New Delhi, May 1, 2024: Mindspace Business Parks REIT (Mindspace REIT) has reported a robust consolidated net profit after tax of Rs 127.10 crore for the quarter ending March 31, 2024. This marks a significant turnaround from the loss after tax of Rs 33.90 crore recorded in the corresponding quarter of the previous fiscal year, as disclosed in a recent filing with the Bombay Stock Exchange (BSE).
The financial performance of Mindspace REIT showcases a commendable growth trajectory, with its net consolidated total income reaching Rs 624.10 crore in Q4 FY24. This represents a notable 9.05% increase compared to Rs 572.30 crore recorded in the same quarter last year.
Under the stewardship of K Raheja Corp Investment Managers, the board of directors declared a distribution of Rs 4.77 per unit, aggregating to Rs 282.90 crore. This distribution comprises a dividend of Rs 4.31 per unit, totaling Rs 255.60 crore, and an interest of Rs. 0.46 per unit, amounting to Rs 27.30 crore.
Ramesh Nair, the Chief Executive Officer of the company, expressed satisfaction with the performance, stating, "We had a record quarter, leasing 2 million sq ft. Our committed occupancy now stands at 90.6%. With ongoing expansion projects totaling 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."
Moreover, Mindspace Business Parks, an Asset SPV of Mindspace REIT, completed the acquisition of a unit encompassing a leasable area of approximately 42,000 sq ft in Commerzone Yerwada Park, Pune, at a consideration of Rs. 41 crore.
The company's Net Operating Income (NOI) witnessed a remarkable year-on-year growth of 11.9% to Rs 1,896 crore in FY24. In Q4 FY24 alone, NOI surged by 9.3% year-on-year to Rs 477 crore. Notably, Mindspace REIT reported gross leasing of 3.6 million sq ft in FY24, with in-place rents standing at Rs 69.0 per sq ft per month.
Financial indicators also portray a healthy picture for Mindspace REIT, with a cost of debt at 7.8%, loan-to-value (LTV) ratio at 21.1%, and an average cost of borrowing standing at 7.8% by the end of FY24. Additionally, the Net Asset Value (NAV) grew from Rs 369.6 per unit as of September 30, 2023, to Rs 380.5 per unit as of March 31, 2024.
The committed occupancy of Mindspace REIT increased by 2.5% quarter-on-quarter to 90.6%, reflecting the growing confidence of tenants in its offerings. Moreover, the company successfully raised Rs 340 crore during the financial year at an effective rate of 7.83% per annum, per month.
Mindspace REIT's stellar performance in Q4 FY24 underscores its resilience and strategic positioning in the real estate market, setting a promising trajectory for future growth and value creation.
© 2023 Rera News. All rights reserved.