Mindspace REIT Achieves Record-Breaking FY25 with 14.1 percent Revenue Growth and Robust Leasing

The company's operating revenue increased by 14.1 percent year over year to Rs. 678 crore in Q4 FY25 from Rs. 595 crore in Q4 FY24. From Rs. 477 crore in Q4 FY24 to Rs. 540 crore in Q4 FY25, Net Operating Income (NOI) also experienced a strong 13.2 percent increase.

Additionally, the distribution to stakeholders increased by 38.7 percent, from Rs. 283 crore in Q4 FY24 to Rs. 392 crore in Q4 FY25, demonstrating enhanced returns and solid financial performance. With a gross leasing of over 2.8 million square feet in Q4 of FY25, the company's total leasing for FY25 came to about 7.61 million square feet.

The renovation of a whole building at Mindspace Madhapur in Hyderabad, which has a leasable area of over 1.5 million square feet and is entirely pre-leased to a sizable MNC Global Captive Center, marked a significant milestone. With a 17.4 percent spread in Q4 of FY25 on 1.1 million square feet and a 22.8 percent spread for FY25 on 3.6 million square feet of re-let space, the company also posted strong re-leasing spreads. In-place rent reached about Rs. 71 per square foot per month, and the mark-to-market (MTM) spread on rentals rose to about 13.4 percent. Rentals experienced robust rise throughout major micro-markets, especially in Madhapur, Hyderabad.

Ramesh Nair, CEO and MD of Mindspace REIT said, “FY25 has been a record-breaking year for us, our best since listing. We achieved our highest-ever annual gross leasing of 7.6 msf and delivered a strong quarterly distribution of Rs. 392 Cr, up 39 percent YoY, the highest growth since listing. Net Operating Income for the quarter grew 13 percent YoY to Rs. 540 Cr, and committed occupancy rose to 93 percent. With 3.6 msf already pre-leased, demand for top-quality office space remains robust across our portfolio. Our NAV has grown by 10 percent driven by rising rentals across our micro markets, accretion from acquisitions and completion of pre-committed buildings. We remain optimistic about the long-term outlook for our portfolio, which is 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.”