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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.
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