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Mindspace Business Parks REIT reported a 26% year-on-year rise in net operating income to INR 634 crore for the July-September quarter, with a distribution of INR 355 crore to unitholder-up 16.3% from last year. CEO Ramesh Nair said leasing activity reached 0.8 million sq ft with strong rental growth and record occupancy of 94.6%. Including its recent Q-City acquisition, occupancy stood at 93.8%. Backed by low leverage and a solid balance sheet, the REIT plans to invest in development and acquisition opportunities. With 38.2 million sq ft of assets across key cities, Mindspace continues to deliver steady growth and investor returns.
Mindspace Business Parks REIT announced earlier this week that its net operating income for the second quarter of the current fiscal year grew by 26% to INR 634 crore, up from INR 504 crore recorded during the same period last year. According to its latest regulatory filing, the company will distribute INR 355 crore to unitholders for the quarter, representing a 16.3% increase compared to the INR 305 crore distributed in the corresponding quarter of the previous fiscal year. Advertisement
Ramesh Nair, Chief Executive Officer and Managing Director of Mindspace REIT, mentioned that the REIT continued to maintain strong business momentum during the quarter with leasing of around 0.8 million sq ft and a re-leasing spread exceeding 28%. He noted that this reflected resilient rental performance, particularly across its key markets in Hyderabad and Navi Mumbai.
Nair further pointed out that the committed occupancy reached a record level of 94.6% on a like-to-like basis. When including the recent Q-City acquisition, the total committed occupancy stood at 93.8%. He added that with a sound balance sheet, low leverage, and a declining cost of debt, the REIT was well-positioned to deploy capital efficiently in ongoing development projects, explore acquisition opportunities, and benefit from strong demand for Grade A office spaces.
Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, has been listed on Indian stock exchanges since August 2020. The trust owns a diverse portfolio of premium office assets located across the Mumbai Region, Pune, Hyderabad, and Chennai. Its total leasable area stands at 38.2 million sq ft, including 31 million sq ft of completed developments, 3.7 million sq ft under construction, and 3.5 million sq ft earmarked for future development.
Mindspace Business Parks REIT demonstrated a resilient performance with substantial growth in operating income and consistent unitholder returns. Its strong leasing activity, high occupancy, and balanced financial position have reinforced investor confidence. The company remains focused on capital efficiency and strategic expansion to leverage India's ongoing demand for high-quality office spaces across key metropolitan markets.
Source - PTI
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