Mindspace Business Parks Reit · NSE:MINDSPACE.RR

Mindspace Business Parks Reit — Q1 FY26 Earnings Presentation

61 slides from Mindspace Business Parks Reit's earnings presentation, Aug 4, 2025

  1. Slide 1: Q1 FY26 Investor Presentation

    Q1 FY26 Investor Presentation 4th August 2025

  2. 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

  3. Slide 3: Table of Contents

    Table of Contents Key Highlights 4 Key Highlights 4 01 Project Updates 10 Project Updates 10 02 Financial Update 12 Financial Update 12 03 Our Markets 17 Our Markets 17 04 Our Franchise Portfolio 25 Our Franchise & Portfolio 25 05 Re-energizing Parks 37 Re-energizing Parks 37 06 Value creation via E

  4. Slide 4: Key Highlights

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  5. Slide 5: 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) Gross Leasing Q1 FY26 Committed 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

  6. Slide 6: Key Operating Indicators Q1 FY26

    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 6 1

  7. Slide 7: 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 –

  8. Slide 8: Mindspace Fusion launch will further energize Airoli East

    Mindspace Fusion launch will further energize Airoli East Starbucks commenced operations mindspacereit.com 8

  9. Slide 9: Q1FY26 – Healthy re-leasing spread of 29.5%

    Q1FY26 – Healthy re-leasing spread of 29.5(1)(2)% ~78% re-leasing visibility (incl. area re-let in Q1) Overview of Lease Expiry and Re-leasing spread FY26 E Expiries Average 2.2 msf (3) Re-leasing Spread(2) 22.2% (Since listing) 1.5 msf Expect to 0.7msf Retain Exits Average Annual 3.0 msf Lease expi

  10. Slide 10: Project Updates

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  11. Slide 11: 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

  12. Slide 12: Financial Update

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  13. Slide 13: Key Financial Indicators Q1 FY26

    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% Loan to Value (2) 25.0% %% Cost of Debt 7.84% p.a.p.m (

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: 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

  17. Slide 17: Our Markets

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  18. Slide 18: Indian Office Sector: Riding the Winds of Favorable Trends

    Indian Office Sector: Riding the Winds of Favorable Trends Emerging trends Rising GCC Return to in India’s Office Domestic landscape Office Market Occupiers c. 24 msf c. 35% c. 42% 75%-85% Net absorption in % contribution of % share in overall Net Physical Occupancy H1CY2025(1) GCCs in office absorp

  19. Slide 19: GCCs: India a preferred destination

    GCCs: India a preferred destination c. 50% 81.3 1.9 Mn c. 85% msf % share of India in Total space leased GCC employees in Lower average global GCC by GCCs since India(1) salary of engineers market(1) 2022-H1 CY2025(1) viz-a-viz developed countries(1) GCC Growth forecast 300 Factors driving GCC leasi

  20. Slide 20: Hyderabad – Second largest Tech hub of India

    Hyderabad – Second largest Tech hub of India Progressive government policies and Infrastructure growth are key market drivers Hyderabad’s GCC Landscape 9.5 ~3.8 msf 365+ 18% Lakh Tech workforce in Telangana Leasing activity in H1 CY2025 (1) GCCs in Hyderabad(1) Hyderabad’s share of all driven by Hyd

  21. Slide 21: Madhapur as the preferred office market in Hyderabad

    Madhapur as the preferred office market drives highest absorption in Hyderabad 90+ 2nd 79 msf 67% Rs psf (in Size) 56% share of City’s Share of net absorption since Highest rentals amongst all Largest micro market across office stock(1) CY 2019(1) micro markets India (1) 1. (1)i n m (1) Source: d s

  22. Slide 22: Mumbai Region - Infrastructure projects driving office demand uptick

    Mumbai Region - Infrastructure projects upgrades driving office demand uptick Navi Mumbai – A Preferred Location with Accessible Talent 137 msf top 3 2.7 msf Ranked amongst in terms of overall quality of living in India 3 Ranked rd , 2nd time in a row, in cleanliness index(1) in India Completed Stoc

  23. Slide 23: Pune - Thriving Office Market with Excellent Social Infrastructure

    Pune - Thriving Office Market with Excellent Social Infrastructure SBD East Micro Market(1) 89 msf ~3.8 msf 50 msf 59% Completed Stock as on Avg. annual net absorption Q2 CY2025( (1) since CY 2019 (1) 56% share of City’s Share of net absorption office stock(1) since CY 2019(1) 85-90 Pune Airport cap

  24. Slide 24: Chennai - One of the key growth markets

    Chennai - One of the key growth markets South-West Micro Market(1) 80 msf ~3.7 22 msf 32% msf Completed Stock as on Average annual net 27% share of City’s Share of net absorption Q2 CY2025(2) absorption since 2019(2) office stock(1) since 2019 (1) Highest ever net leasing in Chennai in CY2023 6.6 Ch

  25. Slide 25: Our Franchise & Portfolio

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  26. Slide 26: Sponsored by One Of India's Leading Real Estate Group

