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ICICI Securities Report
Mindspace Business Parks real estate investment trust delivered an in-line Q4 FY21 performance with office rental collections of over 99% and revenue/net operating income of Rs 4.3/3.6 billion at a healthy net operating income margin of 83.9%.
The company announced its second quarterly net distributable cash flow of Rs 2.85 billion or Rs 4.81/unit.
However, a dampener was overall portfolio occupancy falling by 350 basis points QoQ to 81.8% from 85.3% with exits in Hyderabad and Airoli West assets.
With another 2.3 million square feet of expiries in FY22E, portfolio vacancy levels are at risk of increasing further heading into FY22E.
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