Q4 results: Mindspace REIT net operating income, distribution grows, gross leasing at 2.8 million sq ft

Mindspace REIT reported increases in both NOI and distribution

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26 Aug, 2025 12:21

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K Raheja Corp-sponsored Mindspace Business Parks REIT reported a net operating income of Rs 540 crore in the quarter ending March 31, an increase of 13.2 percent over the year-ago period, while its overall revenue from operations increased to Rs 670 crore, representing a year-on-year increase of 14.1 percent.

The REIT said in a release that its distributions during the quarter grew by nearly 39 percent annually to Rs 392 crore, representing a distribution of Rs 6.44 per unit. The committed occupancy during the quarter on a sequential basis inched up 150 basis points to 93 percent. Mindspace REIT said that it recorded its highest ever gross leasing for a quarter in Q4, at 2.8 million square feet.

For the full financial year, the REIT's net operating income grew around 9 percent year-on-year to Rs 2,062 crore, with its distributions for the full year being at around Rs 1,312 crore, a distribution per unit of Rs 21.95.

Gross leasing for the full year was 7.6 million square feet, driven by large leases at its Hyderabad and Pune properties. In-place rental for Mindspace REIT's portfolio was at around Rs 71 per square foot per month. Across four key markets, Mindspace REIT has a total leasable area of around 30 million square feet, with around 7 million square feet of space under construction or planning.

At the end of the March quarter, Mindspace REIT's average borrowing cost was around 8.15 percent, it said in a release.

Mindspace REIT's investment managers also elevated current chief executive officer Ramesh Nair's role, giving him the additional designation of managing director. In a release, Nair said that the REIT remains optimistic about its leasing pipeline, driven by asset quality.

"Our net asset value has grown by 10 percent, driven by rising rentals across our micro markets, accretion from acquisitions and completion of pre-committed buildings. We remain optimistic about the long-term outlook for our portfolio underpinned by the quality of our assets, trusted tenant relationships, and proactive leasing efforts," said CEO and MD Nair.