Mindspace REIT Q3FY25 net operating income rises by 8.3% to ₹522 crore

Mindspace REIT’s revenue from operations increased by 7.5% to ₹642 crore from ₹595 crore in the year-ago period.

Real estate firm Mindspace Business Parks REIT announced on January 24 an almost 8.3% increase in its net operating income to ₹522 crore for the quarter that ended in December 2024. Its net operating income stood at ₹473 crore in the year-ago period.

Real estate firm Mindspace Business Parks REIT announced on January 24 an almost 8.3% increase in its net operating income to ₹522 crore for the quarter that ended in December 2024. (Picture for representational purposes only)(File Photo)

The company also announced a distribution of ₹315 crore, up 10.9% from the ₹285 crore distribution during the same period last year.

The company's revenue from operations in Q3FY25 increased by 7.5% to ₹642 crore, up from ₹596 crore during the same period last year.

The company on January 24 said that it recorded gross leasing of 1.7 million sq ft in Q3 FY25

The company also announced that its R2 Building at Gera Commerzone Kharadi, spread across one mn sq ft, has been entirely pre-leased to a large MNC GCC, even before its completion.

"We delivered a strong performance this quarter, setting key milestones. We leased 1.7 million sf ft, including 1 million sq ft in pre-leases, and fully leased our R2 Building in Gera Commerzone Kharadi to a major MNC GCC, even before completion. The launch of our second Data Center in Airoli West, with three more in the pipeline, further strengthens our portfolio. With a robust leasing pipeline and solid results, we remain on track for steady growth and long-term value creation," said Ramesh Nair, CEO, Mindspace REIT.

Mindspace REIT said the company has made an offer to acquire 100 per cent equity shareholding in Sustain Properties Pvt Ltd, which houses around 1.8 million square feet of IT Park at Commerzone Raidurg, Hyderabad. It is also evaluating another potential third-party acquisition opportunity in the city.

Mindspace Business Parks REIT is sponsored by K Raheja Corp Group and it got listed on the Indian bourses in August 2020. It owns office portfolios in four key office markets: Mumbai Region, Pune, Hyderabad and Chennai. The company has a portfolio of 34.8 million (348 lakh) square feet comprising 26.8 million square feet of completed area, 4.6 million square feet of area under construction and 3.4 million square feet of future development.