Mindspace REIT Q4 results: Net operating income up 9% at Rs 477 crore; to distribute Rs 283 crore to unitholders

Mindspace Business Parks REIT on Tuesday reported 9 per cent growth in net operating income (NOI) to Rs 476.8 crore and declared distribution of Rs 282.9 crore to unitholders for March quarter FY24.

According to a regulatory filing, the company's NOI grew 12 per cent to Rs 1,895.9 crore in 2023-24. Cumulatively, it has declared distribution of Rs 1,136.2 crore to unitholders for last fiscal year.

Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Pvt Ltd, Manager to Mindspace REIT said, “We had a record quarter, leasing 2 million square feet, making this our top-performing quarter since going public." "Our committed occupancy now stands at 90.6 per cent. With ongoing expansion projects totalling 4.4 million square feet, future development of 2.5 million square feet and potential leasing of 2.4 million square feet vacant area, we are positioned for significant NOI growth."

Mindspace REIT said its committed occupancy stood at 90.6 per cent. Cumulative leasing for FY24 is 3.6 million square feet. Mindspace Business Parks REIT listed on the Indian bourses in August 2020. The REIT owns office portfolios in Mumbai Region, Pune, Hyderabad, and Chennai.

Its portfolio has a leasable area of 33.2 million square feet, comprising 26.3 million square feet of completed area, 4.4 million square feet of area under construction and 2.5 million square feet of future development.