NEW DELHI: Mindspace Business Parks REIT has reported a 28.7% year-on-year increase in net operating income (NOI), reaching ₹6,714 million in Q3 FY26.
The board of directors at K Raheja Corp Investment Managers, overseeing Mindspace REIT, announced a distribution of ₹3,780 million for Q3 FY26. The distribution per unit (DPU) is ₹5.83, reflecting a year-on-year growth of 9.6% and a 12.5% rise in DPU for the first nine months of FY26.
Ramesh Nair, CEO and MD, stated, “We achieved gross leasing of 1.1 million sq ft, with committed occupancy increasing sequentially to 94.5%. This operational success has led to strong financial results, as NOI grew by 28.7% year-on-year. Additionally, we experienced rental growth, evidenced by a 27.4% re-leasing spread on one million sq ft re-let during the quarter.”
The company reported gross leasing of 1.1 million sq ft for Q3 FY26, with committed occupancy at 94.5%. The re-leasing spread for the quarter was 27.4% on one million sq ft, and the in-place rent for the portfolio stands at ₹75 per sq ft per month.
Mindspace REIT registered a loan-to-value (LTV) ratio of approximately 24.9% and raised ₹19,000 million through non-convertible debentures (NCDs) at an effective interest rate of 6.98% per annum in Q3 FY26. The cost of debt declined by 13 basis points sequentially to 7.39% per annum. The company completed the acquisition of 0.8 million sq ft of assets in the Mumbai and Pune CBDs, boosting the gross asset value of the portfolio to ₹441 billion.
