Mindspace REIT net operating income rises to ₹359 crore in Q2

Mindspace Business Parks REIT on Friday reported a 6.7 per cent increase in net operating income to ₹359.2 crore for the quarter ended September and will distribute an amount of ₹272.8 crore to unit holders.

In a statement, Mindspace Business Parks REIT said it will distribute an amount of ₹272.8 crore, which is ₹4.60 per unit, with over 90 per cent being tax-exempt. 

The amount comprises ₹253.8 crore/ ₹4.28 per unit in form of dividend and ₹19 crore/ ₹0.32 per unit in form of interest.

Speaking on the results, Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said: “We continue to witness strong leasing activity across our portfolio with over 2.1 million square feet leased in first half of this financial year."

He further said the company remains increasingly confident of the commercial market outlook.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020. 

The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai.

It has a total leasable area of 31.3 million square feet.

The portfolio consists of five integrated business parks and five quality independent office assets. It has a diversified and high-quality tenant base, with over 170 tenants as of September 30, 2021.