Mindspace REIT Q3 results: Profit up 16% at Rs 147 cr, income at Rs 610 cr

Mindspace Business Parks REIT on Monday reported a 16 per cent increase in its consolidated net profit to Rs 146.8 crore for the latest December quarter and announced distribution of Rs 285 crore to unitholders, mainly in the form of dividends.

Its net profit stood at Rs 126.5 crore in the year-ago period.

The total income rose to Rs 610.8 crore in the October-December period of this fiscal from Rs 560.4 crore a year ago, according to a regulatory filing.

The company also announced a distribution of Rs 4.80 per unit aggregating to Rs 284.6 crore, which comprises a dividend of Rs 4.29 per unit totalling 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.

The Board of Directors of K Raheja Corp Investment Managers Pvt Ltd, manager to Mindspace Business Parks REIT, approved the proposed acquisition and term sheet to be entered in relation to the acquisition of certain units measuring leasable area of 42,000 sq ft in Commerzone Yerwada Park, situated at Yerwada, Samrat Ashok Path, Off Airport Road, Pune, by Mindspace Business Parks, one of the Asset SPVs of Mindspace REIT, for a consideration Rs 41 crore.

The board also approved the "initiation and associated matters in relation to the process of divestment of land parcel admeasuring approximately 26 acres, along with the structures thereon at Mindspace Pocharam, situated at Pocharam Village, Ghatkesar Mandal, Ranga Reddy District, Telangana".

At the conclusion of the process, a detailed proposal shall be placed before the Board for its consideration, the filing said.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, was listed on the stock exchanges in August 2020. It owns office portfolios in the Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio has a total leasable area of more than 32 million square feet.