Q3 2024 Mindspace Business Parks REIT Earnings Call Transcript
Key Points
- Mindspace Business Parks REIT (BOM:543217) achieved a re-leasing spread of 17.1% on 450,000 square feet leased during the last quarter.
- Committed occupancy increased to 86.1%, with an average rent of INR78 per square foot, up from INR68.
- Revenue from operations grew by 13.5% year-on-year, excluding one-off items.
- The company is building 4.4 million square feet of new Grade A quality assets, indicating future growth potential.
- Mindspace Business Parks REIT (BOM:543217) has a low Loan-to-Value (LTV) ratio of 21%, providing headroom for both organic and inorganic growth.
- Despite positive NOI growth, distribution growth has not kept pace due to increased interest costs and the absence of debt support.
- The company faces challenges in leasing SEZ spaces, with 3 million square feet currently vacant.
- Hyderabad market faces oversupply issues, although the company has not been significantly impacted due to its location.
- Physical occupancy in business parks is at 65%, indicating that a significant portion of space is still underutilized.
- Mindspace Pocharam asset in Hyderabad is completely vacant, and the company is in the process of divesting it, which has been a drag on occupancy rates.
Yeah, ladies and gentlemen, good day, and welcome to Mindspace Business Parks rate Earnings Conference Call for financial results for the quarter ended December 31st, 2023.
(Operator Instructions) Please note that this conference is being recorded, and I now hand the conference over to Mr. Nitin Agarwal, thank you. And over to you, sir.
Good afternoon, everyone, and thank you for joining this Q3 FY 2024 Earnings Call of Mindspace Business. Fast read at this point, we would like to highlight that the management may make certain statements that may constitute forward-looking statements. Please be advised that our actual results may differ materially from these statements. Mindspace does not guarantee these statements or results and is not obliged to update them at any point of time.
I would now like to welcome our CEO, Ramesh Nair, CFO, Preeti Chheda; will first walk you through the business update and our financial performance during the quarter. We will then open the call to Q
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