Let us wait for managment call to get clarity. It is scheduled on Monday Oct 22 2018. Rather then giving half informed answer, better to clarify dobubt from horse’s mouth in my opinion.
I have also observed the points you have mentioned. If one deduct Q1FY19 results from H1FY19 result to get Q2FY19 numbers, one would observe that Q2FY19 numbers are lower than what has been achiebed in Q1FY19. Further almost 100% of the amount is disbtributed.
One point where one need to differentiate the InvIT from normal equity, what matter is cash profit and not accounting profit. The depreciation charge is also allowed to be distributed as InvIT has funded the assets from 20-40 years. In case new acquisition happen, same would be funded with new units/accumulated cash blaance/debt by InvIT. Hence, better to focus on cashflow then accounting profit in my opinion. I have observed even in case of IRB InvIT (another listed InvIT, the profit distributed are higher than accounting profit. Since Depreciation is major cost element and structure of trust is different, we have to consider amount available for distribution as key information then only net profit.