Mindspace Business Parks REIT (MINDSPACE) investor relations material

Executive summary

• Achieved gross leasing of 0.9 million sq ft in Q1 FY27, with committed occupancy at 95.8% like-to-like and 92.1% including new acquisitions; strong financial and operational performance driven by robust demand for Grade-A office assets and successful integration of new acquisitions.

• Net operating income (NOI) grew 27.8% year-on-year to INR 7,880 Mn; distribution per unit reached INR 6.67, up 15.2% year-on-year.

• Portfolio expanded with acquisitions of Radial IT Park, Sycamore Properties, and Content Properties, and now totals 46.2 million sq ft, with 10 million sq ft in approvals and development.

• Launched two new office projects and two new hotels; 4.7 million sq ft of under-construction office assets due for delivery in the next 12 months, mostly pre-committed.

• Net profit for Q1 FY27 was Rs. 2,718.12 million, a 63% increase year-over-year.

Financial highlights

• Revenue from operations for Q1 FY27 increased by 26.4% year-on-year to INR 9,509 million.

• EBITDA for Q1 FY27 was Rs. 7,367.54 million, up from Rs. 5,652.68 million in Q1 FY26.

• Distribution per unit (DPU) for the quarter was INR 6.67, a 15.2% year-on-year increase; total distribution for Q1 FY27 was INR 4,415 million.

• Loan-to-value stood at 29.7%, with a cost of debt at 7.42%.

• Portfolio in-place rent stands at INR 81 per sq ft per month, with a 20% mark-to-market opportunity.

Outlook and guidance

• NOI projected to increase by INR 17-18 billion over the next three years from development pipeline and rental growth.

• Expect occupancy to reach around 97% by year-end, driven by strong leasing in Chennai.

• Continued focus on portfolio expansion, value-accretive acquisitions, and asset diversification including hotels and data centers.

• Management expects stable cash flows and further growth in distributable income.

• Confident that 1.45 million sq ft of vacant space in Chennai will be leased by March 2027.