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New Delhi: Mindspace Business Park REIT ,Mindspace REIT) has reported a net consolidated loss after tax of Rs 339 million during the quarter ended March 31, 2023. The company said in a BSE filing that it had registered a net consolidated profit after tax of Rs 1,336 million in the corresponding quarter of the previous fiscal.
The company said the net loss is on account of an exceptional item written off during the quarter where it is redeveloping two buildings in Madhapur, Hyderabad. The estimated completion of the project is Q3 FY27 and the estimated construction cost is Rs 7,411 million. “During the current year, KRIT proposes to redevelop Building 7 and 8 at Mindspace Madhapur, Hyderabad expected to be vacated by the tenant by March 2023. Subject to appraisal by the Special Purpose Vehicle (SPV) of the opportunity and consent The SPV proposed to redevelop the said buildings from the Telangana State Industrial Infrastructure Corporation (TSIIC) vide its letter dated March 31, 2023. Accordingly, the group charged the written down value of the said buildings, infrastructure plant and machinery up to March 31, 2023, amounting to Rs 1,297 million in the condensed consolidated statement of profit and loss and is treated as an exceptional item for the year ended March 31, 2023,” it said in the regulatory filing.
The company’s net consolidated income in Q4 FY23 stood at Rs 5,723 million, a growth of 19.90 per cent over Rs 4,773 million recorded in the same quarter last year.
governing board of K Raheja Corp Investment Manager LLP, Manager of Mindspace REITThe approved distribution of Rs 4.81 per unit totaling Rs 2,852 million includes dividend of Rs 4.37 per unit, totaling interest of Rs 2,591 million. 0.43 per unit aggregating Rs 255 million and other income Rs 0.01 per unit aggregating Rs 6 million.
Vinod RohiraThe company’s CEO said, “We continue to benefit from a palpable shift in occupier preferences towards experiential office space acquisitions. This augurs well for the business, taking our gross leasing to over 4 million sq ft and supporting an increase in committed occupancies. up 470 bps to 89%. Strong leasing performance also contributed to registering double-digit NOI growth of 13% year-on-year.
Its net operating income (NOI) grew by 9.2% year-on-year to Rs 4,364 million in Q4FY23 and 13.2% year-on-year to Rs 17,101 million in FY23. In FY23, the company declared a distribution of Rs 11,327 million or Rs 19.1 per unit, of which c. In FY23 4.1 million sq ft of which new and vacant area was leased out 2.5 million sq ft and 1.6 million sq ft was re-leased.
Its net debt was Rs 50,175 million, net debt to market value was 17.9%, cost of debt was 7.6% per annum as on March 31, 2023. The company’s committed occupancy increased from c. 470 bps to c. 89%, the re-leasing spread stood at 26.3% at c. 2.5 million square feet of area was re-leased, with in-place rents increasing by c. 5.7% year-on-year to Rs 65.2 per sq ft per month during FY23.
Mindspace REIT raised Rs 5.5 billion by issuing green bonds; 19.1% of the outstanding debt as on March 31, 2023 is green. It raised a cumulative amount of Rs 15.4 billion through NCDs. REIT and SPV level during the financial year 2022-23.
The average cost of borrowing at the end of FY23 stood at 7.6%, while the REIT’s net asset value (NAV) increased by Rs 1.6 per unit from Rs 370.3 per unit as on September 30, 2022 to Rs 371.9 per unit as on March 31. 2023.
The company reissued 78% of its dues by FY2023, according to its investor presentation, and has about 4-7% of the portfolio coming up for expiration each year over the next two years.
During Q4 FY23, the company recorded gross leasing of 0.6 million sq ft, declared disbursements of Rs 2,852 million or Rs 4.81 per unit, a growth of 4.3% year-on-year. Schlumberger re-leased 89,000 sq ft in CommerceZone at Yerwada, Pune and Technimont re-leased 67,000 sq ft in Mindspace Airoli-West, Mumbai during the said quarter.
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