NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported 28.7% year-on-year growth in its net operating income (NOI) to ₹6,714 million in Q3 FY26.The board of K Raheja Corp Investment Managers, manager of Mindspace Business Parks REIT, announced a distribution of ₹3,780 million for the third quarter of FY26. Distribution per unit (DPU) stood at ₹5.83 per unit, delivering 9.6% YoY growth and 12.5% growth in DPU during the first nine months of FY26.
Ramesh Nair, CEO and MD of the company said: “We achieved gross rental income of 1.1 million sq ft, while committed occupancy grew sequentially to 94.5%. This operating momentum translated into strong financial results, with NOI growing by 28.7% year-on-year. We also saw an increase in rental rates, evidenced by reletting differentials of 27.4% on the 1 million sq ft re-leased. during the quarter.”
it recorded a gross rental of 1.1 million square feet in the third quarter of FY26. The committed occupancy rate for the quarter was 94.5%, the reletting spread was 27.4% for Q3 FY26 based on a released area of one million sq ft, and the fixed rent for the portfolio is ₹75 per sq ft per month.It saw a loan-to-value (LTV) of around 24.9% and raised NCDs of ₹19,000 million in Q3 FY26 at an effective rate of 6.98% per annum per month. The cost of debt has been reduced by 13 basis points on a sequential basis to 7.39% per year per month. Completed the acquisition of 0.8 million sq ft of CBD assets in Mumbai and Pune. The gross asset value of the portfolio rose to ₹441 billion.
#Mindspace #Business #Parks #REITs #NOI #increased #FY26