Mindspace Business Parks REIT Reports Strong Q1 Growth

Mindspace Business Parks REIT reported a 9% increase in net operating income to Rs 496 crore for Q1 and declared nearly Rs 300 crore distribution for shareholders. The company saw an 11% revenue increase and achieved remarkable occupancy rates. Future development plans are also underway to meet rising demand.

Mindspace Business Parks REIT reported a 9% rise in net operating income to Rs 496 crore for the first quarter of this financial year. Nearly Rs 300 crore will be distributed to unitholders for the April-June period.

According to regulatory filings, revenue from operations jumped 11% to Rs 620 crore in April-June 2024, compared to Rs 560 crore a year ago. Net Operating Income (NOI) rose 9% to Rs 496 crore, while distribution to shareholders grew 5% to Rs 299 crore.

Ramesh Nair, CEO of K Raheja Corp Investment Managers Pvt Ltd, noted that the company rented over 1 million square feet and achieved a 91.1% occupancy rate. The favorable leasing environment post-SEZ reform in Navi Mumbai has encouraged preponed development at Airoli East Park. Plans include an additional 1.5 million square feet project and ongoing projects totaling 4.4 million square feet.

(With inputs from agencies.)