Mindspace Business Parks REIT announced a nine percent increase in its net operating income to Rs 436.4 crore in the fourth quarter of the last fiscal year. The company also declared an income distribution of Rs 285.2 crore to unitholders for the March quarter. The distribution amounts to Rs 4.81 per unit, an increase of 4.3 percent YoY.
The company’s Q4 FY23 results demonstrate the resilience of the commercial real estate sector, particularly in the wake of the pandemic. Mindspace Business Parks’ REIT has maintained steady growth despite challenges posed by the pandemic, particularly in the office space segment.
The company’s rental collections remained strong, with 97 percent of rent collected for the quarter. Mindspace Business Parks REIT’s occupancy rate for the quarter was at 91 percent. This reflects the strong demand for high-quality office spaces in prime locations. Mindspace Business Parks REIT owns and operates five grade-A commercial office parks in Mumbai, Hyderabad, Pune, and Chennai.
Mindspace Business Parks REIT’s ability to provide quality office spaces with modern amenities in prime locations, combined with its strong financial performance, makes it a preferred choice for investors seeking exposure to commercial real estate. The company’s focus on delivering high-quality office spaces in India’s growing cities has helped it maintain steady growth despite the challenging market conditions.
Overall, the company’s Q4 FY23 results demonstrate its commitment to providing value to its unitholders through consistent growth, steady rental collections, and efficient operations.