलः सर्वतापनः ।कविर्विश्वो महातेजा रक्तः सर्वभवोदभवः ॥14॥

नक्षत्रग्रहताराणामधिपो विश्वभावनः ।तेजसामपि तेजस्वी द्वादशात्मन् नमोऽस्तु ते ॥15॥

नमः पूर्वाय गिरये पश्चिमायाद्रये नमः ।ज्योतिर्गणानां पतये दिनाधिपतये नमः ॥16॥

जयाय जयभद्राय हर्यश्वाय नमो नमः ।नमो नमः सहस्रांशो आदित्याय नमो नमः ॥17॥

नम उग्राय वीराय सारंगाय नमो नमः ।नमः पद्मप्रबोधाय प्रचण्डाय नमोऽस्तु ते ॥18॥

ब्रह्मेशानाच्युतेशाय सूरायदित्यवर्चसे ।भास्वते सर्वभक्षाय रौद्राय वपुषे नमः ॥19॥

तमोघ्नाय हिमघ्नाय शत्रुघ्नायामितात्मने ।कृतघ्नघ्नाय देवाय ज्योतिषां पतये नमः ॥20॥

तप्तचामीकराभाय हस्ये विश्वकर्मणे ।नमस्तमोऽभिनिघ्नाय रुचये लोकसाक्षिणे ॥21॥

नाशयत्येष वै भूतं तमेव सृजति प्रभुः ।पायत्येष तपत्येष वर्षत्येष गभस्तिभिः ॥22॥

एष सुप्तेषु जागर्ति भूतेषु परिनिष्ठितः ।एष चैवाग्निहोत्रं च फलं चैवाग्निहोत्रिणाम् ॥23 ॥

देवाश्च क्रतवश्चैव क्रतूनां फलमेव च ।यानि कृत्यानि लोकेषु सर्वेषु परमप्रभुः ॥24॥

एनमापत्सु कृच्छ्रेषु कान्तारेषु भयेषु च ।कीर्तयन् पुरुषः कश्चिन्नावसीदति राघव ॥25॥

पूजयस्वैनमेकाग्रो देवदेवं जगत्पतिम् ।एतत् त्रिगुणितं जप्तवा युद्धेषु विजयिष्ति ॥26॥

अस्मिन् क्षणे महाबाहो रावणं त्वं जहिष्यसि ।एवमुक्त्वा ततोऽगस्त्यो जगाम स यथागतम् ॥27॥

एतच्छ्रुत्वा महातेजा, नष्टशोकोऽभवत् तदा ।धारयामास सुप्रीतो राघवः प्रयतात्मवान् ॥28॥

आदित्यं प्रेक्ष्य जप्त्वेदं परं हर्षमवाप्तवान् ।त्रिराचम्य शुचिर्भूत्वा धनुरादाय वीर्यवान् ॥29॥

रावणं प्रेक्ष्य हृष्टात्मा जयार्थे समुपागमत् ।सर्वयत्नेन महता वृतस्तस्य वधेऽभवत् ॥30॥

अथ रविरवदन्निरीक्ष्य रामं मुदितनाः परमं प्रहृष्यमाणः ।निशिचरपतिसंक्षयं विदित्वा सुरगणमध्यगतो वचस्त्वरेति ॥31 ॥

उधर श्री रामचन्द्रजी युद्ध से थककर चिन्ता करते हुए रणभूमि में खड़े थे । इतने में रावण भी युद्ध के लिए उनके सामने उपस्थित हो गया । यह देख भगवान अगस्त्य मुनि, जो देवताओं के साथ युद्ध देखने के लिए आये थे, श्रीराम के पास जाकर बोले ॥ 1-2

सबके हृदय में रमण करने वाले महाबाहो राम ! यह सनातन गोपनीय स्तोत्र सुनो । वत्स ! इसके जप से तुम युद्ध में अपने समस्त शत्रुओं पर विजय पा जाओगे ॥ 3

