Mindspace REIT Sees 9% Increase in Net Operating Income, Announces Rs 300 Crore Distribution to Unitholders
Mindspace Business Parks REIT reports 9% growth in net operating income and declares distribution of Rs 300 crore to unitholders for Q1 2024.
Real EstateReitMindspace Business Parks ReitK Raheja CorpNet Operating IncomeReal Estate NewsJul 30, 2024
The REIT's net operating income increased by 9% to Rs 496 crore, driven by rising rents and growing occupancy. The company's distribution to unitholders also grew by 5% to Rs 299 crore, from Rs 285 crore in the year-ago period.
According to Ramesh Nair, Chief Executive Officer of K Raheja Corp Investment Managers Pvt Ltd, the manager to Mindspace REIT, the company has had a great quarter, with over 1 million square feet of renting and a committed occupancy of 91.1%. The healthy leasing activity, particularly in Navi Mumbai Parks post the Special Economic Zone (SEZ) policy reform, has encouraged the company to prepone the future development at Airoli East Park.
The company plans to build an additional 1.5 million square feet at Mindspace Airoli East to meet the demand over the next 3-4 years. This, alongside its ongoing projects totalling 4.4 million square feet and the potential lease up of 2.3 million square feet of vacant space, positions the company for significant growth ahead.
Information
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the Indian bourses in August 2020. It owns office portfolios in Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai. The portfolio has a total leasable area of 33.6 million square feet, comprising 26.3 million square feet of completed area, 4.4 million square feet of area under construction, and 2.8 million square feet of future development.
K Raheja Corp is a leading real estate developer in India, with a focus on commercial and residential projects. The company has developed several iconic projects in India, including the Mindspace Business Parks REIT.
Frequently Asked Questions
What is the net operating income of Mindspace REIT in Q1 2024?
The net operating income of Mindspace REIT in Q1 2024 is Rs 496 crore, a 9% increase from the previous year.
How much distribution will Mindspace REIT make to unitholders in Q1 2024?
Mindspace REIT will distribute nearly Rs 300 crore to unitholders in Q1 2024.
What is the revenue from operations of Mindspace REIT in Q1 2024?
The revenue from operations of Mindspace REIT in Q1 2024 is Rs 620 crore, an 11% increase from the previous year.
What is the committed occupancy rate of Mindspace REIT?
The committed occupancy rate of Mindspace REIT is 91.1%.
What is the total leasable area of Mindspace REIT's portfolio?
The total leasable area of Mindspace REIT's portfolio is 33.6 million square feet.
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