Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q1 FY27 Earnings Presentation
33 slides from Mindspace Business Parks Reit's earnings presentation, Aug 21, 2026
Slide 1: Corporate Presentation Q1 FY27
Corporate Presentation Q1 FY27
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: Table of contents
Table of contents Key Highlights Announcements 4 Key Highlights & Announcements Mindspace REIT: A Primer 4 7 Our Growth Drivers Mindspace REIT: A Primer 7 23 Our Growth Drivers Our Portfolio Tenant Profile 23 26 Our Portfolio & Tenant Profile Governance Framework 26 31 Governance Framework 31
Slide 4: Key Highlights & Announcements
1 Key Highlights & Announcements
Slide 5: Q1 FY27: Strong Operational Performance driving Financial Growth
Q1 FY27: Strong Operational Performance driving Financial Growth 95.8% Strong Committed Occupancy (1) Y-o- 27.8 % NOI growth Y-o-Y; up 16.2% Y-o-Y Like-to-Like basis(2) INR 6.67 Y-o- p.u DPU up 15.2% YoY 1.1 msf New Development planned in Airoli West 0.6 msf Elevating park experience at Pune through
Slide 6: Key Announcements
Key Announcements Portfolio to further unlock value with latest additions Perspective Existing block toB17 be re-purposed 0.9 MSF Q1FY30 The Square 110, Airoli West, Mumbai Financial District, Hyderabad 1.1 (1) msf Office Repurposing Office Block to 150- 265 ksf fully pre-let(2), B17 keys Hotel at F
Slide 7: Mindspace REIT: A Primer
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Slide 8: Portfolio Snapshot: Built for Long-Term Value Creation
21-Aug-26 Value Creation Snapshot: Track Portfolio Record built for Long-Term Value Creation Institutional-Quality Portfolio underpinned by strong growth levers Market Leading ▪ One of India’s Largest and Diversified Office REIT with GAV of INR 519 Bn(1) Scale ▪ 46.2 msf Portfolio in 4 key office de
Slide 9: Institutional-Quality Assets
21-Aug-26 Strong Value Creation Institutional-Quality Track Assets Record Delivering a Differentiated Workplace Experience Ascent, Worli Mindspace Madhapur One Radial, Chennai Commerzone Kharadi Commerzone Raidurg mindspacereit.com 9 (1)
Slide 10: Strategic Exposure to Data Centers, Hotels, Lifestyle Clubs
21-Aug-26 Strong Strategic Value Creation Exposure TrackHotels, to Data Centers, Record Lifestyle Clubs and Prime City-Centre Assets Office Campus , Navi Mumbai Office Campus, Pune Pearl Club, Hyderabad Data Centers, Navi Mumbai Hotel, Madhapur Pearl Club, Hyderabad Data Center Portfolio Capitalisin
Slide 11: Market-leading Presence in Key Office Markets
Market-leading Presence in Key Office Markets 46.2 msf 36.0 msf 10.2 msf Portfolio Area Completed Area Development Pipeline Hyderabad Mumbai 17.1 msf 16.5 msf ` (37.1%) 1 (35.7%) 1 Mumbai Pune Hyderabad 6.3 msf 6.3 msf Chennai (13.6%) 1 (13.6%) 1 Pune Chennai Large-Scale Campuses in Integrated Busin
Slide 12: Positioned in the Strongest Micro-Markets of Every City
Positioned in the Strongest Micro-Markets of Every City We Operate In Mindspace Madhapur Commerzone Raidurg Madhapur & Financial | 13.8msf (1) | 1.8 msf Hyderabad District High entry barriers Madhapur market rentals INR 120-130 psf Landlord Market The Square Avenue 98, Ascent - Worli | 0.5 msf (BKC
Slide 13: Building one of the largest Office Portfolios in India
Building one of the largest Office Portfolio’s in the thriving India office market Pre COVID Average COVID Avg. Post COVID Net Average 27 msf Net Absorption Net Absorption Absorption 36 MSF 24 MSF 50 MSF H1 CY26 Net Absorption 57 56 50 47 42% 43 GCC Share H1 CY26 35 36 30 32 23 25 200+ New GCCs ente
Slide 14: Six Years of Compounding Growth
Six Years of Compounding Growth Track Record of Strong Operating and Financial Performance Delivered Sustained Yield Growth Annual DPU Delivered 8.8% 8.0% 7.0% 6.7% 6.9% DPU yields on IPO price of ₹275 DPU Delivered IPO Price ₹275.0 IPO Price FY22 FY23 FY24 FY25 FY26 NOI (INR Bn) (1) Re-Leasing Spre
Slide 15: Continuous Value Creation through Active Portfolio Management
Continuous Value Creation through Active Portfolio Management 46.2 Area in Msf 9.2 10.2 29.5 7.5 36.0 Completed 6.5 Value creation Accretive Development 23.0 acquisitions within existing Pipeline Projects and enhancing Redevelopments Unitholder Returns Listing Organic Acquisitions Jun-26 527 519 326
Slide 16: Portfolio Growth through Inorganic expansion
Portfolio Growth through Inorganic expansion Track record of 3rd Party acquisitions 9.2 msf Commerzone Pallikaranai, 2.57 msf Ascent, Worli, 0.45 MSF 5.2 msf 4.0 msf The Square 110, Financial District, 0.8 msf One Radial, 2.57 msf (2) Acquired from 3rd Party Sponsors Acquisitions Commerzone Porur, 0
