Mindspace REIT Q4 NOI up 9% to 436.4 cr, distribution of Rs 285 cr declared

Mindspace Business Parks REIT on Thursday reported a 9 per cent increase in its net operating income to Rs 436.4 crore in the fourth quarter of the last fiscal and declared income distribution of Rs 285.2 crore to unitholders for the March quarter.

The company declared a distribution of Rs 285.2 crore or Rs 4.81 per unit for Q4 FY23, a growth of 4.3 per cent YoY (year-on-year). The record date for the distribution is May 10, 2023. Payment of the distribution shall be processed on or before May 17.

The dividend, which is tax-exempt in the hand of unitholders, forms 90.9 per cent (Rs 4.37 per unit ) of distribution, it said in a regulatory filing.

Net Operating Income (NOI) grew 13 per cent to Rs 1,710.1 crore during the last fiscal. The total distribution in the 2022-23 fiscal will touch Rs 1,132.7 crore.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp Group, got listed on the Indian bourses in August 2020. It owns quality office portfolios in Mumbai Region, Pune, Hyderabad and Chennai.

The portfolio has a total leasable area of 32 million square feet comprising 25.8 million square feet of completed area, 2.5 million square feet of area under construction and 3.7 million square feet of future development. The portfolio consists of five integrated business parks and 5 quality independent office assets.