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Mindspace Business Parks Real Estate Investment Trust (REIT) reported strong financial results for the quarter ending December. The company's net operating income increased by 22% to INR 455 crore ($62 million) compared to INR 373.7 crore ($50 million) in the same period last year. Mindspace REIT also announced a distribution of INR 284.6 crore ($38 million) to unitholders, demonstrating the company's commitment to returning value to its investors.
The company's gross leasing stood at 1.3 million square feet in the third quarter of the fiscal year, taking the cumulative leasing for the period April-December to 3.5 million square feet. The committed occupancy rate increased by 400 basis points to 88.3%. CEO Vinod Rohira noted that despite the challenging economic environment, the portfolio's strong occupancy rate instilled confidence in the company's future prospects. Mindspace REIT plans to redevelop 1.6 million square feet of area at Madhapur, which is expected to further enhance the company's growth pipeline.
Mindspace REIT's total revenue also increased in the third quarter of the fiscal year, rising to INR 544 crore ($73 million) from INR 441 crore ($59 million) in the same period last year. However, net profit fell to INR 126.5 crore ($17 million) from INR 145.6 crore ($19 million) due to higher interest costs. Despite the decrease in net profit, the company's overall financial performance remains robust.
Mindspace Business Parks REIT was listed on the Indian stock exchanges in August 2020 and is sponsored by the K Raheja Corp group. The company owns office portfolios in Mumbai, Pune, Hyderabad, and Chennai, offering investors a diversified investment opportunity across key markets in India. The portfolio has a total leasable area of 32 million square feet, including 25.6 million square feet of completed space and 1.8 million square feet under construction. In addition, the portfolio includes 5 integrated business parks and 5 quality independent office assets, providing a balanced mix of properties for investors.
Mindspace Business Parks REIT's strong financial results and commitment to returning value to unitholders demonstrate the company's resilience and growth potential in the current economic environment. The company's plans to redevelop 1.6 million square feet at Madhapur are expected to further enhance the growth pipeline and provide additional value to investors in the future.
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