Mindspace REIT Q4 Review - Leasing Momentum Picks Up, To Flow Into Distributions From FY25E: ICICI Securities

"NDTV Profit’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 NDTV Profit’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 stable Q4 FY24 performance, as revenue/net operating income remained flat QoQ at Rs 6 billion/Rs 4.8 billion.While physical occupancy dipped 120 basis points QoQ to 83.8%, the REIT manager achieved gross leasing of 2msf in Q4 FY24 (1.1 msf of re-leasing/0.9 msf of new leasing). This led to portfolio committed occupancy rising 250 bps QoQ to 88.6%, as of March 2024.With the REIT receiving approval for special economic zone de-notification of 0.4msf in FY24 and a further 1.5msf of SEZ area up for de-notification in FY25, the manager is targeting overall portfolio occupancy of 88– 90% in FY25E and 90% by FY26E.We lower our rating to 'Add' from 'Buy' with a revised discounted cash flow -based target price of Rs 393/unit (earlier Rs 382) based on 1 times March 2025E net asset value.Key risks: Further rise in vacancies across assets and fall in lease rentals..Click on the attachment to read the full report:.Federal Bank Q4 Results: Profit Flat On Yearly Basis On Higher Operating Expenses.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Mindspace REIT Q4 Review - Leasing Momentum Picks Up, To Flow Into Distributions From FY25E: ICICI Securities

Stable revenue and net operating income traction; leasing uptick.

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Mindspace REIT Q4 Review - Leasing Momentum Picks Up, To Flow Into Distributions From FY25E: ICICI Securities

Stable revenue and net operating income traction; leasing uptick.

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