इस गोपनीय स्तोत्र का नाम है आदित्यहृदय । यह परम पवित्र और सम्पूर्ण शत्रुओं का नाश करने वाला है । इसके जप से सदा विजय की प्राप्ति होती है । यह नित्य अक्ष्य और परम कल्याणमय स्तोत्र है । सम्पूर्ण मंगलों का भी मंगल है । इससे सब पापों का नाश हो जाता है । यह चिन्ता और शोक को मिटाने तथा आयु को बढ़ाने वाला उत्तम साधन है ॥ 4-5

भगवान सूर्य अपनी अनन्त किरणों से सुशोभित (रश्मिमान्) हैं । ये नित्य उदय होने वाले (समुद्यन्), देवता और असुरों से नमस्कृत, विवस्वान् नाम से प्रसिद्ध, प्रभा का विस्तार करने वाले (भास्कर) और संसार के स्वामी (भुवनेश्वर) हैं । तुम इनका (रश्मिमते नमः, समुद्यते नमः, देवासुरनमस्कताय नमः, विवस्वते नमः, भास्कराय नमः, भुवनेश्वराय नमः इन नाम मंत्रों के द्वारा) पूजन करो ॥ 6

सम्पूर्ण देवता इन्हीं के स्वरूप हैं । ये तेज की राशि तथा अपनी किरणों से जगत को सत्ता एवं स्फूर्ति प्रदान करने वाले हैं । ये ही अपनी रश्मियों का प्रसार करके देवता और असुरों सहित सम्पूर्ण लोकों का पालन करते हैं ॥ 7

ये ही ब्रह्मा, विष्णु, शिव, स्कन्द, प्रजापति, इन्द्र, कुबेर, काल, यम, चन्द्रमा, वरूण, पितर, वसु, साध्य, अश्विनीकुमार, मरुदगण, मनु, वायु, अग्नि, प्रजा, प्राण, ऋतुओं को प्रकट करने वाले तथा प्रभा के पुंज हैं ॥ 8

इन्हीं के नाम आदित्य (अदितिपुत्र), सविता (जगत को उत्पन्न करने वाले), सूर्य (सर्वव्यापक), खग (आकाश में विचरने वाले), पूषा (पोषण करने वाले), गभस्तिमान् (प्रकाशमान), सुर्वणसदृश, भानु (प्रकाशक), हिरण्यरेता (ब्रह्माण्ड की उत्पत्ति के बीज), दिवाकर (रात्रि का अन्धकार दूर करके दिन का प्रकाश फैलाने वाले), हरिदश्व (दिशाओं में व्यापक अथवा हरे रंग के घोड़े वाले), सहस्रार्चि (हजारों किरणों से सुशोभित), तिमिरोन्मथन (अन्धकार का नाश करने वाले), शम्भू (कल्याण के उदगमस्थान), त्वष्टा (भक्तों का दुःख दूर करने अथवा जगत का संहार करने वाले), अंशुमान (किरण धारण करने वाले), हिरण्यगर्भ (ब्रह्मा), शिशिर (स्वभाव से ही सुख देने वाले), तपन (गर्मी पैदा करने वाले), अहरकर (दिनकर), रवि (सबकी स्तुति के पात्र), अग्निगर्भ (अग्नि को गर्भ में धारण करने वाले), अदितिपुत्र, शंख (आनन्दस्वरूप एवं व्यापक), शिशिरनाशन (शीत का नाश करने वाले), व्योमनाथ (आकाश के स्वामी), तमोभेदी (अन्धकार को नष्ट करने वाले), ऋग, यजुः और सामवेद के पारगामी, घनवृष्टि (घनी वृष्टि के कारण), अपां मित्र (जल को उत्पन्न करने वाले), विन्ध्यीथीप्लवंगम (आकाश में तीव्रवेग से चलने वाले), आतपी (घाम उत्पन्न करने वाले), मण्डली (किरणसमूह को धारण करने वाले), मृत्यु (मौत के कारण), पिंगल (भूरे रंग वाले), सर्वतापन (सबको ताप देने वाले), कवि (त्रिकालदर्शी), विश्व (सर्वस्वरूप), महातेजस्वी, रक्त (लाल रंगवाले), सर्वभवोदभव (सबकी उत्पत्ति के कारण), नक्षत्र, ग्रह और तारों के स्वामी, विश्वभावन (जगत की रक्षा करने वाले), तेजस्वियों में भी अति तेजस्वी तथा द्वादशात्मा (बारह स्वरूपों में अभिव्यक्त) हैं । (इन सभी नामों से प्रसिद्ध सूर्यदेव !) आपको नमस्कार है ॥ 9-10-11-12-13-14-15

