Thu. Jun 20th, 2024

Bengaluru, January 30, 2024: 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 December 31, 2023.

Particulars Unit Q3 FY24 Q3 FY23 Growth


Q2 FY24 Growth

(Q-o-Q) (2)

Revenue from Operations INR Crs 596 544 13.5% 600 1.4%
Net Operating Income (NOI) INR Crs 473 455 10.4% 491 0.5%

Speaking on the results, Mr. Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT said, “We’ve achieved a healthy NOI growth this quarter. Excluding one off items, our Q3 FY24 NOI grew by 10.4% over last year.  The recent SEZ move will boost leasing, and our teams are geared to lease SEZ spaces, enhance the portfolio occupancy, and convert idle assets into revenue. We are on track to deliver our 4.4 msf development pipeline over the next 1-3 years integrated with best safety and design elements. The preference for high-quality projects is attracting occupiers globally and domestically. Our strategic asset acquisitions and prudent investments, backed by a strong balance sheet, ensure continued value for investors.”

Operating and Growth Highlights

  • Recorded gross leasing of c.0.45 msf in Q3 FY24, taking cumulative leasing for 9 months in FY24 to 1.6 msf.
  • Re-leasing spread for Q3FY24 stood at 17.1% on c.0.4 msf of area re-let.
  • In-place rents increased by c.5.4% YoY to INR 68 per square foot per month.
  • Received board approval to acquire an area of 42,000 sq.ft. in Commerzone Yerawada, Pune helping consolidate ownership within the Business Park.
  • Received board consent to initiate the process to divest the vacant Pocharam asset in Hyderabad.
  • Actively working on under construction pipeline of 4.4msf.
  • Strong trend of expansionary demand, with over 80% of the new/pre-leasing by existing occupiers across various sectors.

Financial Highlights

  • Clocked healthy Net Operating Income (NOI) growth:

o    NOI grew by 10.4% YoY(1) in Q3 FY24 to INR 473 Crs.

o    Recorded NOI of INR 1,419 Crs for the 9month period in FY24, 12.8%(1)(2) growth y-o-y.

  • Low Loan-to-Value (LTV) of 21%3[1] demonstrating balance sheet strength.
  • Raised commercial paper for INR 150 Crs at a coupon of 7.72% per annum, per month.
  • Average cost of borrowing at the end of Q3 FY24 stood at 7.8%.


  • Declared distribution of INR 285 Crs or INR 4.80 per unit for Q3 FY24; of this, c.89% is in form of a dividend, tax-exempt in the hand of unitholders.
  • Record date for the distribution is Feb 06, 2024. Payment of the distribution shall be processed on or before February 13, 2024.

By team

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