Mindspace REIT Q2 NOI grows 26 pc to Rs 634 cr; distributes Rs 355 cr to unitholders

New Delhi, Nov 5 (PTI) Realty firm Mindspace Business Parks REIT on Wednesday reported a 26 per cent increase in its net operating income (NOI) to Rs 634 crore for the second quarter of this fiscal year.

Its NOI stood at Rs 504 crore in the year-ago period.

The company also declared that it will distribute Rs 355 crore to unitholders for the second quarter of this fiscal year, up 16.3 per cent from Rs 305 crore in the year-ago period, according to a regulatory filing.

Ramesh Nair, CEO and MD, Mindspace REIT, said, "This quarter, Mindspace REIT continued its strong momentum with leasing of 0.8 million sq ft and a re-leasing spread of over 28 per cent, reflecting healthy rental buoyancy, particularly in Hyderabad and Navi Mumbai".

He highlighted that the committed occupancy reached a record 94.6 per cent on a like-to-like basis, and including the recent Q-City acquisition, its committed occupancy stood at 93.8 per cent.

"With a robust balance sheet, low leverage, and declining cost of debt, we remain well positioned to efficiently deploy capital in our development pipeline, pursue acquisition opportunities and capitalise on the strong office demand for Grade A spaces through high-quality assets that deliver long-term value to unitholders," Nair said.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, got listed on the Indian bourses in August 2020.

It owns quality office portfolios located in the Mumbai Region, Pune, Hyderabad, and Chennai.

Mindspace REIT's portfolio has a total leasable area of 38.2 million sq ft, comprising 31 million sq ft of completed area, 3.7 million sq ft of area under construction and 3.5 million sq ft of future development. PTI MJH BAL BAL