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
Bengaluru: 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.
| Particulars | Unit | Q3 FY25 | Q3 FY24 | Growth (Y-o-Y)* |
| Revenue from Operations | INR Crs | 642 | 596 | 7.5% |
| Net Operating Income (NOI) | INR Crs | 522 | 473 | 8.3% |
| Distribution | INR Crs | 315 | 285 | 10.9% |
* Growth (Y-o-Y) excluding one off expense of INR (8.7) Crs in Q3FY24
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.”
Operating and Growth Highlights
· Recorded gross leasing of c.1.7 msf1 in Q3 FY25.
o 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.
· Evaluating another potential third party acquisition opportunity in Hyderabad.
Financial Highlights
· Clocked Net Operating Income (NOI) growth ofc.8.3%1 YoY in Q3 FY25 to INR 522 Crs.
o c.7.5%1 YoY growth in 9MFY25 to INR c.1,522 Crs.
· Low Loan-to-Value (LTV) of approximately 22.6%2[1]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.
