Mindspace REIT’s net operating income up 13% in Q4 FY25, ET RealEstate
NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported a growth of 13 per cent in its net operating income (NOI) during the quarter ended March 31, 2025. Its NOI stood at ₹540 crore as against ₹477 crore in Q4 FY24.
The board of directors of K Raheja Corp Investment Managers, manager to Mindspace REIT has approved the appointment of Ramesh Nair, currently the chief executive Officer, as an additional director and managing director on the board of the company. It recently appointed Akshaykumar Chudasama, as an additional director in the capacity of non-executive independent director. He is the managing partner of Shardul Amarchand
Mangaldas & Co.
The board considered and approved the distribution of ₹6.44 per unit aggregating to ₹3,923.14 million for the quarter ended March 31, 2025, which comprises dividend of ₹2.77 per unit aggregating to ₹1,687.44 million, interest of ₹0.13 per unit aggregating to ₹79.19 million, repayment of SPV loan of ₹3.48 per unit aggregating to ₹2,119.96 million and other income of ₹0.06 per unit aggregating to ₹36.55 million.
The board also approved the acquisition of office admeasuring approximately 5,500.18 sq ft carpet area situated in Commerzone Yerawada by Mindspace Business Parks, an asset SPV of Mindspace REIT at a consideration of ₹70 million.
Ramesh Nair, CEO and MD of the company said, “We achieved our highest-ever annual gross leasing of 7.6 million sq ft and delivered a strong quarterly distribution of ₹392 crore, up ~39% year-on-year, the highest growth since listing. Net Operating Income for the quarter grew ~13% year-on-year to ₹540 crore, and committed occupancy rose to 93%. Our NAV has grown by 10% driven by rising rentals across our micro markets, accretion from acquisitions and completion of pre-committed buildings.”
The company recorded gross leasing of 2.8 million sq ft in Q4 FY25, taking cumulative leasing for FY25 to 7.6 million sq ft. It has a development pipeline of 3.7 million sq ft.
Net asset value (NAV) of the portfolio was up 10 per cent to ₹431.7 per unit. Gross asset value (GAV) of the portfolio stands at ₹36,647 crore as of March 31, 2025. Loan-to-value (LTV) ratio was at approximately 24.3%. Average cost of borrowing at the end of quarter stood at 8.15%.
Cost of debt was at 8.15 per cent per annum per month. Net debt was ₹88,967 million as on March 31, 2025.
