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Business Standard

Mindspace Reit Q4: NOI grows 13% amid sustained demand for grade-A assets

Mindspace Office Parks Real Estate Investment Trust (Reit) reported net operating income (NOI) of Rs 540 crore for the fourth quarter of financial year 2025 (Q4FY25), a 13.2 per cent rise from Rs 522 crore the year before, amid sustained demand for grade-A assets. The Reit's revenue from operations also grew by 7.64 per cent year-on-year (YoY), to Rs 610 crore. Quarterly, the revenue grew by 1.7 per cent. Ramesh Nair, chief executive officer and managing director, Mindspace Reit, said, 'FY25 has been a record-breaking year for us, our best ever since listing. We achieved our highest-ever annual gross leasing of 7.6 msf and delivered a strong quarterly distribution of Rs 392 crore, up 39 per cent YoY — the highest growth since listing. We remain optimistic about the long-term outlook for our portfolio, underpinned by the quality of our assets, trusted tenant relationships, and proactive leasing efforts. Moreover, our focus on strategic acquisitions and steady development progress positions us well for sustained long-term growth.' Mindspace recorded gross leasing of 2.8 million square feet (msf) in Q4FY25, compared to 2 msf in Q4FY24. The occupancy across its assets stood at 93 per cent. In FY25, the company's NOI grew by 8.9 per cent YoY to Rs 2,062 crore, while gross leasing increased by 111.11 per cent YoY to 7.6 msf. The Reit also declared a distribution of Rs 392 crore for Q3FY25, up 38.7 per cent YoY. The Reit cumulatively distributed approximately Rs 1,312 crore in FY25. As per the Securities and Exchange Board of India (Sebi), Reits are mandated to distribute at least 90 per cent of their taxable income. Its net asset value grew by 10 per cent from Rs 392.6 per unit on September 30, 2024, to Rs 431.7 per unit on March 31, 2025, driven by rising rentals across its micro markets, accretion from acquisitions, and completion of pre-committed buildings.