Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Investor Presentation (March 2024)
23 slides from Mindspace Business Parks Reit's investor presentation, March 2024
Slide 1: Investor Presentation
Investor Presentation March 2024 mindspacereit.com 1
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation (“Presentation”) is made, or by reading the Presentation materials, you agree to be bound by the following limitations: This Presentation (a) is for information purposes only without regards to specific objectives, financial situations or n
Slide 3: Mindspace Business Parks REIT Portfolio Overview
Mindspace Business Parks REIT Portfolio Overview One of the largest Grade-A office portfolios in India 33.1 msf 86.1% INR 192 bn 21.0 % Committed Occupancy Total Leasable Area (1) Market capitalization(2) Loan to Value(4) on 26.2 msf Presence in 4 out of top 6 Indian office markets o Sponsored by K
Slide 4: Delivered Robust Performance since Listing
Delivered Robust Performance since Listing Cumulatively distributed INR 61.5 p.u. since listing, with more than 90% being tax-free 13 msf 21.9 % 2.3 msf 7.0% CAGR Gross Leasing (1) Re-leasing Spread Delivered New In-place rent on 8.7 msf Developments INR 36.5 Bn 12.3 % 21 % 7.8 % p.a. Weighted Avera
Slide 5: Mindspace REIT – At a Glance (9M FY24)
Mindspace REIT – At a Glance (9M FY24) 1 Operating Performance 0.3 msf 12.0 % 86.1 % 75 1.6 msf 1.3 msf INR psf/month Committed Average Rent for Area New and Vacant Area Re-leasing Spread (1) Gross Leasing Re-leased Area Occupancy Leased Leased on 1.5 msf 2 Financial Performance INR 8,533 Mn 5.9 % 1
Slide 6: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.1 msf (1) Mumbai Region | 6.4 msf Completed Area: 9.6 msf; Committed Occupancy: 94.8% Completed Area: 4.7 msf; Committed Occupancy: 80.4% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Reg
Slide 7: Five Quality Independent Office Assets
Five Quality Independent Office Assets Commerzone Porur Paradigm, Mindspace Malad Chennai | 1.1 msf Mumbai Region | 0.8 msf Completed Area: 1.1 msf; Committed Occupancy: 80.1% Completed Area: 0.8 msf; Committed Occupancy: 98.0% The Square, Nagar Road Mindspace Pocharam The Square, BKC Pune | 0.8 msf
Slide 8: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 29.7% (Dec 23) vs. 29.7% (Sep 23) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (29.7%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals # of parks Accentu
Slide 9: Unlocking value & fostering growth through strategic redevelopment initiatives
Unlocking value & fostering growth through strategic redevelopment initiatives Re-development – Building 1 Building 1 Building 8 0.8 msf 3.6x c.3 msf m iNote: ndspa Images c e r e i t shown . c o m are Perspectives 9
Slide 10: Organic development to drive the next phase of growth
Organic development to drive the next phase of growth c.4.4 msf area under development is estimated to complete over next 3-4 years Commerzone Kharadi Mindspace Airoli East Mindspace Airoli West Building 4 (~1.0 msf) Highstreet (~0.05 msf) Building 8- Data center (~0.3 msf) Mindspace Madhapur Mindsp
Slide 11: Re-energizing Parks with Building and Infra Upgrades
Re-energizing Parks with Building and Infra Upgrades Case Study - Mindspace Airoli East, Mumbai Region Revamping the Re-energised Renovation of Pedestrian Lightings & Refurbished building’s lobbies Entrance connection Signages Hardscape & exterior façade Gate under the Landscape podium Before After
Slide 12: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 12
Slide 13: Energized Landscape for Business Excellence
Energized Landscape for Business Excellence mindspacereit.com 13
Slide 14: Infusing modern design elements to elevate entry experience
Infusing modern design elements to elevate entry experience Tailoring common areas to meet the evolving preferences of tenants mindspacereit.com 14
Slide 15: Attracting Millennial Workforce of India
Attracting Millennial Workforce of India Amenities and high safety standards within our parks make us the partner of choice for occupiers Landscaped podiums Amphitheatre & lobby areas Club house and play area Biophilic landscaped gardens mindspacereit.com 15
Slide 16: Delivering Occupancy Growth
Delivering Occupancy Growth Non-SEZ portfolio has achieved pre-COVID c. 99% c. 95% c. 99% occupancy levels(1) Pune Madhapur Airoli (Non-SEZ) Decks cleared for SEZ space unlocking; Strong demand for Non SEZ spaces in Airoli c. 0.4 msf c. 1.5 msf c. 2.3 msf Vacant SEZ Area expected to Conversion to NP
Slide 17: Rapid Infrastructure Growth to spur Navi Mumbai Office Demand
Rapid Infrastructure Growth to spur Navi Mumbai Office Demand Multiple infrastructure projects to enhance seamless connectivity TransMumbai Navi HarborInternational Link Airport perspective Airport to commence Opened inoperations 2024 by March 2025 • Strong demand from domestics & BFSI companies • E
Slide 18: Airoli becomes a beneficiary of multiple infra projects in all directions
Airoli becomes a beneficiary of multiple infra projects in all directions Airoli Katai Naka Tunnel Road Announced commencement date in 2024 for Phase 2 Navi Mumbai metro commenced in 2023 Kalwa Bridge Note: Publicly available information mindspacereit.com 18
Slide 19: Inorganic growth through ROFO assets
Inorganic growth through ROFO assets Commerzone Raidurg The Square BKC 98 Hyderabad Mumbai Continuous sponsor pipeline (~15 msf potential) Two assets had been offered ~ 1.8 msf ~ 0.15 msf Leased to Qualcomm Leased to BFSI tenant In addition to sponsor assets, third party inorganic opportunities bein
Slide 20: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR mn) (1) NOI (INR mn) (1,3) 4,818 5,963 120 (2) 120 (2) (87)(2) 5,604 4,545 5,879 4,792 4,731 5,360 186 (2) 4,364 4,974 186 (2) 4,172 4,916 3,997 4,014 4,703 5,254 3,737 4,365 4,419 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23
Slide 21: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth INR 60,084 Mn 21.0 % INR 8,069 Mn 7.8% 3.4 x Net Debt to Undrawn Committed Cost of Debt Net Debt (1) Net Debt to EBITDA(5) Market Value (1) Facilities (p.a.) Diversified debt Book with a mix of debentures Well staggered maturity profile an
Slide 22: Unitholding Pattern as on 31 December 2023
Unitholding Pattern as on 31 December 2023 Unitholding Summary INR 19,172 Cr 36.5% Market Cap(1) % Free- float 593 Mn units Unitholding Pattern (Market Cap : INR 192 Bn) (1) MF NIIs AIF 0.6% 10.9% 0.5% Insurance 1.5% NPS Sponsors & Sponsor Public 0.2% Group (Others) DIIs 3.3% Total 63.5% 36.5% Unith
Slide 23: Thank You
Thank You Investor Relations Enquiries: Nitin Garewal (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 23
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