NEW DELHI: Mindspace Business Parks REIT announced a 26% rise in its net operating income (NOI), reporting Rs 634 crore for the second quarter of the fiscal year, up from Rs 504 crore in the same period last year.
The company will distribute Rs 355 crore to unitholders for this quarter, which marks a 16.3% increase from Rs 305 crore last year, according to a regulatory filing.
Ramesh Nair, CEO and MD of Mindspace REIT, stated, “This quarter, Mindspace REIT maintained its strong momentum with leasing of 0.8 million sq ft and a re-leasing spread exceeding 28%. This reflects robust rental demand, especially in Hyderabad and Navi Mumbai.”
He noted that the committed occupancy rate reached a record 94.6% on a like-to-like basis. Including the recent Q-City acquisition, the occupancy rate stood at 93.8%.
“With a strong balance sheet, low leverage, and decreasing debt costs, we are well-positioned to allocate capital efficiently across our development pipeline, pursue acquisition opportunities, and meet the strong demand for Grade A office spaces through high-quality assets that provide long-term value to unitholders,” Nair added.
Sponsored by the K Raheja Corp group, Mindspace Business Parks REIT was listed on Indian stock exchanges in August 2020. It owns premium office properties in the Mumbai Region, Pune, Hyderabad, and Chennai.
Mindspace REIT’s total portfolio encompasses 38.2 million sq ft, including 31 million sq ft of completed space, 3.7 million sq ft under construction, and 3.5 million sq ft earmarked for future development.
