Mindspace REIT Records Significant NOI Boost and Bold Expansion Plans

Mindspace Business Parks REIT reported an 8% rise in net operating income for Q3 2024, reaching Rs 521.8 crore. The firm announced a significant distribution to shareholders and robust leasing activity. Expansion continues with IT Park acquisitions and data centers, reflecting strong growth and investor value commitment.

Mindspace Business Parks REIT has announced an impressive 8% uplift in its net operating income (NOI), reaching Rs 521.8 crore for the third quarter ending December 2024. This marks a significant increase from Rs 473.1 crore recorded during the corresponding period last year.

In a regulatory disclosure on Friday, the company revealed a distribution of Rs 5.32 per unit, totaling Rs 315.48 crore for its unitholders. This includes a dividend of Rs 3.20 per unit, amounting to Rs 189.76 crore, with additional income spread across interest, debt repayment, and other sources.

Mindspace REIT's CEO, Ramesh Nair, highlighted a strong performance trajectory with significant leasing achievements, alongside plans to launch a new data center, reinforcing their growth outlook. The firm also aims to acquire a Hyderabad IT Park and considers further acquisitions to bolster its portfolio.

(With inputs from agencies.)