• Q3 FY26 NOI Grows by c. 28.7% YoY to c. INR 671 crs
  • Robust Distribution Growth for the Quarter at c. 19.8% YoY
  • Portfolio Committed Occupancy rises to c. 94.5%
  • Robust Gross Leasing of c. 1.1 msf in Q3 FY26

Mumbai : Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office assets, located in four key office markets of India, reports results for the quarter ended Dec 31, 2025

ParticularsUnitQ3 FY26Q3 FY25Growth (Y-o-Y)
Revenue from OperationsINR crs81664227.2%
Net Operating Income (NOI)INR crs67152228.7%
DistributionINR crs37831619.8%
Distribution per unit (DPU)Per unit5.835.329.6%

Speaking on the results, Mr. Ramesh Nair, CEO and MD, Mindspace REIT said, “Q3 FY26 was another strong and stable quarter for Mindspace REIT, driven by record year of demand for Grade A office assets and focused execution across our portfolio. We achieved a gross leasing of ~1.1 msf, while committed occupancy grew sequentially to ~94.5%. This operating momentum translated into strong financial outcomes, with NOI growing ~28.7% YoY. We also saw rental uplift, demonstrated by re-leasing spreads of ~27.4% on ~1.0 msf re-let during the quarter. We further scaled our portfolio through the acquisition of CBD assets in Mumbai and Pune, adding ~0.8 msf of leasable area taking our inorganic additions to the portfolio to c. 4 msf since our listing. We remain focused on pursuing accretive acquisition opportunities to deliver value to our unitholders.”

Operating and Growth Highlights

  • Recorded Gross leasing of c. 1.1 msf in Q3 FY26.
  • Committed Occupancy for the quarter stood at 94.5%1.
  • Re-leasing spread of c. 27.4%  for Q3 FY26 on c. 1.0 msf of area re-let.
  • Robust growth in rentals across our micro markets, especially Madhapur, Hyderabad.
  • In-place rent for Portfolio stands at c. INR 75 per sq. ft. per month.
  • Received Occupancy Certificate for the Pearl Club in Mindspace Madhapur.
  • Actively working on under construction pipeline of c. 3.6 msf.
  • Ranked in Top 5 REITs globally out of 377 peers in 2025 S&P Corporate Sustainability Assessment (DJSI)

Financial Highlights

  • Clocked healthy Net Operating Income (NOI) growth of c. 28.7% YoY in Q3 FY26 to c. INR 671 crs.

           o           26% YoY growth in 9M FY26 to INR c. 1,922crs.

  • Low Loan-to-Value (LTV) of approximately c. 24.9%  demonstrating good balance sheet strength.
  • Raised NCDs of INR 1,900 crs at an effective rate of 6.98% per annum per month during Q3 FY26.
  • Cost of debt reduced by 13 bps on sequential basis to 7.39% per annum per month, driven by refinancing efforts.
  • Completed the acquisition of 0.8 msf Mumbai and Pune CBD assets announced recently; Gross Asset value of the portfolio rises to C. INR 44,136 crs .

Distribution

  • Declared distribution of c. INR 378 crs for Q3 FY26.
  • Distribution per unit stood at INR 5.83 per unit delivering a healthy YoY growth of c. 9.6%.
  • Delivered growth of 12.5% in DPU YoY for 9M FY26.
  • Record date for the distribution is Jan 30, 2026.
  • Payment of the distribution shall be processed on or before Feb 06, 2026.
  • Cumulative distribution of c. INR 6,330 crs or approximately INR 105.7 per unit since listing.