News ArticleMindspace Business Parks REIT Posts 31.9% NOI Growth and Raises DPU by 14.4% in Q2 FY27
Committed occupancy hits record 96.1%, gross leasing reaches 1.6 million sq. ft., and NAV per unit climbs 7.2% to INR 565.1
Mindspace Business Parks REIT announced strong financial results for Q2 FY27, with net operating income growing by 31.9% year-on-year to INR 8,361 million and distribution per unit rising by 14.4%. Their committed occupancy reached a record 96.1%, supported by 1.6 million square feet of gross leasing, while net asset value per unit increased 7.2% to INR 565.1.
Mindspace Business Parks REIT
General / Other
Mindspace Business Parks REIT reported a 31.9% year-on-year growth in net operating income for the quarter ended September 30, 2026, with distribution per unit increasing by 14.4%. Occupancy rose to 96.1%, supported by significant leasing activity and a rising net asset value per unit.
The REIT achieved gross leasing of approximately 1.6 million square feet during the quarter, including 0.6 million square feet leased at newly acquired Chennai assets ahead of plan, with occupancy at Commerzone Pallikaranai and One RadialTM at around 77.5% and 75% respectively.
A major lease deal of about 0.5 million square feet was signed at One RadialTM with a European BFSI GCC tenant.
The completed portfolio's size increased to 37.7 million square feet, with an active development pipeline of 6.0 million square feet, including a 1.5 million square feet redevelopment project in Hyderabad fully pre-leased.
On the financial front, the gross asset value of the portfolio rose by 15.9% to INR 55.2 billion, and net asset value per unit increased 7.2% year-on-year to INR 565.1, marking a cumulative 78% growth since listing.
Loan-to-value remained stable at 29.1%, and the cost of debt held steady at 7.43% per annum per month during the quarter.
Highlights
- Q2 FY27 net operating income (NOI) of INR 8,361 million, up 31.9% year-on-year
- Distribution per unit (DPU) increased 14.4% year-on-year to INR 6.67
- Committed occupancy reached a record 96.1%, excluding new acquisitions
- Gross leasing achieved 1.6 million square feet in Q2 FY27
- Net asset value (NAV) per unit grew 7.2% to INR 565.1
- Completed portfolio size expanded to 37.7 million square feet with a 6.0 million square feet development pipeline
Key Data Snapshot
What happened
- Mindspace Business Parks REIT delivered a 31.9% year-on-year growth in net operating income for Q2 FY27 to INR 8,361 million.
- Distribution per unit increased by 14.4% year-on-year to INR 6.67 for the same period.
- Committed occupancy rose to a record 96.1%, excluding new acquisitions and assets held for sale.
- Gross leasing during Q2 FY27 was approximately 1.6 million square feet, including significant leasing in newly acquired Chennai assets.
Key details
- Two major Chennai acquisitions, Commerzone Pallikaranai and One RadialTM, have reached occupancies of about 77.5% and 75% respectively with leasing ahead of business plans.
- A large lease agreement of about 0.5 million square feet was signed with a European BFSI GCC tenant at One RadialTM.
- The portfolio size increased to 37.7 million square feet with a pipeline development of 6.0 million square feet.
- Gross Asset Value rose 15.9% to INR 55.2 billion, and Net Asset Value per unit grew by 7.2% to INR 565.1.
- Loan-to-Value ratio remained steady at about 29.1%, while cost of debt was stable at 7.43% per annum per month.
Financial performance
- Like-to-like net operating income grew by 16.8% year-on-year in Q2 FY27.
- Cumulative distribution since listing totals approximately INR 76.4 billion or INR 126 per unit.
- The REIT has delivered a cumulative 78% growth and about 10% CAGR in NAV per unit since listing.
Regulatory and governance context
- Mindspace REIT achieved a perfect 100 out of 100 score in the 2026 GRESB Development Ratings.
- It secured the number one position across Office/Asia, Office/Listed, and Asia/Listed categories and received a five-star rating for the fourth consecutive year.
- The REIT was named Global Sector Leader, Global Sector Leader – Listed, and Regional Sector Leader in its category.
Highlights
- Q2 FY27 net operating income (NOI) of INR 8,361 million, up 31.9% year-on-year
- Distribution per unit (DPU) increased 14.4% year-on-year to INR 6.67
- Committed occupancy reached a record 96.1%, excluding new acquisitions
- Gross leasing achieved 1.6 million square feet in Q2 FY27
- Net asset value (NAV) per unit grew 7.2% to INR 565.1
- Completed portfolio size expanded to 37.7 million square feet with a 6.0 million square feet development pipeline
Disclosures
- Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source Information
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