    Sponsored by One Of India’s Leading Real Estate Group Over 6 Decades Pan India INR 514Bn (5) of experience Market Capitalization presence of 3 listed entities Office Hospitality Malls Residential Retail Developed residential Operates 280+ retail Leasable Area >55 msf (1) c.4,200+ (2) keys 7 malls (3

  27. Slide 27: Mindspace REIT's Presence in Key Office Markets

    Mindspace REIT’s Presence in 4 Key Office Markets Located strategically in established office micro-markets Mumbai Hyderabad Region 38.1 msf 14.5 msf Total Leasable Area(1) 16.9 msf INR 372.1 Bn (1,2) Gross Asset Value Presence in Presence in Malad-Goregaon Madhapur & and Financial District Navi Mum

  28. Slide 28: 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. 25.0 % Cost of Debt

  29. Slide 29: High Quality Office portfolio in Prime Locations (1/5)

    High Quality Office portfolio in Prime Locations (1/5) Mindspace Madhapur, Hyderabad 13.7 msf Leasable Area 10.0 msf Completed Area 97.3% Committed Occupancy Commerzone Raidurg, Hyderabad 1.8 msf Leasable Area 1.8 msf Completed Area 100.0% Committed Occupancy Data m i n das s pofa 30-Jun-25 cereit.c

  30. Slide 30: High Quality Office portfolio in Prime Locations (2/5)

    High Quality Office portfolio in Prime Locations (2/5) Commerzone Kharadi, Pune 3.0 msf Leasable Area 3.0 msf Completed Area 100.0% Committed Occupancy Commerzone Yerwada, Pune 1.7 msf Leasable Area 1.7 msf Completed Area 94.6% Committed Occupancy mData i n d as s pofa c 30-Jun-25 ereit.com 30 Note:

  31. Slide 31: High Quality Office portfolio in Prime Locations (3/5)

    High Quality Office portfolio in Prime Locations (3/5) The Square Nagar Road, Pune 0.8 msf Leasable Area 0.8 msf Completed Area 100.0% Committed Occupancy Commerzone Porur, Chennai 1.1 msf Leasable Area 1.1 msf Completed Area 100.0% Committed Occupancy Data m i n das s pofa 30-Jun-25 cereit.com 31

  32. Slide 32: High Quality Office portfolio in Prime Locations (4/5)

    High Quality Office portfolio in Prime Locations (4/5) Mindspace Airoli East, Navi Mumbai 7.2 msf Leasable Area 4.9msf Completed Area 78.1% Committed Occupancy Mindspace Airoli West, Navi Mumbai 6.4 msf Leasable Area 5.3 msf Completed Area 92.0% Committed Occupancy Data m i n das s pofa 30-Jun-25 ce

  33. Slide 33: High Quality Office portfolio in Prime Locations (5/5)

    High Quality Office portfolio in Prime Locations (5/5) Mindspace Malad, Mumbai 0.8 msf Leasable Area 0.8 msf Completed Area 99.2% Committed Occupancy The Square BKC, Mumbai 0.1 msf Leasable Area 0.1 msf Completed Area 100.0% Committed Occupancy mindspacereit.com 33 Data as of 30-Jun-25

  34. Slide 34: Concluded 1st Third Party Acquisition: Q-City Hyderabad

    Concluded 1st Third Party Acquisition(1): Q-City- Hyderabad (To be rebranded as ‘The Square 110 Financial District’) 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

  35. Slide 35: 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 British

  36. Slide 36: Marquee Tenant Base

    Marquee Tenant Base Leading MNCs and Fortune 500 companies across sectors Technology Technology Financial Services Financial Services Diversified Diversified Accenture Wipro Barclays SMFG Smartworks Verizon Cognizant Atos India Fiserv Allstate Hitachi energy Qualcomm Highradius NCR Princeton B.A. Co

  37. Slide 37: Re-energizing Parks

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  38. Slide 38: Dynamic Environment, Vibrant Workspaces

    Dynamic Environment, Vibrant Workspaces mindspacereit.com 38

  39. Slide 39: Energized Landscape for Business Excellence

    Energized Landscape for Business Excellence mindspacereit.com 39

  40. Slide 40: Infusing modern design elements to elevate experience

    Infusing modern design elements to elevate experience Tailoring common areas to meet the evolving preferences of tenants mindspacereit.com 40

  41. Slide 41: 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

  42. Slide 42: Curated mix of amenities enhancing work place experience

    Curated mix of amenities enhancing work place experience Badminton | Squash | Indoor-Outdoor Cafes Bar and Lounge Tennis Yoga | Meditation | Aerobic State of the art gym facility Half Olympic Size Lap Pool Rooms mindspacereit.com 42

  43. Slide 43: SOCIALising at Vantage Café in the Park

    SOCIALising at Vantage Café in the Park The first-ever SOCIAL in One of the largest SOCIAL Hyderabad OUTLETS in the country mindspacereit.com 43

  44. Slide 44: Tenant Engagement Initiatives, Designed to Build Camaraderie

    Tenant Engagement Initiatives, Designed to Build Camaraderie MPL – CRICKET EDITION MPL – CRICKET EDITION MPL – CRICKET EDITION Yoga Day Yoga Day MPL – CRICKET EDITION IPL SCREENINGS IPL SCREENINGS IPL SCREENINGS mindspacereit.com 44

