Mindspace REIT Q4 Net Income Up 13%, Nair Elevated as MD & CEO

New Delhi, Apr 30 (PTI) Mindspace Business Parks REIT on Wednesday reported a 13 per cent increase in its net operating income to Rs 540 crore and declared a distribution of Rs 392 crore for the quarter ended March.

Ramesh Nair, currently the CEO, has been additionally appointed as the Managing Director. His new designation is 'CEO and Managing Director', effective immediately, for a period of 5 years, according to a regulatory filing.

The company's net operating income (NOI) rose 8.9 per cent in 2024-25 to Rs 2,061.6 crore from Rs 1,895.9 crore in the preceding year. The distribution to unitholders stood at Rs 1,312 crore for 2024-25, a growth of 15.5 per cent on an annual basis.

"FY25 has been a record-breaking year for us, our best ever since listing," Nair said.

"We achieved our highest-ever annual gross leasing of 7.6 million square feet and delivered a strong quarterly distribution of Rs 392 crore, up 39 per cent year-on-year (YoY), the highest growth since listing," he said.

Nair said the committed occupancy rose to 93 per cent.

"With 3.6 million square feet already pre-leased, demand for top-quality office space remains robust across our portfolio. Our NAV has grown by 10 per cent, driven by rising rentals across our micro markets, accretion from acquisitions and completion of pre-committed buildings," he said.

Nair remained optimistic about the long-term outlook for its portfolio, underpinned by the quality of its assets, trusted tenant relationships, and proactive leasing efforts.

"Moreover, our focus on strategic acquisitions and steady development progress positions us well for sustained long-term growth," he added.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, owns office portfolios in Mumbai, Pune, Hyderabad, and Chennai.

The portfolio has a total leasable area of 37.1 million square feet, comprising 30 million square feet of completed area, 3.7 million square feet of area under construction and 3.4 million square feet of future development.