Mindspace REIT’s Q3 net operating income up 10.4% YoY
Mindspace REIT’s Q3 net operating income up 10.4% YoY

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Mindspace REIT’s Q3 net operating income up 10.4% YoY

Mindspace Business Parks REIT reported a 10.4 per cent rise in its net operating income for the December quarter at ₹473 crore, while revenue rose 13.5 per cent to ₹596 crore, backed by gross leasing of 4.5 lakh square feet and contracted rent escalations.

During the quarter, the company achieved a re-leasing spread of 17.1 per cent on 4 lakh square feet area let out, and had a committed occupancy of 86.1 per cent.

“Vacancies are bottoming out and physical attendances are increasing,” said Chief Executive Officer, Ramesh Nair. Physical attendance for the REIT portfolio was at around 65 per cent now, he said.

He said that occupancies would improve during the course of the year.

Following the amendment in the SEZ norms allowing floor wise denotification, Nair said that they are in the process of demarcating and converting the various SEZ units to non processing areas and this space would get leased over the next 12-24 months. Around 83 per cent of the total vacant space is SEZ.

The REIT’s in-place monthly rents increased 5.4 per cent on year to ₹68 per square feet.

Of the three MSF of expiries this year, two MSF came up in the first nine months of the fiscal year and of this 1.2 MSF has already been leased back. Another one MSF of area is coming up for expiry in the current quarter and Nair said that active discussions are underway for leasing it. There is a 13 per cent potential spread on the balance of the lease, he added.

The REIT obtained approval to divest stake in a vacant asset in Hyderabad, a 26-acre land parcel. A consultant will be appointed as part of the sale process.

The company also approved distributing ₹4.80 per unit to its unitholders for a total amount of ₹284.6 crore.

Source: Businessline

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