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ICICI Securities Report
Mindspace Business Parks Real Estate Investment Trust delivered a resilient performance in Q1 FY22 with office rental collections of over 99% and flattish QoQ revenue/net operating income of Rs 4.2/3.6 billion at a healthy NOI margin of 85.7%.
While same-store occupancy declined by 150 basis points QoQ to 80.3%, a key positive was re-leasing of 0.5 million square feet of space vacated in FY21 and 0.4msf of re-leasing of FY22 expiries during the quarter.
With another 1.6msf of expiries in the remainder of FY22, portfolio vacancy levels remain a key monitorable.
We believe that the Mindspace REIT's low leverage, marquee tenant profile and de-densification of offices will enable the REIT to deliver NOI compound annual growth rate of 12% over FY21-24E.
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