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Dailymirror.news,Hyderabad April 30, 2025: 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, 2025.
| Particulars | Unit | Q4 FY25 | Q4 FY24 | Growth(Y-o-Y) |
| Revenue from Operations | INR Cr | 678 | 595 | 14.1% |
| Net Operating Income (NOI) | INR Cr | 540 | 477 | 13.2% |
| Distribution | INR Cr | 392 | 283 | 38.7% |
Speaking on the results, Mr. Ramesh Nair, CEO and MD, Mindspace REIT said, “FY25 has been a record-breaking year for us, our best ever since listing. We achieved our highest-ever annual gross leasing of 7.6 msf and delivered a strong quarterly distribution of INR 392 Cr, up ~39% YoY, the highest growth since listing. Net Operating Income for the quarter grew ~13% YoY to INR 540 Cr, and committed occupancy rose to 93%2. With 3.6 msf already pre-leased, demand for top-quality office space remains robust across our portfolio.
Our NAV has grown by 10% 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. Moreover, our focus on strategic acquisitions, and steady development progress positions us well for a sustained long-term growth.”
Operating and Growth Highlights
· Recorded gross leasing of c.2.8 msf1 in Q4 FY25, taking cumulative leasing for FY25 to c.7.61 msf.
· An entire building under re-development at Mindspace Madhapur, Hyderabad with leasable area of c.1.5 msf pre-leased to a large MNC Global Captive Center.
· Re-leasing spread of:
o c.17.4% for Q4 FY25 on c.1.1 msf of area re-let.
o c.22.8% for FY25 on c.3.6 msf of area re-let.
· Robust growth in rentals across our micro markets, especially Madhapur, Hyderabad.
o In-place rent stands at to c.INR 71 per sq. ft. per month.
o Mark to Market (MTM) spread on rentals increased to c.13.4%.
· Received Occupation Certificate for B4 Building at Gera Commerzone Kharadi, Pune, spread across c.1 msf, entirely pre-leased to a large MNC Global Captive Center.
· Actively working on under construction pipeline of c.3.7 msf.
Acquisitions Update:
· Concluded acquisition of c.0.26 msf in Mindspace Madhapur, Hyderabad, consolidating ownership in the Business Park.
Financial Highlights
· Clocked healthy Net Operating Income (NOI) growth of:
o c.13.2% YoY in Q4 FY25 to c.INR 540 Cr.
o c.8.9%1 YoY in FY25 to c.INR 2,062 Cr.
· Gross Asset Value of the portfolio stands at c.INR 36,647 Cr as of March 31, 2025; up c.16.9% over September 30, 2024 valuation.
· Net Asset Value grew a healthy c.10% from INR 392.6 per unit on September 30, 2024 to INR 431.7 per unit on March 31, 2025.
· Low Loan-to-Value (LTV) of approximately c.24.3%2 demonstrating good balance sheet strength.
· Average cost of borrowing at the end of quarter stood atc.8.15%.
Distribution
· Declared distribution of c.INR 392 Cr for Q4 FY25; YoY growth of c.38.7%. DPU stood at 6.44 per unit
· Distribution for FY25 stood at c.INR 1,312 Cr, growth of c.15.5% on YoY basis. DPU stood at 21.95 per unit
· Record date for the distribution is May 06, 2025.
· Payment of the distribution shall be processed on or before May 09, 2025.
In a leadership update, the Board of Directors of K Raheja Corp Investment Managers Pvt. Ltd., the Manager to Mindspace REIT, has recently appointed Mr. Akshaykumar Chudasama as an Additional Director in the capacity of Non-Executive Independent Director. He is the Managing Partner of Shardul Amarchand Mangaldas & Co. Additionally, Mr. Ramesh Nair, currently the CEO, has been additionally appointed as the Managing Director, designated as ‘CEO and Managing Director’, effective immediately, for a period of 5 years.
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