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  • Wednesday, September, 2022| Today's Market | Current Time: 08:05:57
  • Committed occupancy jumps by 130 bps QoQ

    Gross leasing of c.0.9 msf during the quarter

    Strong Net Operating Income (NOI) growth of 10.9% YoY

    Mumbai : Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reported results for the quarter ended June 30, 2022.

    Q1 FY23 Overview

    • Recorded strong leasing of c.0.9 msf across 18 deals
    • Committed occupancy of the portfolio jumped by c. 130 bps QoQ to 85.6%
    • Re-leasing spread stood at 36.4% on 0.5 msf of area re-let
    • In-place rents have grown by 9.3% YoY to INR 62.4 psf/month
    • Continue to deliver on NOI growth, NOI at INR 4,014 mn, up by 10.9% YoY
    • NOI margin remains strong at over 80%
    • Strong balance sheet with low Loan-to-value (LTV) of c.16.6%
    • Released 1st Sustainability Report, reiterating our commitment to sustainable development
    • Mindspace REIT Group features in India’s Great Mid-Size Workplaces 2022
    • Commerzone Kharadi awarded by Architects Engineers & Surveyors Association Pune (AESA) for Good Practices in Building Design and Construction
    • Received LEED Platinum O&M certification across 6 Buildings & LEED Gold O&M across 5 Buildings


    • INR 2,811 Mn or INR 4.74 p.u. for Q1 FY23, a growth of c.3% on sequential basis
    • Dividend, which is tax-exempt in the hand of unitholders, forms c. 93% (INR 4.41 p.u.) of distribution while interest constitutes c. 6.8% (INR 0.32 p.u.) and other income of c. 0.2% (INR 0.01 p.u.)
    • The record date for the distribution is August 16, 2022, payment of the distribution shall be processed on or before August 25, 2022

    Speaking on the results, Mr. Vinod Rohira, Chief Executive Officer, said,

    “After recording one of the best years of leasing in FY22, the tailwinds continue to grow stronger as we enter the new financial year. Our strategy of upgrading our offerings during downtime and implementing the best asset management practices has allowed us to benefit from the anticipated demand upswing. The committed occupancy of the portfolio has risen by 130 bps QoQ to 85.6% as we leased 0.9msf during the quarter. The demand recovery initially led by the large occupiers is now seeing a much broad-based momentum. We expect a stronger recovery in the second half of the year as a greater percentage of employees return to their offices.”

    Investor Communication and Quarterly Investor Call Details

    Mindspace REIT has disclosed the following information pertaining to the financial results and business performance (i) unaudited condensed standalone and unaudited condensed consolidated financial statements for the quarter ended 30 June 2022 and (ii) an earnings presentation covering Q1 FY2023 results.  

    Mindspace REIT is also hosting an earnings conference call on August 11, 2022 at 16:00 hours Indian Standard Time to discuss the Q1 FY23 results.  


    This press release (“Press Release”) (a) is for information purpose only without regards to specific objectives, financial situations or needs of any particular person, (b) comprises information given in summary form and neither purports to be complete nor guarantees that such information is true and accurate, (c) should not be considered as a recommendation to any person to purchase / subscribe to  any units, debentures, bonds or any other securities / instruments issued or proposed to be issued by  Mindspace REIT (d) does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for, or advertisement with respect to, the purchase or sale of any units, debentures, bonds or any other securities / instruments of Mindspace REIT in any jurisdiction.

    This Press Release may include statements that are / may deemed to be, ‘forward-looking statements’ which involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any projection of future income or performance should be viewed merely as a fair estimate of the management of Mindspace REIT, which may be dependent on several factors and in no manner should be construed as an indication of its reflection in the market price of units or any other securities / instruments issued or proposed to be issued by Mindspace REIT. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that any objectives specified herein will be achieved. None of Mindspace REIT, or its manager viz. K Raheja Corp Investment Managers LLP, or any of our affiliates or advisors, as such, (a) make any representation or warranty, express or implied, as to, and/or accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein, (b) accept any liability whatsoever for any loss, howsoever, arising from any use or reliance on this Press Release or (c) assume responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent development, information or events, or otherwise. The information contained herein is subject to change without notice and past performance is not indicative of future results.

    This Press Release has not been and will not be reviewed or approved by a regulatory authority in India or elsewhere or by any stock exchange in India or elsewhere and any prospective investor investing in units/debentures or other securities / instruments of Mindspace REIT should consult its own advisors before taking any decision in relation thereto.


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