Mindspace Business Parks REIT Q2 Results Review - Steady Leasing Traction: ICICI Securities

ICICI Securities Report

Mindspace Business Parks real estate investment trust delivered a resilient performance in Q2 FY23 with office rental collections of over 99% and 4% QoQ increase in net operating income to Rs 4.2 billion at a NOI margin of 83.9%.

Overall portfolio occupancy as of Sep-22 was at 82.8% (up 70 bps QoQ) with committed occupancy at 86.9% (up 130 bps QoQ).

In H1 FY23, of the 0.8 million square feet of expiries, the REIT manager has re-leased 0.6 msf of space (0.2 msf space vacated) and also leased additional area of 0.4 msf which was vacated in FY22, leading to a net positive leasing of 0.2 msf.

With leasing momentum improving and office physical occupancy rising (up 10% QoQ to 41%), the Mindspace REIT manager expects portfolio occupancy levels to rise going ahead.

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