Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q3 FY25 Earnings Presentation
24 slides from Mindspace Business Parks Reit's earnings presentation, Jan 24, 2025
Slide 1: Corporate Presentation Q3 FY25
Corporate Presentation Q3 FY25 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 34.8 msf 91.5% INR 214 bn INR 15,218 Mn(4) Committed Occupancy NOI in 9M FY25 Total Leasable Area (1) Market capitalization(2) (ex. Pocharam) (2) Presence in 4 out of top 6 Indian office markets o
Slide 4: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 81.8 p.u. since listing 21.9% c. 20 msf (1) Releasing Spread on Gross Leasing 13.1 msf INR 48.5 Bn 13.6 % Total distribution(3) Annualized returns(7) 2.7 msf 8.07 % p.a.p.m. Delivered New Cost of Debt as on 31 Developments Dec 24(5) 6.6% CA
Slide 5: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.2 msf (1) Mumbai Region | 7.2 msf Completed Area: 9.6 msf; Committed Occupancy: 96.7% Completed Area: 4.9 msf; Committed Occupancy: 78.4% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Reg
Slide 6: 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: 100.0% Completed Area: 0.8 msf; Committed Occupancy: 98.6% The Square, Nagar Road Mindspace Pocharam The Square, BKC Pune | 0.8 ms
Slide 7: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 30.0% (Dec-24) vs. 28.8% (Sep-24) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (30.0%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals # of parks Manufac
Slide 8: Key Highlights: Q3FY25
Key Highlights: Q3FY25 mindspacereit.com 8
Slide 9: Q3 FY25: Strong Operational Performance driving Financial Growth
Q3 FY25: Strong Operational Performance driving Financial Growth 1.7 msf (1) Robust Gross Leasing incl. pre-leasing 4.9 msf 9M Gross Leasing ; highest leasing in a year (2) c. 1.0 msf Pre-leased c. 1msf in Kharadi, Pune to renowned GCC 8.3%Y-o-Y NOI growth Y-o-Y (3) c. INR 3.2 Y-o- Bn Distribution u
Slide 10: Stable Leasing Activity Sustains High Occupancy Rates
Stable Leasing Activity Sustains High Occupancy Rates Key Operating Indicators Q3 FY25 9M FY25 Gross Leasing 1.7 msf (1) 4.9 msf (2) Re-leased Area 0.2 msf 1.4 msf New and Vacant Area Leased 0.5 msf 1.4 msf Re-leasing Spread(3) 26.4 % 25.9 % on 0.5 msf on 2.5 msf Average Rent for Area Leased INR 76
Slide 11: Financial Performance Supported by Rising Organic Cash Flows
Financial Performance Supported by Rising Organic Cash Flows Key Financial Indicators Q3 FY25 (Y-o-Y) 9M FY25 (Y-o-Y) Figures in INR Mn Revenue from Operations(1)(2) 6,419 7.6% 18,847 8.0% Net Operating Income(1)(2) 5,218 8.3% 15,218 7.5% Distribution 3,155 10.9% 9,198 7.8% DPU 5.3 p.u 10.9% 15.5 p.
Slide 12: Modern and Sustainable workplaces attracting occupiers
Modern and Sustainable workplaces attracting occupiers High Quality Portfolio with 6 out of 9 parks(1) achieving > c.96% committed occupancy levels 100% 100% 100% 98.6% 96.7% 100% Gera The Square The Square Mindspace Mindspace Commerzone Commerzone Nagar Road BKC Malad Madhapur Porur Kharadi Pune Q3
Slide 13: Our Growth Drivers
Our Growth Drivers mindspacereit.com 13
Slide 14: Organic development to drive the next phase of growth
Organic development to drive the next phase of growth c.4.6 msf area under development is estimated to complete over next 3-4 years Commerzone Kharadi Mindspace Airoli East Building 4 (~1.0 msf) Highstreet (~0.05 msf) Estimated Completion – Q4 FY25 Completed (Part OC received) Mindspace Madhapur Min
Slide 15: Re-energizing Parks
Re-energizing Parks mindspacereit.com 15
Slide 16: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 16
Slide 17: 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 17
Slide 18: 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 18
Slide 19: 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 20: Annexure
Annexure mindspacereit.com 20
Slide 21: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) NOI (INR bn) (1,3) 6.4 6.0 6.2 6.2 6.0 6.0 5.9 5.5 5.2 4.9 4.8 5.0 5.0 0.12(2) 5.0 0.12 (2) (0.09)(2) 4.8 5.9 5.6 4.5 4.8 4.7 4.5 4.0 3.5 3.0 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY24 Q2
Slide 22: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth ₹ 70,908Mn 22.6% INR 5,480 Mn 8.07% 3.8 x 3.7 x Net Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Net Debt to EBITDA(5) Market Value (1) Facilities (p.a.) Ratio(6) Diversified debt Book with a mix of debentures and
Slide 23: Unitholding Pattern as on Dec 2024
Unitholding Pattern as on 31 Dec 2024 Unitholding Summary INR 21,427 Cr 36.5% Market Cap(1) % Free- float 593 Mn units Unitholding Pattern (Market Cap : INR 214 Bn) (1) MF NIIs AIF 5.5% 10.3% 0.6% Insurance 3.4% DIIs Sponsors & Sponsor Public 3.1% Group (Others) Total 63.5% 36.5% FIIs Unitholders 13
Slide 24: Thank You
Thank You Investor Relations Enquiries: Nitin Garewal (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 24
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