Mindspace REIT Q3 net operating income rises 4% to Rs 371.5 crore

Mindspace Business Parks REIT reported a 4 per cent increase in its net operating income to Rs 371.5 crore and declared distribution of Rs 275.2 crore for its unitholders for quarter ended in December

Mindspace Business Parks REIT on Thursday reported a 4 per cent increase in its net operating income to Rs 371.5 crore and declared distribution of Rs 275.2 crore for its unitholders for the quarter ended in December.

In a regulatory filing, the company informed that it has declared distribution of Rs 275.2 crore or Rs 4.64 per Unit for the quarter ended December 31, 2021.

The distribution comprises Rs 255.6 crore in form of dividend, Rs 19 crore in form of interest and Rs 60 lakh in form of other income.

Mindspace Business Parks REIT CEO Vinod Rohira said the company witnessed a significant uptick of leasing activity with around 1.8 million square feet of space leased in the December quarter, taking the overall leasing to around 3.8 million square feet the first nine months of FY22.

"The significant change in occupiers' preference towards quality office spaces which adhere to the best standards of health, safety, experience, and wellness protocols has helped increase demand for our portfolio," he said.

He expected the trend to accentuate further in the coming quarters.

"The Union Budget's impetus of replacing the SEZ policy to improve 'Ease of doing business' in SEZs would provide fillip to the demand for SEZ spaces in our portfolio," he added.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the stock exchange in August 2020.

The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai.

It has a total leasable area of 31.3 million square feet, with superior infrastructure and amenities, and is one of the largest Grade-A office portfolios in India. The portfolio consists of five integrated business parks and five quality independent office assets.