Mindspace REIT Q2 Net Income Rises 32% to Rs 836 Cr; Declares Rs 442 Cr Payout for Unitholders

New Delhi: Realty firm Mindspace Business Parks REIT on Monday reported a 32 per cent annual increase in net operating income to Rs 836 crore and declared a distribution of Rs 442 crore to unitholders for the second quarter.

Its net operating income (NOI) stood at Rs 634 crore in the year-ago period.

The revenue from operations jumped 30 per cent to Rs 1,010 crore in the July-September period this fiscal from Rs 778 crore a year ago, according to a regulatory filing.

“Our performance reflects the strength of our portfolio and our ability to execute. NOI grew 31.9 per cent in the September quarter, with occupancy reaching a record 96.1 per cent, supported by strong leasing, rising rents and completed developments,” said Ramesh Nair, MD and CEO at Mindspace REIT.

Nair said the company remains focused on growing earnings, strengthening its portfolio and delivering attractive long-term returns to unitholders through active asset management and disciplined capital allocation.

On the operational front, the company recorded gross leasing of 1.6 million sq ft in the September quarter.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the stock exchanges in August 2020. It is an office asset-backed real estate investment trust (REIT).

The company owns office assets in the Mumbai Region, Pune, Hyderabad, and Chennai. Its portfolio has a total leasable area of 46.4 million sq ft comprising 37.7 million sq ft of completed area, 6 million sq ft of area under construction and 2.7 million sq ft of future development.

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