पूर्वगिरी उदयाचल तथा पश्चिमगिरि अस्ताचल के रूप में आपको नमस्कार है । ज्योतिर्गणों (ग्रहों और तारों) के स्वामी तथा दिन के अधिपति आपको प्रणाम है ॥ 16

आप जय स्वरूप तथा विजय और कल्याण के दाता है । आपके रथ में हरे रंग के घोड़े जुते रहते हैं । आपको बारंबार नमस्कार है । सहस्रों किरणों से सुशोभित भगवान सूर्य ! आपको बारंबार प्रणाम है । आप अदिति के पुत्र होने के कारण आदित्य नाम से प्रसिद्ध है, आपको नमस्कार है ॥ 17

(परात्पर रूप में) आप ब्रह्मा, शिव और विष्णु के भी स्वामी हैं । सूर आपकी संज्ञा हैं, यह सूर्यमण्डल आपका ही तेज है, आप प्रकाश से परिपूर्ण हैं, सबको स्वाहा कर देने वाला अग्नि आपका ही स्वरूप है, आप रौद्ररूप धारण करने वाले हैं, आपको नमस्कार है ॥ 18

(परात्पर-रूप में) आप ब्रह्मा, शिव और विष्णु के भी स्वामी हैं । सूर आपकी संज्ञा है, यह सूर्यमण्डल आपका ही तेज है, आप प्रकाश से परिपूर्ण हैं, सबको स्वाहा कर देने वाला अग्नि आपका ही स्वरूप है, आप रौद्ररूप धारण करने वाले हैं, आपको नमस्कार है ॥ 19

आप अज्ञान और अन्धकार के नाशक, जड़ता एवं शीत के निवारक तथा शत्रु का नाश करने वाले हैं, आपका स्वरूप अप्रमेय है । आप कृतघ्नों का नाश करने वाले, सम्पूर्ण ज्योतियों के स्वामी और देवस्वरूप हैं, आपको नमस्कार है ॥ 20

आपकी प्रभा तपाये हुए सुवर्ण के समान है, आप हरि (अज्ञान का हरण करने वाले) और विश्वकर्मा (संसार की सृष्टि करने वाले) हैं, तम के नाशक, प्रकाशस्वरूप और जगत के साक्षी हैं, आपको नमस्कार है ॥ 21

रघुनन्दन ! ये भगवान सूर्य ही सम्पूर्ण भूतों का संहार, सृष्टि और पालन करते हैं । ये ही अपनी किरणों से गर्मी पहुँचाते और वर्षा करते हैं ॥ 22

ये सब भूतों में अन्तर्यामीरूप से स्थित होकर उनके सो जाने पर भी जागते रहते हैं । ये ही अग्निहोत्र तथा अग्निहोत्री पुरुषों को मिलने वाले फल हैं ॥ 23

(यज्ञ में भाग ग्रहण करने वाले) देवता, यज्ञ और यज्ञों के फल भी ये ही हैं । सम्पूर्ण लोकों में जितनी क्रियाएँ होती हैं, उन सबका फल देने में ये ही पूर्ण समर्थ हैं ॥ 24

राघव ! विपत्ति में, कष्ट में, दुर्गम मार्ग में तथा और किसी भय के अवसर पर जो कोई पुरुष इन सूर्यदेव का कीर्तन करता है, उसे दुःख नहीं भोगना पड़ता ॥ 25

