ECONOMY

Mindspace Business Parks REIT Q4 Review – Near-Term Weakness To Persist: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Mindspace Business Parks real estate investment trust delivered an in-line Q4 FY21 performance with office rental collections of over 99% and revenue/net operating income of Rs 4.3/3.6 billion at a healthy net operating income margin of 83.9%.

The company announced its second quarterly net distributable cash flow of Rs 2.85 billion or Rs 4.81/unit.

However, a dampener was overall portfolio occupancy falling by 350 basis points QoQ to 81.8% from 85.3% with exits in Hyderabad and Airoli West assets.

With another 2.3 million square feet of expiries in FY22E, portfolio vacancy levels are at risk of increasing further heading into FY22E.

Click on the attachment to read the full report:

ICICI Securities Mindspace REIT Q4FY21 Results Update.pdf

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