NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported a growth of 16.05 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 146.8 crore in Q3 FY24 as against Rs 126.5 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income and gains stood at Rs 610.8 crore in Q3 FY24, a growth of 8.99 per cent from Rs 560.4 crore it recorded in the similar quarter last year.
Mindspace REIT’s net operating income (NOI) grew by 10.4% year-on-year in Q3 FY24 to Rs 473 crore. It recorded NOI of Rs 1,419 crore for the nine month period in FY24, registering a 12.8% growth year-on-year.
It raised commercial paper for Rs 150 crore at a coupon of 7.72% per annum, per month. Its average cost of borrowing at the end of Q3 FY24 stood at 7.8%.
The board of directors of K Raheja Corp Investment Managers, manager to Mindspace REIT approved distribution of Rs. 4.80 per unit aggregating to Rs 284.6 crore, which comprises dividend of Rs. 4.29 per unit aggregating to Rs 254.4 crore, interest of Rs. 0.50 per unit aggregating to Rs. 29.7 crore and other income of Rs 0.01 per unit aggregating to Rs 60 lakh.
Ramesh Nair, CEO, K Raheja Corp Investment Managers said, “We’ve achieved a healthy NOI growth this quarter. Excluding one off items, our Q3 FY24 NOI grew by 10.4% over last year. We are on track to deliver our 4.4 million sq ft development pipeline over the next 1-3 years.”
It recorded gross leasing of 0.45 million sq ft in Q3 FY24, taking cumulative leasing for nine months in FY24 to 1.6 million sq ft. Re-leasing spread for Q3FY24 stood at 17.1% on 0.4 million sq ft of area re-let.
In-place rents increased by 5.4% year-on-year to Rs 68 per sq foot per month.
The company received board approval to acquire an area of 42,000 sq ft in Commerzone Yerawada, Pune for a consideration Rs 410 million adjusted for any outstanding liabilities, plus related transaction costs. The board also initiated the process to divest approximately 26 acres vacant land parcel at Mindspace Pocharam in Hyderabad.
Mindspace REIT’s gross debt stood at Rs 6,800 crore, net debt stood at Rs 6,008.4 crore, net debt to market value was 21% and cost of debt was 7.8% per annum.
