Mindspace REIT Q1 net operating income up 9% to Rs 496 crore, to distribute Rs 300 crore to unitholders

Mindspace Business Parks REIT on Tuesday reported a 9 per cent increase in net operating income to Rs 496 crore in the first quarter of this financial year and declared distribution of nearly Rs 300 crore to unitholders for the latest April-June period.

According to a regulatory filing, the company's revenue from operations rose 11 per cent to Rs 620 crore during April-June 2024, from Rs 560 crore in the year-ago period.Net Operating Income (NOI) increased 9 per cent to Rs 496 crore, from Rs 455 crore a year-ago, while distribution grew 5 per cent in the reported quarter to Rs 299 crore, from Rs 285 crore in the year-ago period.

"We have had yet another great quarter, renting out over 1 million square feet and achieving a remarkable committed occupancy of 91.1 per cent. Our NOI grew by a robust 9.2 per cent driven by our rising rents and growing occupancy," Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Pvt Ltd, Manager to Mindspace REIT said.

This healthy leasing, especially at our Navi Mumbai Parks post the Special Economic Zone (SEZ) policy reform, has encouraged the company to prepone the future development at our Airoli East Park.

"We plan to build an additional 1.5 million square feet at Mindspace Airoli East to meet the demand over the next 3-4 years.This, alongside our ongoing projects totalling 4.4 million square feet and the potential lease up of 2.3 million square feet of vacant space, positions us for significant growth ahead," he added.

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

The portfolio has a total leasable area of 33.6 million square feet comprising 26.3 million square feet of completed area, 4.4 million square feet of area under construction and 2.8 million square feet of future development.