Mindspace Business Parks REIT (MINDSPACE) Q4 23/24 earnings summary

Executive summary

• FY24 leasing reached 3.6 msf, including a record 2.0 msf in Q4; committed occupancy was 90.6% excluding Pocharam and 88.6% including it.

• FY24 NOI rose 11.9% excluding one-offs, supported by leasing and rent growth; distributions totaled INR 11.4 Bn.

Financial highlights

• FY24 revenue from operations was INR 23,512 Mn, up 13.7% YoY; NOI was INR 18,959 Mn, up 11.9% YoY, both excluding one-off income from growth rates.

• Q4 FY24 revenue was INR 5,948 Mn, up 11.0% YoY; NOI was INR 4,768 Mn, up 9.3% YoY.

• FY24 distribution was INR 11,362 Mn, or INR 19.2 per unit; Q4 distribution was INR 2,829 Mn, or INR 4.77 per unit.

• FY24 NOI bridge: vacant-area leasing contributed INR 1,120 Mn and new-area leasing INR 1,295 Mn; exits reduced NOI by INR 926 Mn.

Outlook and guidance

• Around 5–8% of portfolio area expires annually over the next 3 years; ~70% releasing visibility was indicated for 2.0 msf of FY25 expiries.

• Development pipeline includes 4.4 msf under development and 2.5 msf of future development; lease-up of 2.4 msf of vacant area, excluding Pocharam, is an identified growth lever.

• Balance capex was INR 28,370 Mn as of 31 Mar 2024, including ongoing and future development, upgrades, and fit-out/general development.

• Projects include 100% pre-leased Airoli West data-center space, with estimated completion in Q4 FY25; Madhapur redevelopments are scheduled through Q4 FY27.