NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported a decline of 10.31 per cent in its net consolidated profit during the quarter ended September 30, 2024. Its profit after tax stood at Rs 134.97 crore in Q2 FY25 as against Rs 150.48 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 652.15 crore in Q2 FY25, a minor growth of 1.86 per cent from Rs 640.25 crore it recorded in the similar quarter last year.
It clocked net operating income (NOI) of Rs 504 crore, registering a growth of 5.1% year-on-year in Q2 FY25. It saw loan-to-value (LTV) of approximately 21.9% while gross asset value of the portfolio grew from Rs 2,98,000 crore to Rs 3,13,000 crore as on September 30, 2024. Net asset value (NAV) stood at Rs 392.6 per unit as on September 30, 2024.
Ramesh Nair, chief executive officer, K Raheja Corp Investment Managers said, “We leased around 1 million sq ft of our completed portfolio and increased our committed occupancy to 91.7%. For the first time, our net operating income surpassed Rs 500 crore, while distributions exceeded Rs 300 crore in a quarter.”
The board of directors of K Raheja Corp Investment Managers, manager to Mindspace REIT declared distribution of Rs 5.15 per unit aggregating to Rs 305.40 crore, which comprises dividend of Rs 3.10 per unit aggregating to Rs 183.80 crore, interest of Rs 0.28 per unit aggregating to Rs 16.60 crore, repayment of SPV debt of Rs 1.76 per unit aggregating to Rs 104.40 crore and other income of Rs 0.01 per unit aggregating to Rs 60 lakh.
The executive committee of the manager approved the revision in the limits of raising of funds by Mindspace REIT by issuance of non-convertible debt securities and/or commercial papers from existing limit of Rs 2,500 crore to Rs 4,500 crore in one or more tranches.
The board also approved re-appointment of Deepak Ghaisas, Bobby Parikh and Manisha Girotra, as non-executive, independent directors of the company.
It approved proposed acquisition of certain units admeasuring approx. 0.26 million sq ft at Mindspace Madhapur, Hyderabad by one of the asset SPV of Mindspace REIT at a consideration of approximately Rs 275 crore.
Its committed occupancy stood at 91.7%, recorded gross leasing of 2.1 million sq ft in Q2 FY25 including pre-leasing of 1.05 million sq ft and average cost of borrowing at the end of quarter stood at 7.9%.