इसलिए तुम एकाग्रचित होकर इन देवाधिदेव जगदीश्वर की पूजा करो । इस आदित्य हृदय का तीन बार जप करने से तुम युद्ध में विजय पाओगे ॥ 26

महाबाहो ! तुम इसी क्षण रावण का वध कर सकोगे । यह कहकर अगस्त्य जी जैसे आये थे, उसी प्रकार चले गये ॥ 27

उनका उपदेश सुनकर महातेजस्वी श्रीरामचन्द्रजी का शोक दूर हो गया । उन्होंने प्रसन्न होकर शुद्धचित्त से आदित्यहृदय को धारण किया और तीन बार आचमन करके शुद्ध हो भगवान सूर्य की ओर देखते हुए इसका तीन बार जप किया । इससे उन्हें बड़ा हर्ष हुआ । फिर परम पराक्रमी रघुनाथजी ने धनुष उठाकर रावण की ओर देखा और उत्साहपूर्वक विजय पाने के लिए वे आगे बढ़े । उन्होंने पूरा प्रयत्न करके रावण के वध का निश्चय किया ॥ 28-29-30

उस समय देवताओं के मध्य में खड़े हुए भगवान सूर्य ने प्रसन्न होकर श्रीरामचन्द्रजी की ओर देखा और निशाचराज रावण के विनाश का समय निकट जानकर हर्षपूर्वक कहा रघुनन्दन ! अब जल्दी करो ॥ 31

Aditya Hridayam is a hymn in glorification of the Sun or Surya and was recited by the great sage Agastya to Lord Rama on the battlefield before fighting with Ravana. This historic hymn starts at the beginning of the Battle with Ravana, when Lord Rama is fatigued and getting ready to fight. The mystical hymn is directed to the Sun God, the illustrious lord of all victories.

After getting exhausted in the battle and on seeing Ravana, who was duly prepared and reached the battle ground, Rama stood in the war with a deep thought.

(Seeing this) Bhagavan Sage Agastya, who came along with the Gods to see the battle, approached Rama and spoke to him.

Rama, O Rama, the elegant one with great shoulders, listen to this eternal secret, by which, you, my child, can be victorious on all your enemies in the war.

This holy Aditya Hridayam can destroy all the enemies. By chanting this Stotram daily can bring victory to you all the time without much effort and gives you unending felicity.

This holy hymn is always auspicious, brings prosperity, destroys all the sins, which can alleviate worry and sorrows, bestows wellbeing and longevity, a superior one (among the stotras).

This hymn is on the one, who raises up with glorious rays, who is bowed both by the Gods and demons. You worship him, the one who can cover the tejas of other, The Lord Bhaskara, The giver of the light to the Lokas.

The one who is the embodied form of all the Devas, the self-luminous, who energizes all the beings with his rays, who can protects the Deva and Asura ganas of all the Lokas with his rays.

The one who himself is the essence of Brahma, Vishnu, Shiva, Skanda(Kumara- son of God Shiva), Prajapathi (Lord of born beings), Mahendra (King of the Devas), Kubera (Dhanadaha, In charge of the wealth), Kala (eternal time), Yama (the Lord of death), Chandra (Soma, the moon God), The in charge of the waters (Varuna or Hyapampathi).

The one who is indeed the Pitaro (Ancestral manes), eight Vasava’s (givers of treasures), Sandhyas (semidivine yoginis), Ashwini devas (the physicians of celestials), Marutas (deities of storm), Manu (progenitor of human race), Vayu (God of wind), Agni (God of fire), Prajaprana (maker of the vital air of sustenance in living beings), Ruthukartha (maker of seasons), Prabhakara (the giver of the light).

The one who is Aditya (Son of Aditi), the creator of universe, Surya (the inspirer of actions of the beings), Khaga (wanderer in sky), Pusha (the one who sustains the earth by initiating rains), the one with rays. O the Lord, who radiates like gold, the luminous one, the one who contains the generative fluid as gold, the Divakara (maker of the day).

