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Mindspace Business Parks REIT Q2 Review - Recovery On Track: ICICI Securities

Mindspace Business Parks REIT Q2 Review - Recovery On Track: ICICI Securities

<div class="paragraphs"><p>Window cleaners stand in a cradle as they wash office windows of a commercial space building.&nbsp; (Photographer: Dhiraj Singh/Bloomberg)</p></div>
Window cleaners stand in a cradle as they wash office windows of a commercial space building.  (Photographer: Dhiraj Singh/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Mindspace Business Parks REIT delivered a resilient performance in Q2 FY22 with office rental collections of over 99% and flattish QoQ revenue/net operating income of Rs 4.3/3.6 billion at a healthy net operating income margin of 84.4%.

Further, portfolio occupancy rose 120 basis points QoQ to 81.5% on the back of 0.5 million square feet of new/vacant area leasing during the quarter.

We believe that Mindspace Business Parks REIT’s low leverage (net debt/total enterprise value of 0.2 times), marquee tenant profile and pick up in leasing momentum will enable the REIT to deliver net operating income compound annual growth rate of 12% over FY21-24E.

Click on the attachment to read the full report:

ICICI Securities Mindspace REIT Q2FY22 Results Update.pdf

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