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HomeMarketResultsMindspace REIT net operating income rises 16% in Q2 on strong leasing

Mindspace REIT net operating income rises 16% in Q2 on strong leasing

Mindspace on Monday introduced its Q2FY23 consequence. The corporate’s internet working revenue (NOI) progress noticed an increase of 16 per cent YoY to Rs 41.72 crore in Q2 FY23. The agency additionally recorded NOI of Rs 818.6 crore in H1 FY23. The NOI margin remained over 80 per cent.

The corporate’s debt-to-market worth got here at 16.8 per cent whereas the gross asset worth of the portfolio elevated by 3.3 per cent over March 2022 to Rs 27,300 crore. The web asset worth elevated from Rs 364.9 per unit on March 22 to Rs 370.3 per unit.

Talking on the outcomes, Vinod Rohira, Chief Govt Officer, Mindspace Enterprise Parks stated, “As envisaged, we proceed to see demand for Grade A institutionally managed workplace belongings as the popular selection by our world shoppers as their return to workplace plans are actually in movement. We’ve got leased 1.3 msf through the quarter taking the cumulative gross leasing to 2.1 million sq. ft within the first half of the monetary 12 months leading to additional enchancment in dedicated occupancies in our portfolio. We proceed to unlock worth in our portfolio by way of disciplined natural progress and prudent capital allocation, in alignment with our focus to maximise unitholder worth.”

The corporate recorded gross leasing of roughly 1.3 msf in Q2FY23, taking cumulative leasing in H1 FY23 to 2.1 msf. The re-leasing unfold in Q2 stood at 22.3 per cent on 0.8 msf of space re-let, whereas the in-place rents grew by 8.7 per cent YoY to Rs 63 per sq. ft monthly.

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