  45. Slide 45: Value creation via ESG

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  46. Slide 46: ESG - Key Highlights

    ESG - Key Highlights Scope 1+2 emission 40.2% 55,295 Renewable energy mix tCO2e for FY25(1) (32.2% reduction from FY20 baseline) 13,43,724 KL 56.02% of material Water Recycled sourced using sustainable sourcing INR 18.5 Bn (2) INR 6.5 Bn of Cumulative Green / Sustainability linked Bond Sustainabilit

  47. Slide 47: Key Achievements and Awards

    Key Achievements and Awards Mindspace REIT: Real Estate Excellence • Received the coveted title of ‘Global Listed Sector Leader-Office Development Benchmark’by GRESB, for the 2nd consecutive year • Received 5 star rating by GRESB for 3rd consecutive year, along with Green Star • Secured a prestigiou

  48. Slide 48: Focus On High Corporate Governance Standards

    Focus On High Corporate Governance Standards Strong governance framework complemented by partnership with leading institutional investors Mindspace REIT: Top-Notch Standards 10 Member Board / Independent Chairman • 60% independent directors on the Board • Manager can be removed with 60% approval of

  49. Slide 49: Shareholding Pattern

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  50. Slide 50: Unitholding Pattern as on 30 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

  51. Slide 51: Annexure

    09 Annexure

  52. Slide 52: Strong NOI Growth Driven by Rental Growth and Contribution from Acquisitions

    Strong NOI Growth Driven by Rental Growth and Contribution from Acquisitions Revenue from Operations (INR Mn)(1) NOI (INR Mn)(1) % of NOI Assets Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Mindspace Airoli (E) 1,013 1,026 692 785 11% Mindspace Airoli (W) 1,235 928 940 683 15% Mindspace Malad 269 259 233

  53. Slide 53: Structure of Mindspace REIT

    Structure of Mindspace REIT Unitholders Investment In Distribution Mindspace REIT Investment Manager Trust Trustee K Raheja Corp Investment Managers Mindspace Business Parks REIT Axis Trustee Services Limited Private Limited(1) SPV: K Raheja SPV: Avocado SPV: SPV: KRC SPV: Gigaplex SPV: Sustain IT P

  54. Slide 54: Portfolio Summary

    Portfolio Summary 30.2 msf of Completed area with WALE of 7.6 years and MTM potential of 10.4%(1) Total Committed WALE on Leasable Completed UC/Future Occupancy In-place Rent Asset Occupancy area Area Area (msf) Area (msf) (%) (INR psf) (%) (years) (msf) Mindspace Airoli East 7.2 4.9 2.3 73.4% 78.1%

  55. Slide 55: Breakup of Lease Expiry Profile

    Breakup of Lease Expiry Profile Q2-Q4 FY26 FY27 FY28 % of Asset Gross Rent at Area % of Gross Rent at Area % of Gross Rent at Area Expiring Contrac Expiry Expiring Contracted Expiry Expiring Contracted Expiry (msf) ted (INR psf) (msf) Rentals (INR psf) (msf) Rentals (INR psf) Rentals Mindspace Airol

  56. Slide 56: 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

  57. Slide 57: Debt Maturity Schedule as on 30-Jun-25

    Debt Maturity Schedule as on 30-Jun-25 Interest Wt. Avg. Principal Repayment Description Fixed/ Total Undrawn Principal Rate Maturity (INR Mn) Floating Facility Facility O/S FY31 & (p.a.p.m) (Years) FY26 FY27 FY28 FY29 FY30 Total Beyond At REIT Level NCD4 Fixed 5,000 - 5,000 7.9% 2.1 - - 5,000 - - -

  58. Slide 58: De-risked Portfolio with ~91.8% Completed Assets

    De-risked Portfolio with ~91.8% Completed Assets Project wise Market Value breakup (1) Completed Assets form 91.8% of the Market Completed U/C & Future Dev. Total Value % of Total Asset Value(1) (INR Mn) (INR Mn) (INR Mn) (%) Mindspace Airoli East 46,240 3,749 49,989 13.6% Mindspace Airoli West 51,7

  59. Slide 59: Research Houses Covering Mindspace REIT

    15 Research Houses Covering Mindspace REIT Research House Analyst Email Id Ambit Capital Karan Khanna karan.khanna@ambit.co Avendus Spark Girish Choudhary girish.c@avendusspark.com Axis Capital Pritesh Sheth pritesh.sheth@axiscap.in Bank of America Kunal Tayal kunal.tayal@bofa.com CITI Research Raji

  60. Slide 60: Key Definitions

    Key Definitions Asset SPVs Collectively, Avacado, Gigaplex, Horizonview, Intime, KRIT, KRC Infra, MBPPL, Sustain and Sundew Occupied Area + Committed Area Committed Occupancy (%) Completed Area Committed Area Completed Area which is unoccupied but for which letter of intent/ agreement to lease have

  61. Slide 61: Thank You

    Thank You

Mindspace Business Parks REIT — Q1 FY26 Earnings Presentation on 6ix