Mindspace Reit Reports 37% Increase in Q4 NOI Driven by Strong Leasing Activity
Mindspace Reit Q4 NOI rises 37% on strong leasing, occupancy gains
Business Standard
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Mindspace Reit reported a 37.4% year-on-year increase in net operating income (NOI) for Q4 FY26, reaching ₹2,664 crore for the fiscal year. The Reit achieved gross leasing of 3.5 million square feet in the quarter, supported by improved occupancy and rental escalations, reflecting strong market confidence.
- 01Net operating income (NOI) rose 37.4% YoY in Q4 FY26.
- 02Gross leasing for Q4 FY26 reached 3.5 million square feet.
- 03Distribution per unit increased to ₹6.64, up 3.1% YoY.
- 04The gross asset value (GAV) of the portfolio is ₹47,635 crore.
- 05Mindspace Reit maintains a loan-to-value (LTV) ratio of 24.3%.
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Mindspace Reit, backed by K Raheja Corp, reported a significant 37.4% year-on-year increase in net operating income (NOI) for the fourth quarter of FY26, totaling ₹888 crore in revenue from operations, which is up 31% YoY. The Reit achieved gross leasing of 3.5 million square feet in Q4, bringing the total for FY26 to 7.13 million square feet. The re-leasing spread was 40.3% for Q4 and 31.8% for the fiscal year, indicating strong demand for office space. The Reit declared a distribution of ₹431 crore for the quarter, with a distribution per unit of ₹6.64, reflecting a 3.1% increase from the previous year. Overall, the Reit's NOI for FY26 rose to ₹2,664 crore, marking a 29.2% increase YoY. The gross asset value of the portfolio stands at ₹47,635 crore, a 16.1% increase since September 2025. Ramesh Nair, the managing director and CEO, highlighted the strong performance across all metrics and noted significant tenant commitments in Hyderabad, signaling robust market confidence.
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The strong performance of Mindspace Reit indicates a healthy demand for office space, which could lead to more job opportunities and economic growth in the regions where they operate.
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