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

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.