Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q1 FY26 Earnings Presentation
27 slides from Mindspace Business Parks Reit's earnings presentation, Aug 20, 2025
Slide 1: Corporate Presentation Q1 FY26
Corporate Presentation Q1 FY26 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 38.1 msf 93.7% INR 244 bn INR 6,164 Mn(4) Committed Occupancy NOI in Q1 FY26 Total Leasable Area (1) Market capitalization(2) (ex. Pocharam) (2) Presence in 4 out of top 6 Indian office markets o S
Slide 4: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 94.0 p.u. since listing c. 25.2 msf (1) 6.4% CAGR Gross Leasing In-place rent(5) INR 55.9 Bn 14.7 % Total distribution(2) Annualized returns(3) 3.7 msf Delivered New 3.1 msf (8) Developments Area Acquired 7.84 % p.a.p.m. 25.9 % Cost of Debt
Slide 5: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.7 msf (1) Mumbai Region | 7.2 msf Completed Area: 10.0 msf; Committed Occupancy: 97.2% Completed Area: 4.9 msf; Committed Occupancy: 78.1% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Re
Slide 6: Five Quality Independent Office Assets
Five Quality Independent Office Assets Commerzone Porur Paradigm, Mindspace Malad Q City Chennai | 1.1 msf Mumbai Region | 0.8 msf Hyderabad | 0.8 msf Completed Area: 1.1 msf Completed Area: 0.8 msf Completed Area: 0.8 msf Committed Occupancy: 100.0% Committed Occupancy: 99.2% Committed Occupancy: 6
Slide 7: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 34.8% (Jun-25) vs. 33.0% (Mar-25) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (34.8%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals # of parks Manufac
Slide 8: Key Highlights: Q1 FY26
Key Highlights: Q1 FY26 mindspacereit.com 8
Slide 9: Strong Financial Performance fueled by Sustained Demand for Grade-A Assets
Strong Financial Performance fueled by Sustained Demand for Grade-A Assets 1.7 msf 93.7% msf (1) Committed Gross Leasing Q1 FY26 Occupancy Sequentially up 0.7% INR 6,164 Mn INR 3,527 Mn (Q1 FY25 - INR 4,964 mn) (Q1 FY25 - INR 2,989 mn) Q1FY26 NOI Q1FY26 Distribution Up 24.2% Y-o-Y Up 18.0% Y-o-Y Lik
Slide 10: Concluded 1st Third Party Acquisition: The Square, in Financial District – Hyderabad
Concluded 1st Third Party Acquisition(1): The Square, 110 in Financial District – Hyderabad c. 6 acres c. 0.81msf c. 64.5% c. 3 Yrs INR C. 60.0 psf Plot Area Total Leasable Committed WALE In-Place Rent Area Occupancy(2) Numbers as of 30th June 2025, unless stated otherwise m 1. i n d Outside s p a c
Slide 11: Delivered Strong Operational performance
Delivered Strong Operational performance Key Operating Indicators Q1 FY26 Gross Leasing 1.7 msf Re-leased Area 1.2 msf New and Vacant Area Leased 0.5 msf Portfolio In-Place rent c. 73 psf/Month Re-leasing Spread(1) 29.5 % on 1.4 msf Average Rent for Area Leased INR 78 psf/Month mindspacereit.com 11
Slide 12: Financial Performance Driven by Organic Cash Flows and Acquisition
Financial Performance Driven by Organic Cash Flows and Acquisition Key Financial Indicators Q1 FY26 (Y-o-Y) Figures in INR Mn Revenue from Operations(1) 7,523 21.4% Net Operating Income(1) 6,164 24.2% Distribution 3,527 18.0% DPU 5.79 p.u 14.9% 25.0% Loan to Value (2) (25.9% on proforma basis includ
Slide 13: Modern and Sustainable workplaces attracting occupiers
Modern and Sustainable workplaces attracting occupiers Airoli West Committed Occupancy crosses 90% for the 1st time 100% 100% 100% 100% 100% 99.2% 97.3% Gera The Square The Square Commerzone Commerzone Mindspace Mindspace Commerzone Nagar Road BKC Porur Raidurg Malad Madhapur Kharadi Pune Q1 FY26 –
Slide 14: Project Updates
Project Updates mindspacereit.com 14
Slide 15: Gearing for Demand Resurgence
Gearing for Demand Resurgence Hyderabad Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur Mindspace Madhapur (Pearl Club) (B1, Re-development) (B8, Re-development) ▪ Leasable area: 0.13 msf ▪ Leasable area: 1.5 msf ▪ Leasable area: 1.6 msf ▪ Status: OC applied (Club ID, Façade & ▪ Status: 13
Slide 16: Re-energizing Parks
Re-energizing Parks mindspacereit.com 16
Slide 17: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 17
Slide 18: 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 18
Slide 19: 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 19
Slide 20: Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs
Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs Enhancing the Mindspace offering with a modern club facility with top notch amenities c. 130 ksf Exclusive and premium space Perspective Offers enriching entertainment, sports, lifestyle, recreation and dining experiences m
Slide 21: Annexure
Annexure mindspacereit.com 21
Slide 22: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 7.5 6.5 6.2 6.8 6.0 6.4 5.4 6.2 6.2 5.5 5.2 5.9 6.0 5.9 5.0 5.0 5.6 5.0 4.8 4.7 4.8 4.5 4.5 4.0 3.5 3.0 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY24 Q2
Slide 23: NDCF Build-up Q1 FY26
NDCF Build-up Q1 FY26 Particulars (INR Mn) Q1 FY26 Revenue from Operations(1) 7,523 Property Taxes & Insurance (228) Other Direct Operating Expenses (1,131) Net Operating Income (NOI) 6,164 Property Management Fees (173) Net Other Expenses (175) (1) EBITDA 5,817 Cash Taxes (Net of Refunds) (595) Wor
Slide 24: Delivered Healthy Distribution Growth
Delivered Healthy Distribution Growth Distribution Overview Q1 FY26 Q1 FY26 Distribution Repayment of Capital, INR 3,527 Mn ₹2.47, 42.7% DPU ₹5.79 p.u. Interest, ₹0.10, 1.7% INR 5.79 p.u. Dividend, ₹3.19, 55.1% Yield Other Income, ₹0.03, 0.5% (1) 5.8% Declaration Date Record Date Payment Date Key Da
Slide 25: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth ₹ 91,666Mn 25.0% INR 2,859Mn 7.84% 4.4 x 3.3x Net Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Net Debt to EBITDA(5) Market Value (1) Facilities (p.a.p.m.) Ratio(6) Diversified debt Book with a mix of debentures We
Slide 26: Unitholding Pattern as on Jun 2025
Unitholding Pattern as on 30 Jun 2025 Unitholding Summary INR 24,370 Cr 35.6% Market Cap(1) % Free- float 609 Mn units Unitholding Pattern (Market Cap : INR 244 Bn) (1) AIF MF NIIs 0.4% 5.1% 9.5% Insurance 3.7% DIIs Sponsors & Sponsor Public 2.9% Group (3) (Others) Total 64.4% 35.6% FIIs 14.0% Unith
Slide 27: Thank You
Thank You Investor Relations Enquiries: Nitin Garewal (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 27
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