Slide 17: Case Study: Active Asset Management – Redevelopments at Hyderabad
Case Study: Active Asset Management – Redevelopments at Hyderabad Building 1A-1B Building 7 & 8 Redevelopment Impact Post redevelopment Post redevelopment Original Area 0.7 msf FY27 ~ INR 3.9 Bn NOI Completion Annually (Stabilized basis)2 Post redevelopment Post-redevelopment 3.2 msf Net increase +
Slide 18: Case Study: Commerzone Raidurg, Hyderabad – Acquisition
Case Study: Commerzone Raidurg, Hyderabad – Acquisition Marquee Asset anchored by a long- tenure GCC occupier Interest cost reduction Market rent growth Financial Value Refinanced bank borrowings with lower INR 88 psf INR105 psf cost bonds Add Estimated Market rent at the time of Current Market rent
Slide 19: Case Study: The Square 110, Financial District, Hyderabad
Case Study: The Square 110, Financial District, Hyderabad - Acquisition Acquired at c.10% cap rate, under-leased asset Unlocking embedded value with strategic repurposing as Hotel Repurposing and Area Financial improvement Addition Financial & Operational Value Addition of ~65 ksf area INR 4,957 Mn
Slide 20: Only REIT Listed in India with Data Centers in Portfolio
21-Aug-26 Strong Only Value REIT Creation Listed Track in India with Record Data Centers in Portfolio 1.7 msf Long Term leases with Higher Operating Including 1.1 msf pre- longer Lock-ins yield leased Completed Data Centres Completed Completed Future Development Under construction Portfolio with 5 D
Slide 21: Complementary growth engines driving scale and synergy
21-Aug-26 Strong Value Creation Complimentary growth Track Record engines driving scale and synergy Building one of the largest office-first portfolio with adjacent asset classes enhancing value creation 3.4 msf of Portfolio by Area in asset classes other than Office c. 42.8 msf c. 1.7 msf c. 0.3 ms
Slide 22: Prudent Balance Sheet Management
Prudent Balance Sheet Management 60% of debt book is fixed cost Diversified Lender Profile protecting against rate hikes AAA Dual rating (CRISIL/ICRA) OD/LOC NPS, 4% NCDs/CPs Insurance Highest Credit Quality 9% , 8% 60% FPI , 7% Gross Bank/NBF Debt C , 41% INR 176 Active debt management to optimize
Slide 23: Our Growth Drivers
21-Aug-26 3 Our Growth Drivers
Slide 24: INR 17-18 Bn NOI addition organically over next 3 years
Robust business model with INR 17-18 Bn NOI addition organically over next 3 years 6.8 msf 2) ( 6.6 / 3.6 msf (4) U/c / Future development area Ramp-up of recently acquired C. 2.8 Msf assets 4.7 msf delivery in FY27 Vacant Area Leasing C. 10.2 Msf Recent Under Acquisitions C.INR Development 17-18 Bn
Slide 25: Visible Sponsor Pipeline – Key projects supporting future expansion
21-Aug-26 Strong c.10 msfValue Creation Visible SponsorTrack Record Pipeline – Key projects supporting future expansion Perspective Perspective Perspective ~ 4.0 msf ~ 2.85 msf ~2.2 msf Composite Development, (2.0 msf)* (1.6 msf)* Raidurg Baner Pune Balewadi (2.4 msf)* Pune Hyderabad (1) Perspective
Slide 26: Our Portfolio & Tenant Profile
2 1 - A u g - 2 6 4 Our Portfolio & Tenant Profile
Slide 27: Seven Integrated Business Parks
Seven Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Mindspace Airoli West Hyderabad | 13.8msf (1) Mumbai Region | 7.4 msf Mumbai Region | 7.5msf (Inc Datacenter of 1.7msf) Completed Area: 10.1 msf; Completed Area: 5.0 msf; Completed Area: 5.4 msf; Committed Occupancy: 98.9% Comm
Slide 28: Nine Quality Independent Office Assets
Nine Quality Independent Office Assets Commerzone Porur Paradigm, Mindspace Malad The Square 110 Financial District Chennai | 1.2 msf Mumbai Region | 0.8 msf Hyderabad | 0.8 msf Completed Area: 1.2 msf Committed Occupancy: 100.0% Completed Area: 0.8 msf Committed Occupancy: 98.6% Completed Area: 0.8
Slide 29: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 30.2% (Jun-26) vs. 32.7% (Mar-26) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (30.2%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals Datacenter -1.9% #
Slide 30: Marquee Tenant Base
Marquee Tenant Base Leading MNCs and Fortune 500 companies across sectors Technology Technology Financial Services Financial Services Diversified Diversified AMD Nvidia Barclays SMFG Smartworks Verizon Accenture Wipro Goldman StateStreet Hitachi energy Qualcomm Cognizant IBM B.A. Continuum Axis Brit
Slide 31: Governance Framework
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Slide 32: 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
Slide 33: Thank You
21-Aug-26 Thank You
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