Mindspace REIT net operating income rises 16.8 % YoY on strong leasing

Mindspace REIT's net operating income (NOI) for Q3FY23 rose 16.8 per cent to Rs 455 crore year-on-year (YoY), the company said in a BSE filing. Sequentially, NOI was up 4.6 per cent.

The company also raised Rs 100 crore through the issuance of commercial papers.

The company recorded a gross leasing of c.1.3 msf in Q3FY23, taking cumulative leasing in 9MFY23 to c.3.5 msf. Mindsapce REIT also had an average rent of Rs 67 psf/month, across 17 tenants in Q3FY23.

Speaking on the results, Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT

said, “We are delighted to report yet another strong quarter, recording a gross leasing of 1.3 msf in Q3 taking the cumulative 9M FY23 leasing to 3.5 msf. Despite the challenging economic environment, the Committed Occupancy of the portfolio jumped by 400 bps to 88.3% during 9M FY23."

"Our strong performance further instills confidence to bring forward strategic supply and pursue another value accretive redevelopment opportunity in one of India’s top-performing micro-markets. Our well-curated offerings and strong brand equity, enable us to deliver long-term sustainable growth for our unitholders", he added.

According to the release issued by the company, the committed occupancy was up by nearly 140 bps QoQ to 88.3 per cent. The re-leasing spread in Q3 stood at 24.9 per cent on 1.0 msf of area re-let.

In-place rents grew by 9.4 per cent YoY Rs 64.5 psf/month.