Mindspace Business Parks REIT.Mindspace Business Parks REIT.

Data from Mindspace Business Parks REIT’s latest results is in the India REITs table.

Mindspace Business Parks REIT has reported net operating income of INR 4,551 million for its 3Q FY2023.

This represents an increase of 16.8% year-on-year and 4.6% quarter-on-quarter, excluding one-time compensation of INR186 million received during the period.

Accordingly, this brings the REIT’s net operating income for 9M FY2023 to INR 12,737 million, which represents a 14.6% growth.

These came on the back of a gross leasing volume of about 1.3 million square feet in 3Q FY2023.

The REIT achieved average rent of INR67 psf/month across 17 tenants during the period.

Meanwhile, re-leasing spread in 3Q stood at 24.9% while in-place rents grew by 9.4% year-on-year.

“Despite the challenging economic environment, the committed occupancy of the portfolio jumped by 400 bps to 88.3% during 9M FY23”, said Vinod Rohira, CEO of Mindspace Business Parks REIT.

“Our strong performance further instils confidence to bring forward strategic supply and pursue another value accretive redevelopment opportunity in one of India’s top-performing micro-markets”, he added.

Mindspace Business Parks REIT was last done on the BSE at INR329.20, which presently implies a distribution yield of 5.83% according to data on the India REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.