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Mindspace Business Parks REIT reported a robust performance in the December quarter of FY26, driven by sustained demand for Grade A office assets and improved portfolio execution. Consolidated net profit rose sharply year-on-year, supported by higher total income and a significant increase in net operating income. The REIT also announced a higher quarterly distribution, reflecting stable cash flows and operational strength. Leasing activity remained healthy during the quarter, with committed occupancy improving sequentially, underscoring strong tenant traction across its office portfolio. Management highlighted that the operating momentum translated into improved financial outcomes and reaffirmed its focus on pursuing value-accretive acquisitions. Over the first nine months of the fiscal, Mindspace REIT continued to report steady growth in profits and income, reinforcing its position as one of the leading owners of rent-yielding office assets in India.
Mindspace Business Parks REIT recorded a strong financial performance in the third quarter of FY26, reporting a 33 per cent year-on-year rise in consolidated net profit to INR 180.09 crore, aided by higher income and healthy operating metrics. In the corresponding quarter of the previous year, the REIT had posted a net profit of INR 135.52 crore. Advertisement
According to a regulatory filing, total income for the October-December period increased to INR 832.76 crore, compared with INR 674.47 crore in the same quarter last year. Net operating income also saw a sharp improvement, rising 29 per cent year-on-year to INR 671 crore, reflecting strong leasing activity, stable occupancies and rental growth across key assets.
During the quarter, Mindspace REIT announced a distribution of INR 378 crore, marking a 20 per cent increase over the year-ago period. The higher payout highlights the stability of cash flows generated by its rent-yielding office portfolio.
Commenting on the results, CEO and Managing Director Ramesh Nair said the December quarter marked another strong and stable period for the REIT, driven by a record year of demand for Grade A office assets and focused execution across the portfolio. He noted that the REIT achieved gross leasing of 1.1 million sq ft during the quarter, while committed occupancy improved sequentially to 94.5 per cent.
Nair added that the operating momentum translated into strong financial outcomes, with net operating income growing nearly 29 per cent on a year-on-year basis. He also stated that the REIT remains focused on pursuing accretive acquisition opportunities to enhance long-term value for unitholders.
For the first nine months of FY26, Mindspace REIT reported a net profit of INR 453.30 crore, up from INR 389.42 crore in the corresponding period of the previous year. Total income during April-December rose to INR 2,378.19 crore from INR 1,967.85 crore.
Sponsored by the K Raheja Group, Mindspace Business Parks REIT owns a large portfolio of rent-yielding office assets with a total leasable area of around 39 million sq ft, including completed assets, projects under construction and future development potential.
Source - PTI
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