With the horses that are in greenish colour, the one radiating with thousand rays, who has seven horses and with great rays, the remover of darkness, bestower of auspiciousness, mitigator of sufferings, who is Marthanda, the reinfuser of creation, the omnipresent as his rays that penetrate everywhere.

The primordial one who became the Trinity, the remover of tapa or affliction, who brings warmth, the maker of the day and the one praised by all. O the one who have fire in his womb, the son of Aditi, the calming one and the remover of snow.

O The Lord of aether, dispeller of Rahu or darkness, the one with par excellence in Vedas, by whom the great rains dispense, a friend to the waters (as the rays bring life and purifies waters), The one who moves fast in the sky.

Who is with his forms that are intensely absorbed, inflictor of death to the wicked, who is red in colour, desired by all the beings, the one who is a great scholar, runs the worlds with great radiance, who affectionate all and acts as the starting place to the next generation or action.

He is the Lord of Stars, planets and constellations, who simulates everything in universe, He who is resplendently illuminous with the illuminati of all, the one with twelve forms, I bow to you.

Salutations to the deity of the eastern mountain (indicating the Sun rising), and of the western mountain (where the Sun sets). O the Lord of stellar bodies, Lord of the day, I bow to you.

O the one who gives victory, the bestower of victory along with protection, the one with green coloured horses, my salutations to you. My salutations to the one with thousand rays, O God Adithya I bow to you.

Salutations to you, who is terrible to wicked, who ably powers in achieving things, the one who travels fast, I bow to you. My salutations to the one who makes the lotuses blossom, who is the Mardanda Surya, I bow to you.

The one with the form of Brahma , Eeshana (Shiva) and Atchyutha (Vishnu), O the Surya, the one radiating in the Aditya rupa. O the illuminating one, devourer of all, the one with the body like that of Rudra, I bow to you.

He who dispels the darkness, destroyer of snow, remover of the enemies, whose extent is immeasurable. The Lord of all, who is the annihilator of the ungreatful ones, the in charge of the stellar bodies, I bow to you.

The one who has radiance like that of a melted gold, the transcendental fire of divine knowledge, the maker of the universe. I prostrate to you, the remover of darkness, the illuminating one, the witness of all the happenings in the lokas.

He is the one who destroys the universe at the end and he is the one who reinitiates the creation of the same. The one who with his rays dry’s the water bodies, consumes the water, and brings them back as rains.

O the one who lives in all the beings keeping them awake even when they are asleep, who is Agnihotram himself and also the fruit thereof achieved by the worshippers of the Agnihotram.

He is indeed the Lord in all actions, who is the essence underlying a krathu and the fruit achieved thereof, O the one who is the supreme, who is indeed a fulfiller of all the works in all the worlds, the supreme Lord Ravi (I bow to you).

O Rama the one who recites this hymn will be protected during their difficult situations and times, at the forts, and during the times of fear – such ones who praise the glory of the Sun God will never be defeated.

Devoting with utmost concentration on almighty of the universe, the Lord of all the Lords. And reciting this divine hymn three times a day one will come out victorious in the battle.

Within this second, O’ Rama, Mahabaahu (one with great shoulders) you will destroy Ravana. Thus spoke sage Agastya and then leaves his way.

Listening to this hymn, Lord Rama with great radiance comes out of the deep sorrow. And then he invokes this mantra with great courage.

Lord Rama, on seeing Aditya Bhagavan and obtaining his blessing feels very happy. Later on doing the Achamanam three times thus becomes pure and then picks his mighty bow.

On seeing Ravana coming to fight, Rama then feels calm and smiles peacefully. With all his efforts Rama finally determines to kill him (Ravana).

After that (on seeing the determination of Rama), Lord Ravi (Surya) with a delighted heart became highly astonished. Further on understanding that the Ravanas future is coming to an end, Lord Surya stood in the middle of the Deva ganas and insisted Rama to be quick.