Mindspace REIT net profit drops 32.72% in Q2 FY23 real estate news, ET Realestate

New Delhi: Mindspace Business Park REIT ,Mindspace REIT) has reported a 32.72 per cent decline in its net consolidated profit during the quarter ended September 30, 2022. It had reported a profit after tax of Rs 87.40 crore in Q2 FY23 as against Rs 129.90 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated income for Q2FY13 stood at Rs 686.20 crore, up 60.18 per cent from Rs 428.40 crore reported in the same quarter last year.

Vinod RohiraThe company’s chief executive officer said, “We leased 1.3 million square feet during the quarter taking the cumulative gross leasing to 2.1 million square feet in the first half of the fiscal year, resulting in a further increase in committed businesses across our portfolio. have improved.”

governing board of K Raheja Corp Investment Managers LLP, Manager of Mindspace REIThas announced the distribution of Rs. 2,817 million / Rs. 4.75 per unit for the quarter ended September 30, 2022. Distribution Rs. 2,592 million / Rs. 4.37 As dividend per unit, Rs. 213 million/Rs. 0.36 per unit as interest and Rs. 12 million/Rs. 0.02 per unit as other income.

It also declared a net asset value of Rs. 370.3 per unit for Mindspace REIT as on Sep 30, 2022 based on the valuation report dated Nov 04, 2022 issued by Shubhendu Saha, valuer of Mindspace REIT.

The company recorded gross leasing of around 1.3 million sq ft in Q2 FY23, taking the cumulative leasing in H1 FY23 to 2.1 million sq ft. Committed occupancy of the portfolio increased by ~130 bps quarter-on-quarter (QoQ) to 86.9%. Re-leasing spread in Q2 stood at 22.3% with 0.8 million sq ft area re-let.

Mindspace REIT received notice of intent from Sundew Real Estate (Sundaw) and Sundew’s shareholder, Ivory Property Trust (IPT) and its nominees, expressed their interest in Sundew to offer all outstanding equity shares held by IPT to Mindspace REIT expressed. The Sundue-owned commercial building, located at BKC Annex, Mumbai, comprises a leaseable area of ​​approximately 0.16 million square feet which is fully leased. The manager is currently evaluating the opportunity, it said in a media release.

According to its investor presentation, it raised Rs 5 billion in July 2022 on non-convertible debentures (NCDs) at 7.9% per annum of five-year tenure at the REIT level. As on September 30, 2022, its net debt is Rs 4,647.80 crore. Net debt to market value stands at 16.8%. The weighted average cost of debt is 7.3% per annum. 41.6% of borrowings in the form of fixed cost debentures.