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Mindspace REIT’s net operating income increases 22% to Rs 455 crore in Q3 FY23

Mindspace Business Parks REIT announced a distribution of Rs 284.6 crore to unitholders on Monday after reporting a 22% increase in net operating income to Rs 455 crore for the quarter that ended in December. In the previous fiscal year, it had a net operating income of Rs 373.7 crore.

According to the company’s regulatory filing, gross leasing reached 1.3 million square feet in the third quarter of FY23, bringing the total amount leased from April to December to 3.5 million square feet.

The committed occupancy increased even more, reaching 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 a 1.6 million square feet area at Madhapur to strengthen the growth pipeline.

In the third quarter of this fiscal year, it increased its overall income from Rs 441 crore to Rs 544 crore. Higher interest cost was the main cause of the net profit’s decline from Rs 145.6 crore to Rs 126.5 crore.

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

A total of 32 million square feet of leasable area comprise the portfolio, of which 25.6 million square feet are completed, 1.8 million square feet are under construction, and 4.6 million square feet are planned for future development. The portfolio has 5 integrated business parks and 5 high-quality, independent office assets.

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BRL Editor
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