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Mindspace Business Parks REIT announced Q1FY24 results:
- Revenue from Operations: Rs 5,604 million in Q1FY24 compared to Rs 4,910 in Q1FY23, up 14.1% YoY
- Net Operating Income: Rs 4,570 million in Q1FY24 compared to Rs 4,014 in Q1FY23, up 13.8% YoY
- Recorded Gross leasing of c.0.4 msf, Re-leasing spread stood at 10.1% on c.0.3 msf of area re-let
- In-place rents increased by c.5.9% YoY to Rs 66.2 psf/month
- NOI grew by 4.7% QoQ in Q1FY24 to Rs 4,570 million
- Average cost of borrowing at the end of Q1FY24 stood at 7.7%
- Raised Rs 5 billion through NCDs at REIT - interest savings of over 100 bps on the borrowing
- Low Loan-to-value (LTV) of 18.8% demonstrating balance sheet strength
- Actively working on under construction pipeline of 2.5 msf
- Initiated work on an additional 1.6 msf re-development project
- Declared distribution of Rs 2,846 million or Rs 4.8 per unit for Q1FY24
- c.90.2% is in the form of dividends, tax-exempt in the hand of unitholders
- Record date for the distribution is July 31, 2023.
- Payment of the distribution shall be processed on or before August 08, 2023
- Received Platinum LEED O&M certification across 16 buildings in the portfolio
- Released second sustainability report for Mindspace Business Parks REIT
Speaking on the results, Vinod Rohira, Chief Executive Officer, K Raheja Corp Investment Managers Private, Manager to Mindspace REIT said on the productive quarter, “India had emerged as a key hub in global service sector value chain for providing cutting-edge technology support services at a very attractive cost base. This coupled with the growth of domestic Indian companies has kept demand for non-SEZ Grade A office spaces strong. As the committed occupancy of our portfolio has started getting converted into occupancy, its impact on NOI growth is visible in the 13.8% YoY growth. While our operational and financial performance has continued to remain healthy, we remain watchful of the impact of evolving economic environment.”
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