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Mindspace REIT, a leading owner and developer of Grade A office portfolios across major Indian markets, reported strong quarterly and annual results for FY24. Key highlights included committed occupancy of 90.6% and gross leasing of 2 million sq ft in Q4 alone, taking total FY24 leasing to 3.6 million sq ft. Re-leasing spreads stood at 16.7% for Q4 and 14.3% for FY24. Net profit after tax for Q4 FY24 was INR 127.10 crore compared to a loss last year. Total income grew 9.05% to INR 624.10 crore for Q4. NOI and NAV also increased year-on-year, demonstrating Mindspace REIT's consistent growth. With a large Grade A portfolio across key cities, Mindspace REIT remains one of India's leading commercial real estate players.
Mindspace Business Parks REIT (Mindspace REIT), a leading owner and developer of Grade A office portfolios across four major Indian markets, has announced its results for the quarter and fiscal year ending March 31, 2024. Advertisement
Key highlights for Q4 FY24 include committed occupancy of 90.6% and gross leasing of approximately 2 million square feet, taking FY24 cumulative leasing to around 3.6 million square feet. Re-leasing spreads were 16.7% for Q4 and 14.3% for FY24 on 3.4 million square feet of re-leased area. In-place rents stood at INR 69 per square foot per month.
Mindspace REIT reported net consolidated profit after tax of INR 127.10 crore during the quarter ended March 31, 2024. It had registered a loss after tax of INR 33.90 crore in the corresponding quarter of the previous fiscal.
The company's net consolidated total income stood at INR 624.10 crore in Q4 FY24, a growth of 9.05% compared to INR 572.30 crore it recorded in the similar quarter this year. Net operating income (NOI) grew 11.9% year-on-year to INR 1,896 crore in FY24. NOI grew by 9.3% year-on-year in Q4 FY24 to INR 477 crore.
Cost of debt stood at 7.8%, loan-to-value (LTV) was 21.1%, average cost of borrowing at the end of FY24 stood at 7.8%. Net Asset Value (NAV) grew from INR 369.6 per unit as on 30-Sep-23 to INR 380.5 per unit as on 31-Mar-24.
Commenting on the results, Ramesh Nair, CEO of K Raheja Corp Investment Managers said that this was a record quarter for Mindspace REIT with 2 million square feet leased, making it their best leasing performance since public listing. With 4.4 million square feet under ongoing expansion projects, 2.5 million square feet planned for future development, and potential to lease 2.4 million square feet of current vacancies, it is well-positioned for significant net operating income growth.
Mindspace Business Parks, one of the Asset SPVs of Mindspace REIT, completed acquisition of a unit with leasable area of about 42,000 sq ft in Commerzone Yerwada Park, Pune at a consideration of INR 41 crores.
In the financial year 2024, the company also successfully acquired 0.24 million sq ft of leasable space at Commerzone Porur, Chennai, for INR 182 crore. Additionally, it received approval from the Princeton Digital Group to commence the Second Data Centre at Airoli West Park.
Mindspace received approval to demarcate SEZ space in its Airoli portfolio, leasing around 1.2 million sq ft including 400,000 sq ft of demarcated SEZ to a leading BFSI client. The company has plans to develop an 800,000 sq ft mixed-use project in Airoli including offices and a luxury hotel.
Mindspace REIT owns high-quality office portfolios in four key office markets in India, including the Mumbai Region, Pune, Hyderabad, and Chennai, making it one of the largest Grade-A office portfolios in the country. Their portfolio comprises 5 integrated business parks and 5 quality independent office assets with superior infrastructure and amenities. With over 200 tenants as of September 30, 2023, the portfolio boasts buildings that are either Gold or Platinum Green Building Certified (IGBC/LEED).
The assets developed by Mindspace offer a community-based ecosystem tailored to meet the evolving standards and demands of modern businesses, positioning them as a preferred choice for both multinational and domestic corporations.
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