During the quarter, the REIT realized gross rentals of approximately 0.8 million square feet with a reletting spread of 28.1%. Committed occupancy stood at 93.8%, including the recently acquired Q-City campus in Hyderabad, and 94.6% on a like-to-like basis, the REIT said in a press release.
“With a robust balance sheet, low leverage and declining cost of debt, we remain well positioned to deploy capital efficiently across our development pipeline, pursue acquisition opportunities and capitalize on strong demand for office spaces through high-quality assets that deliver long-term value to unitholders,” said Ramesh Nair, CEO & MD of Mindspace REIT.
The average on-site rent for the portfolio was around Rs 74 per sq ft per month, with rents in Madhapur area of Hyderabad crossing Rs 100 per sq ft per month for new deals.
The REIT continues to work on a 3.7 million square meter pipeline under construction. The gross asset value of the portfolio rose to Rs 41,020 crore in September from Rs 36,647 crore in March. The Loan-to-Value ratio was 24.2%, reflecting the low debt burden. During the quarter, Mindspace raised Rs 1,700 crore through commercial paper at a rate of 6.12% and Rs 1,150 crore through non-convertible debentures at 7.12%. The cost of debt fell by 32 basis points to 7.52%. The net asset value stood at Rs 483.7 per unit at the end of the quarter.
The REIT has announced a distribution of Rs 355 crore for the quarter, with a record date of November 8 and payment by November 14. Since its listing, Mindspace has distributed around Rs 5,950 crore, or Rs 99.9 per unit, to its unitholders.
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