Mindspace Business Parks stated it raised Rs 375 crore through Market Linked Debentures (MLDs) at 6.65 per cent p.a. (Rating - CRISIL PP MLD AAA r/Stable) in Q4 FY2021. Meanwhile, the net operating income for FY 2021 was at Rs 1,374 crore.
The company stated it raised Rs 75 crore via NCDs at 6.69 per cent p.a. payable quarterly (Rating - CRISIL AAA/Stable). In addition, the average cost of debt was 7.1 per cent at March 31, 2021. The company stated as of March 31, 2021 the NAV was at Rs 345.2 p.u compared to Rs 338.4 as of September 30, 2020.
The governing board of K Raheja Corp Investment Managers LLP, Manager to Mindspace REIT approved a distribution of Rs 285.2 crore or Rs 4.81 p.u. for Q4 FY2021 at its meeting held earlier today.
The cumulative distribution of 9.59 p.u. in H2 FY2021 translates into an annualised yield of 7.0 per cent on issue price of Rs 275 p.u. (in line with Projections).
Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said, “We delivered the financial performance in line with our projections. Our operating performance remained stable with collections continuing to be over 99 per cent through the pandemic. We achieved a healthy gross leasing of 1.5 million sq. ft. during this quarter and diversified our tenant mix by signing up with a data centre tenant at our Mindspace Airoli (West) park.” It continued to collect over 99 per cent of Gross Contracted Rentals.
He added, “Growth in demand for technology services has helped earnings and hiring of IT companies rise during the pandemic and we expect this trajectory to continue in the long-term. We also see a growing need to return back to offices as soon as the situation improves and as offices continue to be preferred places to work, providing an inclusive environment for employees to ideate, collaborate and optimise output.”