Mindspace REIT Announces Results for Q4 FY22 and FY22 Records one of the strongest years of leasing at c.4.5 msf [1] in FY22 Net Operating Income (NOI) growth of 8.2% YoY in FY22

Mumbai, May 12, 2022 (GNI): Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reported results for the quarter and financial year ended March 31, 2022.  

Key highlights 

Particulars	Unit	Q4 FY22	FY22	YoY (FY22)
Gross Leasing	msf	0.7	4.5	28.4%
Net Operating Income	INR Mn	3,960	14,864	8.2%
Distribution	INR per unit	4.61	c.18.4	–

FY22 Overview 

• Recorded one of the best ever years of leasing; c. 4.5 msf ⁽¹⁾ across 66 deals 
  • Leased entire buildings at The Square BKC and Commerzone Kharadi  
• Re-leasing spread stood at 31.0% on 2.8 msf of area re-let ^[2] 
• Strong bounce back in demand with 1.25 msf under-construction area being pre-committed 
• In-place rents have grown by 10.3% YoY to INR 61.7 psf/month 
• Growth in total leasable area by 1.6 msf 
• NOI for full year stood at INR 14,864 mn, up by 8.2% YoY 
• Raised INR 9 Bn through issuance of debenturesat REIT and SPVs 
• Average cost of debtstands at c.6.6% at the end of March 31, 2022, down c.50 bps from March 31, 2021 

Q4 FY22 Performance Update 

• Recorded leasing of 0.7 msf 
• Advanced timelines of the next building of 1.0 msf at Kharadi, Pune to cater to the demand surge
• Received 2 ‘Sword of Honour’ Awards from British Safety Council in Q4, taking the overall count to 9 ‘Sword of Honour’ Awards received during the financial year
• Mindspace REIT received ‘Great Place to Work’ certification
  
   
• Q4 FY22 Financial Update 

• Reported Net Operating Income of INR 3,960 Mn for Q4 FY22, up 10.6% YoY 
• Gross Asset Value of the portfolio increased by 5.7% YoY to INR 264 bn  
• Net Asset Value increased from INR 357.8 per unit in September 2021 to INR 364.9 per unit 
• Strong balance sheet with low Loan-to-value (LTV) of c.15.7% 
• Q4 FY22 Financial Update 

• Reported Net Operating Income of INR 3,960 Mn for Q4 FY22, up 10.6% YoY 
• Gross Asset Value of the portfolio increased by 5.7% YoY to INR 264 bn  
• Net Asset Value increased from INR 357.8 per unit in September 2021 to INR 364.9 per unit 
• Strong balance sheet with low Loan-to-value (LTV) of c.15.7% 
  
  
• Distribution

• Announced distribution of INR 2,734 Mn or INR 4.61 p.u. for Q4 FY2022 
• Dividend, which is tax-exempt in the hand of unitholders, forms c. 93.3% (INR 4.30 p.u.) portion of distribution while interest constitutes the remaining c. 6.7% (INR 0.31 p.u.) 
• Mindspace REIT distributed INR c.18.4 p.u. for full year FY22 
• The record date for the distribution is May 18, 2022, payment of the distribution shall be processed on or before May 27, 2022 
  
   
• Speaking on the results, Mr. Vinod Rohira, Chief Executive Officer, said,  

“Mindspace REIT has recorded one of the strongest years of leasing as volumes surpassed 4.5msf. The increased preference for offices that offer aspirational and experiential product offerings and are maintained by best asset managers augurs well for our business. The robust hiring by IT companies and GCCs over the past 2 years coupled with actioning of return to office plans, point to a strong resurgence in demand. We are excited about fast-tracking our under-construction inventory along with realization of mark-to-market opportunity for churn space given the optimistic demand dynamics,”  stated in the press release.ends GNI SG