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


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.