Mindspace REIT to distribute Rs 272.8 cr to unitholders for Jun quarter

Mindspace Business Parks REIT on Friday reported a net operating income of Rs 359.6 crore and will distribute Rs 272.8 crore to unitholders for the quarter ended June 30.

Mindspace REIT declared distribution of Rs 272.8 crore or Rs 4.60 per unit.

The annualised distribution yield stood at 6.7 per cent on issue price of Rs 275 per unit, the company said in a statement.

Net operating income stood at Rs 3,59.6 crore for the quarter ended June.

The company did not share the numbers of the year-ago period as it got listed on the stock exchanges in August 2020.

"Dividend, which is tax exempt in the hand of unitholders, forms significant portion of distribution (Rs 4.23 per unit, 92 per cent) while interest (Rs 0.37 per unit) forms 8 per cent.

The record date for the distribution is August 19, 2021, payment of the distribution shall be processed on or before August 28, 2021, the statement said.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the stock exchanges 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 31.2 million sq ft. The portfolio consists of five integrated business parks and five quality independent office assets.