Mindspace REIT's Q1 FY25 Performance: Net Operating Income Surges 9% to Rs 496 Crore
Mindspace Business Parks REIT reports 9% increase in net operating income to Rs 496 crore in Q1 FY25, declares distribution of Rs 299 crore to unitholders.
Mindspace ReitQ1 Fy25Net Operating IncomeIndian Real Estate MarketK Raheja Corp GroupReal EstateJul 30, 2024
Mindspace REIT's revenue from operations has also seen an 11% increase to Rs 620 crore during April-June 2024, from Rs 560 crore in the same period last year. The company's Chief Executive Officer, Ramesh Nair, attributed this growth to the rising rents and growing occupancy.
The company has had a great quarter, with over 1 million square feet of rentals and a committed occupancy of 91.1%. The healthy leasing, especially at the Navi Mumbai Parks post the Special Economic Zone (SEZ) policy reform, has encouraged the company to prepone the future development at its 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.
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was 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.
The company's strong performance in Q1 FY25 is a testament to its growing presence in the Indian real estate market. With its focus on expanding its portfolio and meeting the growing demand for office spaces, Mindspace REIT is poised for significant growth ahead.
Frequently Asked Questions
What is the net operating income of Mindspace REIT in Q1 FY25?
Rs 496 crore, a 9% increase from Rs 455 crore in the same period last year.
What is the distribution to unitholders in Q1 FY25?
Rs 299 crore, a 5% increase from Rs 285 crore in the same period last year.
What is the revenue from operations of Mindspace REIT in Q1 FY25?
Rs 620 crore, an 11% increase from Rs 560 crore in the same period last year.
What is the committed occupancy of Mindspace REIT in Q1 FY25?
91.1%.
What is the total leasable area of Mindspace REIT's portfolio?
33.6 million square feet.
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