Mindspace Business Parks REIT reported a 17.7 per cent rise in its net operating income (NOI) in Q2 at ₹491 crore, while revenue rose over a fifth to ₹600 crore.
The REIT, sponsored by K Raheja Corp, reported gross leasing of 8 lakh square feet in Q2, and a re-leasing spread of 9.7 per cent on bulk of the area re-let. In-place monthly rent rose 6.4 per cent to ₹67 per square feet.
The highlight of the quarter was the acquisition of 2.4 lsf of leasable area in Chennai for ₹182 crore. With this acquisition, the REIT’s total leasable portfolio is now at 32.3 million square feet of which 26.1 msf is completed. It has an active construction pipeline of 2.9 msf.
The board has also approved a revised arrangement for a mixed-use project in Airoli in Mumbai over a total area of 8 lsf. About two-thirds of this is earmarked for an office development and the remaining for a hotel on a long-term lease to group company Chalet Hotels.
It announced a payout of ₹4.79 per unit, of which 90 per cent is in the form of a dividend that is tax-exempt in the hands of unitholders.
“We anticipate a rising demand for office spaces focusing on design, sustainability, functionality, safety, and technology, and we’re well-equipped to deliver to it,” said CEO Ramesh Nair.
“Our capable team is ready to construct, lease, and manage our assets, positioning us well to seize upcoming opportunities,” he added.
The gross asset value of the REIT portfolio was at ₹28,671 crore at the end of September, a rise of 2.3 per cent from March levels.