Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reports results for the quarter ended Dec 31, 2024.
Announces Highest Ever Distribution of INR 315 Crs; Growth of 10.9% YoY
Robust gross leasing of c.1.7 msf in Q3 FY251
NOI Grows by 8.3% YoY to INR 522 Crs
Speaking on the results, Mr. Ramesh Nair, CEO, Mindspace REIT said, “We delivered a strong performance this quarter, setting key milestones. We leased 1.7 msf, including 1 msf in pre-leases, and fully leased our R2 Building in Gera Commerzone Kharadi to a major MNC GCC, even before completion. This positions us to achieve our highest annual leasing since listing. NOI grew 8.3% YoY to INR 522 Crs, and distributions rose 10.9%, reflecting our commitment to investor value. Re-leasing spreads of 26.4% further increased our in-place rents, boosting portfolio efficiency. The launch of our second Data Center in Airoli West, with three more in the pipeline, further strengthens our portfolio. With a robust leasing pipeline and solid results, we remain on track for steady growth and long-term value creation.”
Recorded gross leasing of c.1.7 msf1 in Q3 FY25.
Re-leasing spread of 26.4% for Q3 FY25
R2 Building at Gera Commerzone Kharadi spread across c.1 msf, entirely pre-leased to a large MNC GCC, even before its completion.
Steady growth in rentals across our Business Parks, taking in-place rent to INR 71.4 per sq. ft. per month.
Actively working on under construction pipeline of 4.6 msf.
High Street retail complex at Mindspace Airoli East, spread across c.67,000 sq. ft. branded Mindspace Fusion, has been completed and opened to tenants for fit outs.
The 2nd Data Center, spread across c.315,000 sq.ft in Mindspace Airoli West delivered, ahead of schedule.
Committed Occupancy remains stable at c.91.5%2.
Acquisitions: Offer made to acquire 100% equity shareholding in Sustain Properties Private Limited, which houses c.1.8 msf of IT Park at Commerzone Raidurg, Hyderabad, being the ROFO Asset. And evaluating another potential third-party acquisition opportunity in Hyderabad.
Clocked Net Operating Income (NOI) growth of c.8.3%1 YoY in Q3 FY25 to INR 522 Crs.
c.7.5%1 YoY growth in 9MFY25 to INR c.1,522 Crs.
Low Loan-to-Value (LTV) of approximately 22.6% demonstrating good balance sheet strength. Average cost of borrowing at the end of quarter stood at 8.07%.
Distribution: Declared distribution of INR 315 Crs or INR 5.32 per unit for Q3 FY25; YoY growth of 10.9%. Record date for the distribution is Jan 29, 2025.
Payment of the distribution shall be processed on or before Feb 05, 2025. Cumulative distribution of approximately INR 4,852 Crs or approximately INR 81.8 per unit since listing in Aug 2020.
