Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reported results for the quarter, and nine months ended December 2020.
Distribution
The Governing Board of K Raheja Corp Investment Managers LLP, Manager to Mindspace REIT declared a distribution of INR 2,835 Mn or INR 4.78 p.u. for Q3 FY2021 at its meeting held earlier today. The record date for the distribution is 18 February 2021, payment of the distribution shall be processed on or before 25 February 2021.
Performance Update for Q3 FY 2021
– Gross leasing of 1.0 msf, with an average rent of INR 60 psf/month
– Re-leasing spread of 13.3% on 0.9 msf of area re-leased
– Continued to collect over 99% of Gross Contracted Rentals
– Committed Occupancy of 86.9%
– Same Store Committed Occupancy of 89.9% (Dec 20 vs Dec 19, on 21.1 msf area)
Financial Update for Q3 FY2021
– Declared distribution of INR 2,835 Mn / INR 4.78 p.u., first distribution post listing
– Net Operating Income of INR 3,578 Mn, a sequential growth of 6.3% vs Q2 FY2021
– Raised INR 2,000 Mn via NCDs at 6.45% p.a.p.q. (Rating – CRISIL AAA/Stable)
– Availed INR 5,550 Mn Lease Rental Discounting Loan as Green Loan at SPV level
– Weighted average cost of debt reduced from 8.1%(1) in September 2020 to 7.3% in December 2020 on p.a.p.m. basis- Robust balance sheet with low net debt to market value of 13.8%(2) Other Updates for Q3 FY2021 – Included in ‘MSCI India Domestic Small Cap Index’ and various other MSCI & FTSE indices- British Safety Council’s ‘Sword Of Honour’ awarded to Gera Commerzone, Kharadi & Mindspace, Airoli West Parks- Received LEED Gold certification from USGBC for Commerzone Porur and 1 building in Mindspace Airoli WestSpeaking on the results, Mr. Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said, "Digitization has changed the way businesses across the world function. India is a frontrunner of intellectual capital, and, as the premier and most effective provider of these solutions, stands to benefit greatly from global demand.The second wave of Covid-19 in several parts of the world, has led to temporarily pausing the demand trajectory. While we expect this to continue for a few more quarters, the global environment is expected to recuperate, and as office occupancies rise, India’s Grade A offices will be the foremost […]