Mindspace Business Parks REIT announced a 9% rise in net operating income to Rs 496 crore for the initial quarter of the current fiscal year. Additionally, they disclosed a distribution of close to Rs.300 crore to unitholders for the most recent April-June period.
A regulatory filing revealed that the company's revenue from operations increased 11% to Rs.620 crore for April-June 2024, up from Rs.560 crore in the same period last year.
In the previous year, the Net Operating Income (NOI) rose by 9% to Rs.496 crore, up from Rs.455 crore. Additionally, the distribution increased by 5% in the current quarter to Rs.299 crore, compared to Rs.285 crore in the same period last year.
Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Pvt Ltd, Manager to Mindspace REIT said,"We had another strong quarter, leasing over 1 million square feet and reaching a committed occupancy of 91.1%. Our NOI increased by 9.2% due to higher rents and improved occupancy."
This strong leasing, particularly at our Navi Mumbai Parks following the SEZ policy reform, has led the company to accelerate future development at our Airoli East Park.
We plan to add 1.5 million square feet at Mindspace Airoli East to address demand over the next 3-4 years. Combined with our ongoing projects of 4.4 million square feet and the potential lease-up of 2.3 million square feet of vacant space, this positions us for substantial growth.
Mindspace Business Parks REIT, which is backed by the K Raheja Corp group, made its debut on the Indian stock exchanges in August 2020. The REIT holds office properties located in the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai.
The total leasable area of the portfolio amounts to 33.6 million square feet, which includes 26.3 million square feet of completed space, 4.4 million square feet currently under construction, and 2.8 million square feet designated for future development.
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