Mumbai Headquartered Mindspace REIT Q3 Net Operating Income Up Approximately by 4 Per Cent

On February 10, 2022 Mindspace Business Parks REIT announced a 3.8 percent rise in quarterly and nine-month net operating income to Rs 371.5 crore for the quarter and nine months ended December 31, 2021.

The business announced a dividend to unitholders of Rs 275.2 crore, or Rs 4.64 per unit, for the quarter ended December 31, 2021, the company said in a regulatory filing.

The payout includes Rs 255.6 crore in dividends, Rs 19 crore in interest, and Rs 60 lakh in other revenue.

Vinod Rohira, Chief Executive Officer, commented on the results, "Mindspace Business Park REIT saw a significant increase in leasing activity in the December quarter, with approximately 1.8 million square feet leased, bringing the total leasing to approximately 3.8 million square feet in the first nine months of FY22."

"The considerable shift in occupier choice toward high-quality office spaces that adhere to the highest standards of health, safety, experience, and wellbeing has aided in the growth of demand for our portfolio. We anticipate that this tendency would intensify further in the following quarters. The Union Budget's motivation to replace the SEZ policy with one that focuses on 'ease of doing business' in SEZs will bolster demand for SEZ space in our portfolio," he added.

The business stated that the average cost of debt has been decreased by about 20 basis points on a quarterly basis to 6.7 percent as of December 31, 2021.

It stated that gross leasing remained healthy at 1.8 million square feet in Q3 FY22 and that it inked 26 transactions at an average rate of Rs 64 per square foot per month. It had pre-leased an entire forthcoming building of.0.7 million square feet at Commerzone Kharadi to a high-profile tenant, and the release spread was 27.8 percent on 0.8 million square feet re-let.

It stated that it retained over 99 percent of Gross Contracted Rentals.

Additional Information About Mindspace Business Parks REIT

The gateway to one of India's largest portfolios of Grade-A office space

Mindspace Business Parks REIT ("Mindspace REIT") provides access to one of India's biggest portfolios of Grade A office space. Our portfolio of business and information technology parks is well-diversified, including the important commercial markets of Mumbai, Hyderabad, Pune, and Chennai. We implement sustainability programmes across our portfolio of properties, with a particular emphasis on clean energy and recycling, to ensure that tenants operate in an efficient and environmentally friendly environment.

The K Raheja Corp Investment Managers LLP ("Manager") is responsible for managing Mindspace REIT. The Manager is accountable for the management of Mindspace REIT's assets and investments, as well as operational operations, in line with the SEBI (Real Estate Investment Trust) Regulations, 2014 and the Investment Management Agreement.