Sat. Jun 15th, 2024 online news, May 1st,2024: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reports results for the quarter and financial year ended March 31, 2024.

ParticularsUnitFY24FY23Growth(YoY) 2
Revenue from OperationsINR Crs2,3512,06913.7%
Net Operating Income (NOI)INR Crs1,8961,71011.9%

Speaking on the results, Mr. Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT said, “We had a record quarter, leasing 2 msf, making this our top-performing quarter since going public. Our committed occupancy now stands at 90.6%. With ongoing expansion projects totalling 4.4 msf, future development of 2.5 msf and potential leasing of 2.4 msf of vacant area, we are positioned for significant NOI growth”.

Operating and Growth Highlights

·         Committed Occupancy stood at 90.6%1.

·         Recorded gross leasing of c.2.0 msf in Q4 FY24, taking cumulative leasing for FY24 to c.3.6 msf.

·         Re-leasing spread:

o   16.7% for Q4 FY24 on 1.9 msf of area re-let.

o   14.3% for FY24 on 3.4 msf of area re-let.

·         In-place rents stood at INR 69.0 psf per month.

·         One of the first entities to receive approval fordemarcation of SEZ space.

·         Leased c.1.2 msf in Airoli; includes c.0.4 msf of demarcated SEZ area to a marquee BFSI client.

·         Actively working on under construction pipeline of 4.4 msf.

1 Excluding Pocharam, approved for divestment; including Pocharam, committed occupancy stood at 88.6%

2 Growth % excludes one-off income/expenses in FY23 and FY24

Financial Highlights

·         Clocked healthy Net Operating Income (NOI) growth:

o   NOI grew by 9.3% YoY 2 in Q4 FY24 to INR 477 Crs.

o   Recorded NOI of c.INR 1,896 Crs for FY24, growth of 11.9%2.

·         Low Loan-to-Value (LTV) of c.21.1%3[1] demonstrating balance sheet strength.

·         Raised INR 340 Crs at an effective rate of 7.83% per anum, per month.

·         Average cost of borrowing at the end of FY24 stood at 7.8%.

·         Net Asset Value (NAV) grew from INR 369.6 as on 30-Sep-23 to INR 380.5 per unit as on 31-Mar-24.


·         Declared distribution of INR 283 Crs or INR 4.77 per unit for Q4 FY24.

·         Cumulative distribution for FY24 stood at INR 1,136 Crs.

·         Record date for the distribution is May 09, 2024.

·         Payment of the distribution shall be processed on or before May 15, 2024.

·         Cumulative distribution of approx. INR 3,932 Crs or approx. INR 66.3 per unit since listing in Aug 2020.

Investor Communication and Quarterly Investor Call Details

Mindspace REIT has disclosed the following information pertaining to the financial results and business performance (i) Unaudited condensed standalone and unaudited condensed consolidated financial statements for the quarter ended 31 March 2024 and (ii) earnings presentation covering Q4 FY24 results. All these documents are available on Mindspace REIT’s website at

Mindspace REIT is also hosting an earnings conference call on April 30, 2024 at 18:30 hours Indian Standard Time to discuss the Q4 FY24 results. The dial in details is available on our website at and have also been filed with the stock exchanges.

A replay of the call and the transcript will be available on Mindspace REIT’s website at

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