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Mindspace Business Parks REIT reported a 24.2 % rise in net operating income to INR 616 crore in the first quarter of FY26, backed by strong leasing activity of 1.7 million sq ft and stable occupancy levels. Net consolidated profit grew over 21 % to INR 166.8 crore, while total income rose by nearly 18 % to INR 754.8 crore. The REIT acquired two office assets one in Pune and another in Hyderabad and declared a distribution of INR 5.79 per unit. Debt cost reduced during the quarter, and new leadership appointments were also announced.
Mindspace Business Parks REIT posted a net operating income of INR 616 crore during the first quarter of FY26, marking a 24.2% increase from the same period last year. The growth was mainly driven by strong leasing activity across its portfolio, with around 1.7 million sq ft leased during the quarter. Advertisement
The REIT maintained a high occupancy level of 93.7 % and continued to benefit from demand in key markets such as Mumbai, Hyderabad, Pune, and Chennai. Many tenants were global companies setting up their capability centers and data hubs in these cities.
Net consolidated profit grew by 21.1 % to INR 166.8 crore, and total income reached INR 754.8 crore, up 17.9 % year-on-year. The Board declared a distribution of INR 5.79 per unit for the quarter, reflecting a 14.9 % increase from the same period last year. The distribution includes dividend, interest, repayment of SPV debt, and other income.
The REIT raised INR 800 crore through commercial papers at a cost of 6.46 % and issued non-convertible debentures worth INR 600 crore with a five-year tenure at 7.15 %. As a result, the overall cost of debt reduced by 29 basis points sequentially to 7.84 %. Loan-to-value remained stable at 25.1 %.
During the quarter, Mindspace REIT's Board approved the acquisition of a 8,960 sq ft office space in Pune's Commerzone Yerwada for INR 8.05 crore. Additionally, the REIT completed the acquisition of Q-City, a commercial asset spread over 0.81 million sq ft in Hyderabad, for INR 512 crore. This brought its total portfolio in Hyderabad to over 16 million sq ft.
The Board also appointed Sandeep Mathrani as an Independent Director for a five-year term. Preeti Chheda was named the new Chief Financial Officer of the REIT.
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