Mindspace REIT net operating income rises by 14% to Rs 457 cr in Q1

Mindspace Business Parks REIT on Tuesday reported a 14 per cent increase in its net operating income at Rs 457 crore in the first quarter of this fiscal and declared to distribute an amount of Rs 284.6 crore to unitholders.

The net operating income stood at Rs 401.4 crore in the year-ago period.

Revenue from operations rose 14 per cent to Rs 560.4 crore in April-June from Rs 491 crore in the corresponding period a year ago, the company said in a statement.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the Indian bourses in August 2020. It owns office portfolios in four office markets -- Mumbai Region, Pune, Hyderabad, and Chennai.

It has a portfolio of total leasable area of 32.1 million square feet comprising of 25.9 million square feet of completed area, 2.5 million square feet of area under construction and 3.7 million square feet of future development.