According to reports from The Economic Times, Mindspace Business Parks REIT has reported nearly 29% year-on-year growth in net operating income at ₹671 crore for the quarter ended December. The listed Real Estate Investment Trust's revenue from operations rose 27% from a year ago to ₹816 crore. The K Raheja Corp-backed entity recorded gross leasing of over 1.1 million sq ft, while committed occupancy for the quarter rose to 94.5%.
As reported by The Economic Times, the REIT has recorded a re-leasing spread of 27.4% for the quarter on 1 million sq ft of area re-let. The company has posted robust growth in rentals across key micro markets, especially Madhapur, Hyderabad. Its in-place rent for the portfolio stands at ₹75 per sq ft per month. The REIT has leased 2.1 lakh sq ft to global location data and technology company HERE Technologies' India arm at Mindspace Airoli West (Gigaplex) through a long-term lease of over 10 years.
According to Ramesh Nair, CEO & MD, Mindspace REIT, as quoted by The Economic Times, "We further scaled our portfolio through the acquisition of CBD assets in Mumbai and Pune, adding 0.8 million sq ft of leasable area taking our inorganic additions to the portfolio to 4 million sq ft since our listing. We remain focused on pursuing accretive acquisition opportunities to deliver value to our unitholders." The REIT is currently actively working on an under construction pipeline of 3.6 million sq ft.
As reported by The Economic Times, the company has declared distribution of ₹378 crore or ₹5.83 per unit for the quarter taking its cumulative distribution to ₹6,330 crore or ₹105.7 per unit since listing in August 2020. The company's cost of debt reduced by 13 bps on sequential basis to 7.39% per annum, supported by refinancing efforts. During the quarter, it raised non-convertible debentures (NCDs) of ₹1,900 crore at an effective rate of 6.98% per annum. The REIT's Loan-to-Value (LTV) stood at 24.9%.
According to The Economic Times, sponsored by K Raheja Corp group, the REIT owns office assets with total leasable area of 39 million sq ft in Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio consists of 5 integrated business parks and 9 independent office assets.
