Mindspace Reit Q4 NOI rises 37% on strong leasing, occupancy gains

Mindspace Reit reported a 37 per cent rise in Q4 FY26 NOI, supported by higher leasing, improved occupancy, and rental escalations across its office portfolio

Mindspace Reit’s net operating income (NOI) for the fourth quarter of FY26 (Q4 FY26) grew 37.4 per cent year-on-year (YoY) amid higher leasing, improved occupancy, and rental escalations.

 

The real estate investment trust (Reit) recorded gross leasing of 3.5 million square feet (msf) in Q4 FY26, taking cumulative leasing for FY26 to 7.13 msf.

 

The K Raheja Corp-backed firm reported a re-leasing spread of 40.3 per cent in Q4 FY26 on 1.2 msf of area re-let and 31.8 per cent for FY26 on 4.2 msf of area re-let.

 

Leasing spread refers to the increase or decrease in rent when an existing tenant’s lease expires and the space is leased again.

 

 

The Reit has declared a distribution of ₹431 crore for Q4 FY26. Distribution per unit for Q4 FY26 stood at ₹6.64 per unit, up 3.1 per cent YoY.

 

Mindspace’s revenue from operations for the quarter under review stood at ₹888 crore, up 31 per cent YoY.

 

For FY26, the Reit reported an NOI of ₹2,664 crore, up 29.2 per cent YoY.

 

The gross asset value (GAV) of the portfolio stood at ₹47,635 crore as on March 31, 2026, up 16.1 per cent over the September 30, 2025 valuation. Net asset value grew by 9 per cent from ₹483.7 per unit on September 30, 2025, to ₹527 per unit as on March 31, 2026.

 

The Reit’s loan-to-value (LTV) stood at 24.3 per cent as of FY26.

 

Ramesh Nair, managing director and chief executive officer of Mindspace Reit, said, “FY26 was a very strong year across every metric — occupancy, leasing, NOI growth and distributions. As seen in Hyderabad, large tenants are committing early and that is the clearest signal of market confidence. Our Chennai investments have scaled meaningfully, and the timing could not have been better. The business is in very good shape and we remain focused on execution.”

 

Earlier, the Reit announced office asset acquisitions worth ₹5,541 crore in Chennai.