Mindspace REIT Q3 net operating income rises 22 pc to Rs 455 cr; to distribute Rs 285 cr to unitholders

NewsDrum Desk
30 Jan 2023

New Delhi, Jan 30 (PTI) Mindspace Business Parks REIT on Monday reported a 22 per cent increase in its net operating income to Rs 455 crore for the quarter ended December and announced a distribution of Rs 284.6 crore to unitholders.


Its net operating income stood at Rs 373.7 crore in the year-ago period.

The company said in a regulatory filing that its gross leasing stood at 1.3 million square feet in the third quarter of FY23, taking cumulative leasing during April-December to 3.5 million square feet.

The committed occupancy further rises to 88.3 per cent.


"Despite the challenging economic environment, the committed occupancy of the portfolio jumped by 400 bps to 88.3 per cent during the first nine months of FY23. Our strong performance further instils confidence to bring forward strategic supply and pursue another value accretive redevelopment opportunity in one of India's top-performing micro-markets," Vinod Rohira, Chief Executive Officer of Mindspace Business Parks REIT, said.

Mindspace REIT plans to re-develop 1.6 million square feet area at Madhapur, to enhance the growth pipeline.

Its total revenue rose to Rs 544 crore in the third quarter of this fiscal year from Rs 441 crore in the year-ago period. Net profit fell to Rs 126.5 crore from Rs 145.6 crore mainly on higher interest cost.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. It owns office portfolios in Mumbai Region, Pune, Hyderabad, and Chennai.

The portfolio has a total leasable area of 32 million square feet, comprising of 25.6 million square feet of completed area, 1.8 million square feet of area under construction and 4.6 million square feet of future development. The portfolio consists of 5 integrated business parks and 5 quality independent office assets. PTI MJH SHW