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