Mindspace Business Parks REIT Q3 Review - Near-Term Weakness To Persist: ICICI Securities
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ICICI Securities Report
Mindspace Business Parks Real Estate Investment Trust delivered an in line Q3 FY21 performance with office rental collections of 99% and revenue/net operating income of Rs 4.2/3.6 billion at a healthy NOI margin of 85.9%.
The company announced its first quarterly net distributable cash flow of Rs 2.84 billion or Rs 4.8/unit. However, a dampener was overall portfolio occupancy falling by 160 basis points QoQ to 85.3% from 87.1% with early exits of 1.6 million square feet in nine months FY21.
With another 1.1msf of expiries in Q4 FY21, portfolio vacancy levels are at risk of increasing further heading into FY22E.
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