Mindspace Business Parks REIT announced Q1FY24 results: Revenue from Operations: Rs 5,604 million in Q1FY24 compared to Rs 4,910 in Q1FY23, up 14.1% YoY Net Operating Income: Rs 4,570 million in Q1FY24 compared to Rs 4,014 in Q1FY23, up 13.8% YoY Recorded Gross leasing of c.0.4 msf, Re-leasing spread stood at 10.1% on c.0.3 msf of area re-let In-place rents increased by c.5.9% YoY to Rs 66.2 psf/month NOI grew by 4.7% QoQ in Q1FY24 to Rs 4,570 million Average cost of borrowing at the end of Q1FY24 stood at 7.7% Raised Rs 5 billion through NCDs at REIT - interest savings of over 100 bps on the borrowing Low Loan-to-value (LTV) of 18.8% demonstrating balance sheet strength Actively working on under construction pipeline of 2.5 msf Initiated work on an additional 1.6 msf re-development project Declared distribution of Rs 2,846 million or Rs 4.8 per unit for Q1FY24 c.90.2% is in the form of dividends, tax-exempt in the hand of unitholders Record date for the distribution is July 31, 2023. Payment of the distribution shall be processed on or before August 08, 2023 Received Platinum LEED O&M; certification across 16 buildings in the portfolio Released second sustainability report for Mindspace Business Parks REIT Speaking on the results, Vinod Rohira, Chief Executive Officer, K Raheja Corp Investment Managers Private, Manager to Mindspace REIT said on the productive quarter, “India had emerged as a key hub in global service sector value chain for providing cutting-edge technology support services at a very attractive cost base. This coupled with the growth of domestic Indian companies has kept demand for non-SEZ Grade A office spaces strong. As the committed occupancy of our portfolio has started getting converted into occupancy, its impact on NOI growth is visible in the 13.8% YoY growth. While our operational and financial performance has continued to remain healthy, we remain watchful of the impact of evolving economic environment.” Result PDF
Mindspace Business Parks REIT announced Q3FY23 results: Financial Q3FY23: Net operating income (NOI) remained strong at Rs 4,551 million in Q3FY23. Up 16.8% YoY and 4.6% QoQ (excluding one-time compensation of Rs 186 million received) Recorded NOI of Rs 12,737 million in 9MFY23, 14.6% growth excluding one-time compensation Strong balance sheet with low net debt to market value of 17.6% Raised Rs 1,000 million through the issuance of Commercial Paper at the REIT level Distribution Q3FY23: Distribution of Rs 2,846 million or Rs 4.80 per unit for Q3FY23, a growth of 3.4% YoY Dividend, which is tax-exempt in the hand of unitholders, forms 91% (Rs 4.37 p.u.) of distribution while interest constitutes c.9.0% (R 0.43 p.u.) The record date for the distribution is February 06, 2023, payment of the distribution shall be processed on or before February 13, 2023. Operating and Growth Q3FY23: Robust gross leasing of c.1.3 msf in Q3FY23, taking cumulative leasing in 9MFY23 to c.3.5 msf Achieved average rent of Rs 67 psf/month, across 17 tenants in Q3FY23 Committed Occupancy further rises by ~140 bps QoQ to 88.3% Re-leasing spread in Q3 stood at 24.9% on 1 msf of area re-let In-place rents have grown by 9.4% YoY to Rs 64.5 psf/month Plan to re-develop 1.6 msf (1) at Madhapur, to enhance the growth pipeline Speaking on the results, Mr. Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said on their strong set of numbers, “We are delighted to report yet another strong quarter, recording a gross leasing of 1.3 msf in Q3 taking the cumulative 9MFY23 leasing to 3.5 msf. Despite the challenging economic environment, the Committed Occupancy of the portfolio jumped by 400 bps to 88.3% during 9MFY23. Our strong performance further instils confidence to bring forward strategic supply and pursue another value accretive redevelopment opportunity in one of India’s top-performing micro-markets. Our well-curated offerings and strong brand equity, enable us to deliver long-term sustainable growth for our unitholders.” Result PDF
Mindspace Business Parks REIT announced Q2FY23 results: Clocked healthy net operating income (NOI) growth, NOI at Rs 4,172 million in Q2FY23, up by 16.0% YoY and 3.9% QoQ Recorded NOI of Rs 8,186 mn in H1FY23 NOI margin remains strong at over 80% A resilient balance sheet with low net debt-to-market value of 16.8% The gross asset value of the portfolio increased by 3.3% over March 22 to Rs 273 billion Net asset value increased from Rs 364.9 per unit on March 22 to Rs 370.3 per unit Speaking on the results, Mr. Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said on their strong set of numbers, “As envisaged, we continue to see demand for Grade A institutionally managed office assets as the preferred choice by our global clients as their return to office plans are now in motion. We have leased 1.3 msf during the quarter taking the cumulative gross leasing to 2.1 million square feet in the first half of the financial year resulting in further improvement in committed occupancies in our portfolio. We continue to unlock value in our portfolio through disciplined organic growth and prudent capital allocation, in alignment with our focus to maximize unitholder value.” Result PDF