Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q4 FY25 Earnings Presentation
28 slides from Mindspace Business Parks Reit's earnings presentation, May 12, 2025
Slide 1: Corporate Presentation Q4 FY25
Corporate Presentation Q4 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 37.1 msf 93.0% INR 228 bn INR 20,616 Mn(4) Committed Occupancy NOI in FY25 Total Leasable Area (1) Market capitalization(2) (ex. Pocharam) (2) Presence in 4 out of top 6 Indian office markets o Spo
Slide 4: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 88.3 p.u. since listing c. 23.4 msf (1) 21.4 % Re-leasing Spread on Gross Leasing 14.3 msf INR 52.4 Bn 13.3 % Total distribution(2) Annualized returns(3) 3.7 msf 8.15 % p.a.p.m. Delivered New Cost of Debt as on 31 Developments Mar 25(4) 6.1
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: 9.9 msf; Committed Occupancy: 97.2% Completed Area: 4.9 msf; Committed Occupancy: 78.8% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Reg
Slide 6: Six Quality Independent Office Assets
Six Quality Independent Office Assets Commerzone Raidurg Commerzone Porur Paradigm, Mindspace Malad Hyderabad | 1.8 msf Chennai | 1.1 msf Mumbai Region | 0.8 msf Completed Area: 1.8 msf Completed Area: 1.1 msf Completed Area: 0.8 msf; Committed Occupancy: 100% Committed Occupancy: 100.0% Committed O
Slide 7: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 33.0% (Mar-25) vs. 30.0% (Dec-24) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (33.0%) (1) (1) % split by Gross Contracted Rentals GCC- 12.9% % of total Gross Contracted Rentals Manufac
Slide 8: Key Highlights: Q4FY25
Key Highlights: Q4FY25 mindspacereit.com 8
Slide 9: Solid Performance fueled by Sustained Demand for Grade-A Assets
Solid Performance fueled by Sustained Demand for Grade-A Assets 2.8 msf 7.6 msf (1) (2) Gross Leasing Q4 Gross Leasing FY25(2) FY25(1) Highest since listing Highest since listing 93% msf 1.5 msf (3) Committed Pre-Leased to GCC Occupancy Entire Building under Sequentially up 1.5% re-development at Ma
Slide 10: Strong Operating Performance helps deliver robust financial performance
Strong Operating Performance helps deliver robust financial performance INR 5,398 Mn INR 3,923 Mn INR 366.5 Bn (Q4 FY24- INR 4,768 mn) (Q4 FY24- INR 2,829 mn) (H1 FY25- 313.5Bn) Q4FY25 NOI Q4FY25 Gross Asset Value Distribution Up 13.2% Y-o-Y Up 16.9% v/s Sep-24 Up 38.7% Y-o-Y INR 20,616Mn INR 13,121
Slide 11: Concluded 1st ROFO acquisition: Commerzone Raidurg
Concluded 1st ROFO acquisition: Commerzone Raidurg – Marquee Asset at Strategic Location c.2.80 msf Total Leasable Area(1) c.1.82 msf Sustain’s(2) Area 100% Committed Occupancy on Sustain’s area c. 12 years WALE 15% Rent escalation every 3 Years; 1st escalation in Jan’ 26(3) c.7 ksf of retail space
Slide 12: Delivered Strong Operational performance
Delivered Strong Operational performance Key Operating Indicators Q4 FY25 FY25 Gross Leasing 2.8 msf (1) 7.6 msf (2) Re-leased Area 0.5 msf 1.9 msf New and Vacant Area Leased 0.7 msf 2.2 msf Pre-lease 1.5 msf 3.6 msf Re-leasing Spread(1) 17.4 % 22.8 % on 1.1 msf on 3.6 msf Average Rent for Area Leas
Slide 13: Financial Performance Supported by Rising Organic Cash Flows
Financial Performance Supported by Rising Organic Cash Flows Key Financial Indicators Q4 FY25 (Y-o-Y) FY25 (Y-o-Y) Figures in INR Mn Revenue from Operations(1)(2) 6,780 14.0% 25,627 9.6% Net Operating Income(1)(2) 5,398 13.2% 20,616 8.9% Distribution 3,923 38.7% 13,121 15.5% DPU 6.44 p.u 35.0% 21.95
Slide 14: Modern and Sustainable workplaces attracting occupiers
Modern and Sustainable workplaces attracting occupiers High Quality Portfolio with 7 out of 10 parks(1) achieving an average of c.98% committed occupancy levels 100% 100% 100% 100% 100% 98.5% 97.2% Gera The Square The Square Commerzone Commerzone Mindspace Mindspace Commerzone Nagar Road BKC Porur R
Slide 15: Project Updates
Project Updates mindspacereit.com 15
Slide 16: Gearing for Demand Resurgence
Gearing for Demand Resurgence Hyderabad Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur Mindspace Madhapur (Experience center) (B1, Re-development) (B8, Re-development) ▪ Leasable area: 0.13 msf ▪ Leasable area: 1.5 msf ▪ Leasable area: 1.6 msf ▪ Status: Structure completed. Club ID & ▪ St
Slide 17: Re-energizing Parks
Re-energizing Parks mindspacereit.com 17
Slide 18: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 18
Slide 19: 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 19
Slide 20: 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 20
Slide 21: 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 22: Annexure
Annexure mindspacereit.com 22
Slide 23: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1,3) NOI (INR bn) (1,3) 6.8 6.0 6.4 6.0 6.2 6.2 5.4 6.0 5.9 5.5 5.2 0.12 4.9 4.8 5.0 5.0 5.0 0.12 (1) (0.09)(1) 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
Slide 24: NDCF Build-up FY25
NDCF Build-up FY25 Particulars (INR Mn) FY25 Revenue from Operations(1) 25,627 Property Taxes & Insurance (979) Income Support pertaining to Sustain (5) 9 Other Direct Operating Expenses (4,041) Net Operating Income (NOI) 20,616 Property Management Fees (609) Net Other Expenses (490) EBITDA(1) 19,51
Slide 25: Delivered Healthy Distribution with Potential Organic Growth
Delivered Healthy Distribution with Potential Organic Growth Distribution Overview FY25 FY25 Q4 FY25 Distribution Distribution Repayment of SPV Debt, 8.78 , 40.0% INR 13,121 Mn INR 3,923 Mn DPU DPU ₹21.95 p.u. Interest, 0.97 , 4.4% INR 21.95 p.u. INR 6.44 p.u. Dividend, 12.10 , 55.1% Yield Other Inc
Slide 26: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth INR 88,976Mn 24.3% INR 4,870Mn 8.15%* 4.5x 3.5x Net Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Net Debt to EBITDA(2) Market Value (1) Facilities (p.a.) Ratio(3) Diversified debt Book with a mix of debentures Weig
Slide 27: Unitholding Pattern as on 31 Mar 2025
Unitholding Pattern as on 31 Mar 2025 Unitholding Summary INR 22,829 Cr 35.6% Market Cap(1) % Free- float 609 Mn units Unitholding Pattern (Market Cap : INR 228 Bn) (1) AIF MF NIIs 0.5% 5.2% 9.8% Insurance 3.7% DIIs Sponsors & Sponsor Public 3.0% Group (3) (Others) Total 64.4% 35.6% FIIs Unitholders
Slide 28: Thank You
Thank You Investor Relations Enquiries: Nitin Garewal (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 28
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