Mindspace Business Parks REIT (MINDSPACE) Q4 24/25 earnings summary

Executive summary

• Achieved record gross leasing of 7.6 million sq ft for FY25, with 2.8 million sq ft in Q4 and 93% committed occupancy, the highest since listing.

• Q4 FY25 saw NOI rise 13.2% year-on-year to INR 5.4 billion; full-year NOI up 8.9% to INR 20.6 billion.

• FY25 distributions totaled INR 13.1 billion (INR 21.95 per unit), up 15.5% year-on-year; Q4 distribution up 38.7% year-on-year.

• Gross asset value rose 17% from September 2024 to INR 366 billion; NAV per unit up 10%.

• Completed first ROFO acquisition: Commerzone Raidurg, 100% committed occupancy, 12-year WALE, 15% rent escalation every 3 years.

Financial highlights

• Q4 FY25 revenue from operations increased 14% year-on-year to INR 6.8 billion; full-year revenue up 9.6% to INR 25.6 billion.

• Q4 FY25 NOI at INR 5,398 Mn, up 13.2% year-on-year; FY25 NOI at INR 20,616 Mn, up 8.9%.

• FY25 DPU at INR 21.95, with annualized yield of 6.9% on closing price.

• Loan-to-value ratio at 24.3% (21.8% excluding Sustain acquisition); cost of debt at 8.15%.

• Net debt to market value at 24.3%; interest coverage ratio at 3.5x; weighted average debt maturity 7.0 years.

Outlook and guidance

• Targeting 95% occupancy by end of FY26, driven by strong leasing pipeline and tenant retention.

• Balance construction capex of INR 43,684 Mn for ongoing and future projects.

• Area coming for expiry in FY26 and FY27 is 1.5 msf and 1.4 msf, respectively.

• Board approval received for potential divestment of Mindspace Pocharam.

• Expecting healthy NOI and DPU growth in the coming year, supported by rising occupancies and rental rates, especially in Hyderabad.