Mindspace Business Parks logs 8% y-o-y growth in Q3 income

27 Jan 2025 , 06:24 AM

On Friday (January 24), Mindspace Business Parks REIT reported an 8.3% increase in net operating income for Q3 FY25, hitting ₹522 Crore.

For the nine-month period ending December 2024, company’s net operating income increased by 7.5% y-o-y to ₹1,522 Crore, fueled by strong growth in leasing activity and rental growth across its business parks. 

The REIT kept a low Loan-to-Value (LTV) ratio of 22.6%. The average borrowing cost stands at 8.07% as of the quarter-end.

For Q3FY25, the company has declared an interim dividend of ₹5.32 per unit, registering a 10.9% y-o-y growth. The company has set January 29, 2025 as the record date, and will process the payments by February 5, 2025. Since its listing in August 2020, the company has distributed about ₹4,852 Crore or ₹81.80 per unit to shareholders.

On the operation front, the REIT logged gross leasing of approx. 1.7 million square feets. Company’s stable rental growth increased in-place rents to ₹71.40 per square foot per month.

The company has made significant progress in its development pipeline, including a high-street retail complex, “Mindspace Fusion,” at Airoli East, and a 315,000-square-foot data center at Airoli West, which was completed ahead of schedule.

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