Mindspace Business Parks REIT on Jan 27 reported a net operating income of ₹671 crore for the quarter ended December 31, 2025, marking a 28.7% year-on-year increase, the company said.
The REIT declared a distribution of ₹378 crore for the quarter, up 19.8% year on year, while distribution per unit (DPU) rose 9.6% to ₹5.83, the company said. Revenue from operations increased 27.2% to ₹816 crore compared to the same quarter last year, it said.
The company said that during the quarter, Mindspace REIT expanded its portfolio with the acquisition of central business district (CBD) office assets in Mumbai and Pune, adding about 0.8 million sq ft of leasable area. This takes its total inorganic additions since listing to nearly 4 million sq ft.
The REIT is also progressing a development pipeline of around 3.6 million sq ft and recently received an occupancy certificate for the Pearl Club at Mindspace Madhapur in Hyderabad, where rentals have seen particularly strong growth, the company said.
Also Read: ₹550 crore via sustainability-linked bonds”>Mindspace Business Parks REIT raises ₹550 crore via sustainability-linked bonds”The quarter reflected sustained demand for quality office assets. The REIT recorded gross leasing of around 1.1 million square feet during the quarter, with committed occupancy improving sequentially to about 94.5%. Re-leasing spreads were strong at roughly 27.4% on nearly 1 million square feet of space re-let, indicating healthy rental uplifts. The portfolio’s in-place rent now stands at around ₹75 per sq ft per month,” said Ramesh Nair, CEO and Managing Director of Mindspace REIT.
Also Read: ₹2,916 crore”>Mindspace REIT acquires 8 lakh sq ft across three commercial assets in Mumbai and Pune for ₹2,916 crore
On the financial front, the REIT maintained a low loan-to-value ratio of about 24.9%. It raised ₹1,900 crore through non-convertible debentures at an effective rate of 6.98%, helping reduce its overall cost of debt to 7.39%. The gross asset value of the portfolio increased to approximately ₹44,136 crore following the recent acquisitions, the company said.
Mindspace REIT, sponsored by K Raheja Group, has a portfolio of rent-yielding office assets.
Its portfolio has a total leasable area of 39 million sq ft comprising 31.9 million sq ft of completed area, 3.6 million sq ft of area under construction and 3.5 million sq ft of future development.