Q4 2024 Mindspace Business Parks REIT Earnings Call Transcript
Key Points
- Mindspace Business Parks REIT (BOM:543217) achieved its highest ever quarterly leasing since listing, with 2 million square feet leased in Q4 FY24.
- The company reported a strong financial performance with FY24 NOI growing at 12% year-on-year, excluding one-offs.
- Six out of nine parks have occupancy rates above 95%, with some parks achieving 100% occupancy.
- Mindspace Business Parks REIT has a robust pipeline of under-construction assets, including significant projects in Pune and Hyderabad.
- The company is actively engaging in sustainability efforts, achieving 28.9% green energy in total energy consumption for FY24 and maintaining a 99% green building footprint.
- Despite strong leasing activity, the company still has 2.4 million square feet of vacant space, primarily in SEZ areas.
- The cost of debt is expected to rise marginally due to refinancing, potentially impacting financial performance.
- There is a significant gap between committed and actual occupancies in some parks, such as Airoli East, Airoli West, and Commerzone Porur.
- The company faces challenges in pre-leasing under-construction assets, which could impact future rental income.
- Mindspace Business Parks REIT is planning to divest its non-core asset in Pocharam, indicating potential difficulties in maintaining occupancy and profitability in that location.
Welcome to the Mindspace Business Parks REIT earnings conference call for financial results for the quarter ended March 31, 2024. (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 the quarter-4 and full year earnings call of financial year 2023-24 of 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. Mindspace REIT does not guarantee these statements or results and is not obliged to update them at any time.
I would now like to welcome our CEO, Ramesh Nair and our CFO, Preeti Chheda. They will first walk you through the business update and the financial performance during the quarter and financial year. We will then
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