Mindspace Business Parks REIT Q1 Review – Resilient In Tough Times: 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 a resilient performance in Q1 FY22 with office rental collections of over 99% and flattish QoQ revenue/net operating income of Rs 4.2/3.6 billion at a healthy NOI margin of 85.7%.

While same-store occupancy declined by 150 basis points QoQ to 80.3%, a key positive was re-leasing of 0.5 million square feet of space vacated in FY21 and 0.4msf of re-leasing of FY22 expiries during the quarter.

With another 1.6msf of expiries in the remainder of FY22, portfolio vacancy levels remain a key monitorable.

We believe that the Mindspace REIT’s low leverage, marquee tenant profile and de-densification of offices will enable the REIT to deliver NOI compound annual growth rate of 12% over FY21-24E.

Click on the attachment to read the full report:

ICICI Securities Mindspace REIT Q1FY22 Results.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button