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Mindspace REIT Q3 NOI Up 8% to Rs 522 Cr - Business News

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By Rediff Money Desk, New Delhi   Jan 24, 2025 17:57

Mindspace Business Parks REIT reported an 8% increase in net operating income (NOI) to Rs 521.8 crore for the December 2024 quarter, driven by strong leasing activity and new data center launches.
Mindspace REIT Q3 NOI Up 8% to Rs 522 Cr - Business News
Photograph: Kind courtesy Cadeau Maestro from Pexels
New Delhi, Jan 24 (PTI) Realty firm Mindspace Business Parks REIT on Friday reported an 8 per cent increase in its net operating income (NOI) to Rs 521.8 crore for the quarter ended December 2024.

Its net operating income stood at Rs 473.1 crore in the year-ago period.

In a regulatory filing on Friday, the company informed that it has declared a distribution of Rs 5.32 per unit aggregating to Rs 315.48 crore for its unitholders.

The distribution comprises of dividend of Rs 3.20 per unit aggregating Rs 189.76 crore, interest of Rs 0.22 per unit, aggregating Rs 13.04 crore, repayment of SPV debt of Rs.1.88 per unit, aggregating Rs 111.48 crore and other income of Rs 0.02 per unit, totalling Rs 1.18 crore.

For the December quarter of 2024-25 fiscal, the company has declared 11 per cent higher distribution than the year-ago period.

Ramesh Nair, CEO, Mindspace REIT, said, "We delivered a strong performance
this quarter, setting key milestones. We leased 1.7 million (17 lakh) square feet, including 1 million (10 lakh) square feet in pre-leases...".

"This positions us to achieve our highest annual leasing since listing. NOI grew 8.3 per cent year-on-year to Rs 5.2 billion, and distributions rose 10.9 per cent, reflecting our commitment to investor value," Nair said.

He said the launch of the company's second data centre in Airoli West, with three more in the pipeline, further strengthens its portfolio.

"With a robust leasing pipeline and solid results, we remain on track for steady growth and long-term value creation," Nair said.

Mindspace REIT said the company has made an offer to acquire 100 per cent equity shareholding in Sustain Properties Pvt Ltd, which houses around 1.8 million (18 lakh) square feet of IT Park at Commerzone Raidurg, Hyderabad. It is also evaluating another potential third-party acquisition opportunity in the city.

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

The company has a portfolio of 34.8 million (348 lakh) square feet comprising 26.8 million square feet of completed area, 4.6 million square feet of area under construction and 3.4 million square feet of future development.
Source: PTI
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