Mindspace Business Parks REIT Q3 Review - Near-Term Weakness To Persist: ICICI Securities
Commercial office space. (Photographer Benjamin Girette/Bloomberg)

Mindspace Business Parks REIT Q3 Review - Near-Term Weakness To Persist: ICICI Securities

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 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.

Click on the attachment to read the full report:

ICICI Securities Mindspace REIT Q3FY21 Results Update.pdf

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