May 5, 2023: Mindspace Business Parks REIT on Thursday reported a 9% increase in its net operating income. The Reit’s net operating income for the fourth quarter of last fiscal (Q4FY23) stood at Rs 436.4 crore. Net operating income (NOI) grew 13.2% YoY in FY23, the company said.
The owner and developer of Grade-A office portfolio located in four key office markets of India also declared an income distribution of Rs 285.2 crore to unitholders for the quarter ended March 31, 2023.
“We continue to benefit from the discernible shift in occupier preferences towards taking up experiential office spaces. This augured well for business, boosting our gross leasing to over 4 million square foot, and aiding growth in committed occupancy by 470 basis points to 89%. The strong leasing performance has also contributed to clocking double-digit NOI growth of 13% YoY,” said Mindspace Business Parks Reit chief executive officer Vinod Rohira.
Gross leasing for the Reit in FY23 stood at 4.1 million square foot (msf) amid sustained leasing momentum. The company also reported monthly rents increasing by 5.7% YoY to Rs 65.2 psf.
K Raheja Corp group-backed Mindspace Business Parks Reit got listed on the Indian bourses in August 2020. The Reit owns office portfolios in the Mumbai Region, Pune, Hyderabad and Chennai. The portfolio has a total leasable area of 32 msf comprising 25.8 msf of completed area, 2.5 msf of under- construction area and 3.7 msf of future development.
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