The balance sheet remained stable, with loan-to-value at 24.3 per cent and cost of debt largely flat at 7.41 per cent

Mindspace Business Parks REIT reported a strong quarterly performance for the March quarter (Q4FY26), driven by robust leasing activity and higher occupancies across its portfolio.

Revenue from operations rose 31 per cent on year to ₹888 crore, while net operating income (NOI) jumped 37.4 per cent to ₹742 crore. Distributions for the quarter stood at ₹431 crore, up 9.7 per cent from a year earlier, translating into a distribution per unit (DPU) of ₹6.64. Excluding a one-off tax refund in the base quarter, distribution growth was significantly higher at 24.5 per cent.

The REIT also reported record leasing momentum, with gross leasing of 3.5 million square feet (msf) during the quarter, taking the full-year tally to 7.1 msf. Committed occupancy improved sequentially by 1.2 percentage points to 95.7 per cent, the highest since listing.

Operational metrics remained strong, with re-leasing spreads at 40.3 per cent for the quarter and portfolio in-place rents at ₹80.4 per square foot per month. The company also pre-leased nearly 2 msf during the quarter, including significant commitments at its Hyderabad assets, underscoring sustained demand from global corporates.

For the full year FY26, Mindspace REIT reported NOI growth of 29.2 per cent to ₹2,664 crore, supported by both organic growth and acquisitions. Net asset value rose 9 per cent to ₹527 per unit, while gross asset value increased 16.1 per cent to ₹47,635 crore.

The balance sheet remained stable, with loan-to-value at 24.3 per cent and cost of debt largely flat at 7.41 per cent

On the growth front, the REIT is advancing a 5.4 msf development pipeline and has announced acquisitions worth ₹5,541 crore in Chennai, which will significantly scale its presence in the market and make it the second-largest office asset owner in the city.

Outlook

The REIT reported continued confidence in demand for Grade A office assets, particularly from global capability centres (GCCs), which are driving a significant share of leasing activity. Early pre-leasing trends, especially in Hyderabad, suggest strong tenant visibility ahead of project completions.

With a high occupancy base, strong re-leasing spreads, and a visible pipeline of pre-leased developments, Mindspace REIT said it was well-positioned to sustain rental growth and distributions.

“FY26 was a very strong year across every metric–occupancy, leasing, NOI growth and distributions. As seen in Hyderabad, large tenants are committing early, and that is the clearest signal of market confidence,” said Ramesh Nair, MD & CEO.

“Our Chennai investments have scaled meaningfully, and the timing could not have been better. The business is in very good shape, and we remain focused on execution,” he added.

Published on April 29, 2026