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Mindspace Business Parks REIT on July 30 reported a 9.2% increase in net operating income to ₹496 in Q1 FY25 from ₹455 crore Q1 FY24. The company’s revenue from operations increased by 11% to ₹620 crore from ₹560 crore on the back of strong leasing of over one million sq ft in the April to June period.

It declared distribution of nearly ₹300 crore to unitholders for the latest April-June period.
The company’s Net Operating Income (NOI) increased 9% to ₹496 crore, from ₹455 crore a year-ago, while distribution grew 5% in the reported quarter to ₹299 crore, from ₹285 crore in the year-ago period.
The company reported gross leasing of 1.1 million sq ft in Q1 FY25. The company also highlighted that it is actively working on an under construction pipeline of 4.4 million sq ft, with 1.3 million sq ft planned to be completed in FY25.
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“This includes 1 million in Commerzone Kharadi and 0.3 million sqft in the Data Center at Airoli West, Navi Mumbai, ” the company said in the statement.
“We’ve had yet another great quarter, renting out over 1 million square feet and achieving a remarkable committed occupancy of 91.1%. This healthy leasing, especially at our Navi Mumbai Parks post the Special Economic Zone (SEZ) policy reform, has encouraged us to prepone the future development at our Airoli East Park,” said Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT.
“We plan to build an additional 1.5 million square feet at Mindspace Airoli East to meet the demand over the next three to four years. This, alongside our ongoing projects totalling 4.4 million square feet and the potential lease up of 2.3 million sqft vacant space, positions us for significant growth ahead,” Nair added.
Also Read: Mindspace REIT raises ₹650 crore from IFC via sustainability linked bonds
The company also declared distribution (dividends) of ₹299 crore that is ₹5.04 per unit for Q1 FY25, which is 5% Year on Year (YoY) growth, it said in a statement. The payment of the distribution shall be processed on or before August 8, the company said.
Cumulatively the company said that it has distributed ₹4,231 crore or ₹71.3 per unit since its listing in August 2020.
The company in its investors presentation for Q1FY25 reported rising occupancies across six out of nine parks wherein it has achieved more than 96% committed occupancy levels.
The company has 100% occupancy for its GERA CommerZone property in Pune, 100% for The Square BKC in Mumbai and The Square Nagar Road in Pune. Further, the occupancy for Mindspace Malad remains to be 99.6%, Mindspace Madhapur at 97.4% and Commerzone Yerwada in Pune to be 96.4%, it said.
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Mindspace Business Parks REIT, sponsored by K Raheja Corp Group, was listed on the Indian Stock Exchange in August 2020. It owns office portfolios across MMR, Pune, Hyderabad and Chennai. The company’s portfolio is spread across a total leasable area of 33.6 million square feet comprising 26.3 million sq ft of completed area, 4.4 mn sq ft of area under construction and 2.8 mn sq ft of future development.
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