Mindspace REIT Q1 results: Net operating income up 24% to ₹616.4 crore

Mindspace Business Parks REIT on Monday reported a 24 per cent increase in its net operating income to ₹616.4 crore in the first quarter of this fiscal year.

The company announced an 18 per cent increase in its distribution to shareholders to ₹352.7 crore for the April-June period of the current 2025-26 fiscal year, according to a regulatory filing.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, owns office portfolios in Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio has a total leasable area of 38.1 million sq ft, comprising 31 million sq ft of completed area, 3.7 million sq ft under construction and 3.4 million sq ft for future development.

Mindspace REIT CEO and MD Ramesh Nair said, "We have had yet another great quarter, renting out 1.7 million square feet and achieving a remarkable committed occupancy of 93.7 per cent".

The company's net operating income (NOI) grew by a robust 24 per cent, driven by acquisitions, rising rents and growing occupancy, he added.

"We delivered a strong quarterly DPU (distribution per unit) of ₹5.79 per unit, up 14.9 per cent YoY (year-on-year). We remain confident in the long-term prospects of our portfolio, supported by the strength of our high-quality assets, enduring tenant relationships, and proactive leasing strategy," Nair said.

Mindspace REIT said it has roped in Sandeep Mathrani to the Board of the Manager.

He has served as CEO of General Growth Properties Inc., WeWork Inc. and Brookfield Properties Vice Chairman.