Published on August 11, 2022
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
Distribution
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.
Disclaimer
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