Q1 2025 Mindspace Business Parks REIT Earnings Call Transcript
Key Points
- Mindspace Business Parks REIT (BOM:543217) reported strong leasing performance with 1.1 million square feet leased during the quarter.
- The company achieved a 50 basis points increase in occupancy rate to 91.1%, excluding Pocharam.
- Revenue and NOI grew by 10.6% and 9.2% year-on-year, respectively.
- The company announced a 5% increase in quarterly distribution, amounting to INR300 crores or 5 per unit.
- Mindspace Business Parks REIT (BOM:543217) has a robust balance sheet with low debt levels, providing financial flexibility for growth opportunities.
- Despite the increase in occupancy, nearly 1 million square feet of expiries were noted during the quarter.
- The average cost of debt has marginally increased to 7.9% PAPM at the end of Q1 FY '25.
- The company deferred ROFO acquisitions due to market volatility and tax changes, impacting expansion plans.
- Occupancy rates in Airoli East and West SEZ spaces remain relatively low at 79% and 70%, respectively.
- The gap between rent yieldings and committed occupancy has increased meaningfully over the last two quarters.
Ladies and gentlemen, good day, and welcome to Mindspace Business Park REIT's Q1 FY '25 Earnings Conference Call. (Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Garewal. Thank you, and over to you, sir.
Good evening, everyone, and thank you for joining Quarter 1 FY '25 Earnings Call for Mindspace Business Parks REIT. At this point, we would like to highlight that the management may make certain statements that may be forward-looking in nature. Please be advised that our actual results may differ materially from these statements. We do not guarantee these statements or results and are not obliged to update them at any point of time. I would now like to welcome our CEO, Ramesh Nair; and our CFO, Preeti Chheda.
They will first walk you through the business updates and the financial performance during the quarter. We will then open the floor to Q&A. I'll now hand over the call to Ramesh. Over to you.
Thanks, Nitin
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