Mindspace Business Parks REIT clocks net operating income of Rs 358 cr for Q4FY21

New Delhi: Mindspace Business Parks REIT’s net operating income stood at Rs 358 crore for the fourth quarter of the last fiscal. Its portfolio size went up to 30.2 million square feet in the attest quarter. 

Mindspace Business Parks REIT is backed by Blackstone Grp and K Raheja Corp. 

The company (Mindspace Business Parks REIT) has approved the distribution of Rs 285 crore which translates into Rs 4.81 per unit for the latest quarter. This distribution comprises 92.3 percent dividend at Rs 4.44 per unit. The balance is in the form of interest. The record date, for the distribution, has been set as 21 May.

If the distribution of the immediately preceding quarter is included then the cumulative distribution comes to Rs 9.59 per unit. This translates into yearly yield of about 7 percent on the issue price of the REIT of Rs 275 per unit, the REIT said in its earnings statement.

“Our operating performance remained stable with collections continuing to be over 99% through the pandemic. We achieved a healthy gross leasing of 1.5 million sq ft during this quarter and diversified our tenant mix by signing up with a data centre tenant at our Mindspace Airoli (West) park,” said Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT.

The REIT has raised Rs 375 crore by way of market-linked debentures at a rate of 6.65 percent per annum. It has also raised Rs 75 crore by way of non-convertible debentures (NCDs) at 6.69 percent per year. The REIT had its average cost of debt at about 7.1 percent as on end of March.