Mindspace REIT posts net profit of Rs 127.10 crore in Q4 FY24

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported net consolidated profit after tax of Rs 127.10 crore during the quarter ended March 31, 2024. It had registered loss after tax of Rs 33.90 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company's net consolidated total income stood at Rs 624.10 crore in Q4 FY24, a growth of 9.05 per cent Rs 572.30 crore it recorded in the similar quarter last year.

The board of directors of K Raheja Corp Investment Managers, manager to Mindspace Business Parks REIT (Mindspace REIT) declared distribution of Rs 4.77 per unit aggregating to Rs 282.90 crore, which comprises dividend of Rs 4.31 per unit aggregating to Rs 255.60 crore and interest of Rs. 0.46 per unit aggregating to Rs 27.30 crore.

Ramesh Nair, chief executive officer of the company said, "We had a record quarter, leasing 2 million sq ft. Our committed occupancy now stands at 90.6%. With ongoing expansion projects totalling 4.4 million sq ft, future development of 2.5 million sq ft and potential leasing of 2.4 million sq ft of vacant area."

Mindspace Business Parks, one of the Asset SPVs of Mindspace REIT, completed acquisition of unit admeasuring leasable area of about 42,000 sq ft in Commerzone Yerwada Park, Pune at a consideration of Rs. 41 crore.

Net operating income (NOI) grew 11.9% year-on-year to Rs 1,896 crore in FY24. NOI grew by 9.3% year-on-year in Q4 FY24 to Rs 477 crore. The company reported gross leasing of 3.6 million sq ft in FY24 and in-place rents stood at Rs 69.0 per sq ft per month.

Cost of debt stood at 7.8%, loan-to-value (LTV) was 21.1%, average cost of borrowing at the end of FY24 stood at 7.8%. Net Asset Value (NAV) grew from Rs 369.6 per unit as on 30-Sep-23 to Rs 380.5 per unit as on 31-Mar-24.

Committed occupancy was up 2.5% quarter-on-quarter to 90.6%. It raised Rs 340 crore at an effective rate of 7.83% per anum, per month during the financial year.