[ecis2016.org] The company records gross leasing of nearly 1 million sqft during the quarter; strong net operating income growth of 10.9% YoY
Mindspace Business Parks REIT, the owner and developer of quality Grade-A office portfolio located in four key office markets of India, saw committed occupancy of its portfolio jump by 1.3% to 85.6% in the quarter ended June 30, 2022, as against the previous quarter.
You are reading: Mindspace REIT Q1 FY23 results: Annual net operating income jumps nearly 11%
According to the company results, which were announced on August 10, 2022, Mindspace REIT recorded leasing of nearly 1 million sqft office space through 18 transactions during the quarter across its IT parks in Mumbai, Pune, Chennai and Hyderabad. Occupiers that leased commercial space form Mindspace REIT during the quarters included Facebook and Real Page.
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Net operating income of the company grew nearly 11% YoY, and stood at Rs 4,014 million at the end of the quarter. Net operating income margin also remains strong at over 80%, the company said in a regulatory filing.
While monthly rents for the Mindspace REIT have grown 9.3% year-on-year to Rs 62.4 per square foot, committed occupancy of the portfolio jumped by 1.3% QoQ to 85.6%.
The company also declared distribution of Rs 2,811 million for the quarter ended June 30, 2022. The distribution comprises Rs 2,615 million in form of dividend, Rs 190 million in form of interest and Rs 6 million in form of other income.
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“After recording one of the best years of leasing in FY22, the tailwinds continue to grow stronger as we enter the new financial year. Our strategy of upgrading our offerings during downtime and implementing the best asset management practices has allowed us to benefit from the anticipated demand upswing. The committed occupancy of the portfolio has risen by 130 bps QoQ to 85.6% as we leased 0.9msf during the quarter. The demand recovery initially led by the large occupiers is now seeing a much broad-based momentum. We expect a stronger recovery in the second half of the year as a greater percentage of employees return to their offices,” Vinod Rohira, CEO, Mindspace Business Parks REIT, said.
Sponsored by K Raheja Corp group, Mindspace Business Parks REIT listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai. It has a total leasable area of 31.8 msf, with superior infrastructure and amenities, and is one of the largest Grade-A office portfolios in India. The portfolio consists of 5 integrated business parks and 5 quality independent office assets. It has a diversified and high-quality tenant base, with over 175 tenants as of June 30, 2022.
REIT was introduced in India a few years ago to attract investment in real estate by monetising rent-yielding assets.
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