Mindspace REIT reports 29% net operating income growth, distributions grow

Mindspace REIT distributed Rs 5.83 per unit

K Raheja Corp-backed Mindspace Business Parks REIT has reported a 29 percent growth year-on-year in its net operating income to Rs 671 crore for the October-December quarter. Its total distributions for the quarter were Rs 378 crore, higher by 20 percent over the same quarter last year, with the management adding that rental growth in some market, as well as strong leasing, helped the results.

On a per-unit basis, Mindspace REIT distributed Rs 5.83, a 10 percent growth year-on-year. Mindspace REIT's office assets are largely located in Mumbai, Pune, and Hyderabad.

"Q3 FY26 was another strong and stable quarter for Mindspace REIT, driven by record year of demand for Grade A office assets and focused execution across our portfolio. We achieved a gross leasing of  around 1.1 million square feet, while committed occupancy grew sequentially to around 94.5 percent," said Ramesh Nair, CEO and MD of Mindspace REIT.

In a release, the REIT said that it achieved a re-leasing spread (quantum of rent increase on a re-leased asset) of around 27.4 percent on 1 million square feet of office space. In-place rent for the portfolio was Rs 75 perc square foot per month on an average basis.

During the quarter, the REIT also added around 800,000 square feet of office space to its portfolio in Mumbai and Pune, comprising of three buildings, from its sponsors K Raheja Corp. Earlier in 2025, the REIT also completed its first acquisition from outside the sponsors' fold, and has indicated of more third-party acquisitions to increase rental income.