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Mindspace Business Parks REIT Announces Results for Q3 FY25
(MENAFN- Adfactors PR)
Bengaluru, January 24, 2025: 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 of c.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.
Bengaluru, January 24, 2025: 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 of c.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.
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