Mindspace REIT at a Glance

A responsible growth story built on prudence and trust

Mindspace REIT, a pioneer in shaping world‑class business districts, has grown with a vision of being a responsible leader, creating enduring experiences for all its stakeholders. The entity's growth has been about embracing change, to invigorate creativity and innovation.

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Quick facts

Mindspace REIT at a Glance

Sustainable pillars of growth

Mindspace REIT has always been ahead of the curve in identifying the upcoming trends in premium business spaces that cater to the ever evolving needs of global employers and their millennial workforce.

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Financial discipline

We always prioritise our approach towards financial management by ensuring comfortable leverage, generating free cash flow and ensuring long-term value creation for our unit holders.

6.7%

Distribution yield (Annualized)

15.7% msf

Net Debt to Market Value

Robust portfolio

The Mindspace REIT portfolio encompasses finest assets that are sustainably built and curated to provide an engaging experience for our tenants. Our reach across important micro-markets is reflective of a strong portfolio that provides strategic value created on tenant retention and addition and footprint expansion. We continue to explore strategic value-accretive organic and inorganic opportunities to strengthen our presence.

31.8 msf

Total leasable area

4.5 msf

Gross leasing

Our human capital

We invest in our people and care deeply about our human and intellectual resources. We value the expertise our dynamic team brings in and celebrate the diversity they offer.

3,400+ hours

Training hours (All trainings including functional, behavioral and ESG

Valued partnerships and community initiatives

We work closely with our stakeholders, business partners, and tenants alike to forge an engaging and mutually beneficial partnership. We also believe in nurturing and empowering our communities, especially women and children, through education, training, upskilling and reskilling.

175+

Total tenants

5,900+

Students benefited from 'Room to Read', and "Deeds Public Charitable Trust", literacy initiatives supported by Mindspace REIT

Owning our actions

As a responsible corporate citizen, it is our mission to constantly work towards judiciously using natural resources and adopting smart and sustainable practices across our properties. We are committed to the sustenance needs of our future generations and have made sustainability a way of work and life at Mindspace REIT. We strive to create a meaningful impact on the ecology by adopting efficient practices like electric mobility, energy and water conservation, renewable energy, etc.

1.8 MW

Installed capacity of Solar PV

Commitment to 100% renewable energy usage by 2050

Committed to 100% electric mobility within the parks

Message from the CEO

CEO’s message

FY22 was the strongest year in terms of leasing as the portfolio clocked leasing of c.4.5 msf. We look towards FY23 with a renewed optimism, as we accelerate our growth via anticipated favourable movement in occupancy, on campus expansion and exploring inorganic opportunities. We continue to remain committed towards building an ESG-centric and experiential ecosystem that occupiers aspire to be associated with.

Vinod Rohira

CEO

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Key Highlights

The tenets for Mindspace REIT's growth trajectory

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Other updates

Received 9 awards
across 7 parks

Committed to 100%
Renewable Power

36 buildings across
portfolio

Continuous Developments

On an upward growth trajectory

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Mindspace Airoli (West)
B9, Mumbai Region

1.1 msf

Leaseable Area

643 ksf

Leased/Pre-Leased

Estimated completion:

Q1 FY23

Status:

Facade - Work Completed

Mindspace Airoli (West)
B10 Data Center, Mumbai Region

0.3 msf

Leaseable Area

100%

Pre-Leased

Estimated completion:

Q4 FY23

Status:

4th slab - Work in progress

Commerzone Kharadi
B5, Pune

0.7 msf

Leaseable Area

100%

Pre-Leased

Estimated completion:

Q2 FY23

Status:

Last floor - Work in progress

Commerzone Kharadi
B4, Pune

1.0 msf

Leaseable Area

Estimated completion:

Q4 FY23

Status:

Level 1 - Work in progress

Mindspace Airoli (East)
High Street Retail and F&B, Mumbai Region

0.05 msf

Leaseable Area

Estimated completion:

Q4 FY23

Status:

Excavation WIP

Mindspace Madhapur
Recreational and Entertainment Zone

0.06 msf

Leaseable Area

Estimated completion:

Q4 FY23

Status:

Excavation WIP

Asset Enhancements

Asset Enhancements,
Augmented Experiences

We are conscious of the ever-changing needs of our tenants and the importance of staying relevant and a prized choice. We work towards asset upgradation programs that enhance our well-rounded portfolio, evolving to suit the tenants’ needs.

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Commerzone Kharadi

Mindspace Madhapur

Key Performance Indicators

Carving the path for
growth acceleration

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Numbers of stability and growth

6.7%

Annualized distribution on Issue Price of ` 275 per unit

` 18.4

Annual distribution (p.u.) for FY22

90%+

Distributions are in the form of tax-exempt dividends

15.7%

Loan to Value

6.6% p.a.

Cost of Debt

45.9%

Fixed Cost Debt as % of Total Outstanding Debt as on March 31, 2022

Stakeholder Engagement

Meaningful dialogues. Measurable impact.

At Mindspace REIT, we strive to build strong partnerships with our stakeholders through proactive engagement. In doing so, it is our endeavour to understand their vision while creating lasting values. Our efficient solutions have translated into positive ramifications for our stakeholder value chain.

Strategic Pillars

P1 Pillar 1

Resource Conservation & Efficiency

P2 Pillar 2

Employee and Community Relationships

P3 Pillar 3

Responsible Business Conduct

P3 Employees

Boost employee morale and productivity. Create a diversified and inclusive work environment, while focusing on equal opportunity, safety and holistic employee development

P2 Tenants

Provide a conducive and collaborative tenant experience by understanding their growing ambitions and requirements, thereby enhancing tenant retention

P2 Supply Chain Partners

Building and sustaining a robust supply-chain network and creating a lasting partnership

P1 P3Our Communities

Helping communities we operate in thrive while striving to build a better planet

P3 Lenders, Unitholders & Rating Agencies

Ensure transparency, compliance, and uphold the statutes of governance through a robust framework of communication for investors, lenders, and rating agencies

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Strategy

Beyond business operations, towards long-term value

At Mindspace REIT, our focus has always been to give back more to society than what we derive. Our partners and stakeholders see the value we are able to generate by inculcating the sustainability model at the core of our operations, helping us differentiate ourselves.

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S1

Target the right set of occupiers and become their partner of choice

175+

Total tenants

36

New tenants added

73.9 %

Leasing to new tenants

S2

Optimize capital structure
 

15.7 %

Net debt to Market Value

5.0 years

Weighted average maturity of debt

c.50 bps

Debt cost reduction during FY22

45.9 %

Proportion of fixed cost debt

S3

Proactive asset management and enhancement

130+

Experienced in–house facility management team (Camplus)

Received
9 'Sword of Honour' awards

from British Safety Council across seven parks

S4

Sustainability as a business philosophy

67 %

Independent Directors on the Board

36

Green buildings

RE100

1st real estate entity from India to join this initiative

30-95 %

Potable water saving across green buildings with the optimal use of low-flow fixtures

Our ESG Priorities

Sustainability. Ecology. Prudence.

ESG at Mindspace REIT
Mindspace REIT has always deeply valued its people, communities, and the environment it operates in, while upholding corporate governance practices and aligning the interest of each stakeholder across – employees, vendors, occupiers, investors and unitholders.

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Industry Landscape

Grade A office market overview

Investor Association

Long-standing Investor Relations

Our Properties

Where Futuristic Technology Meets Green Design

Download Centre

 

 

Statutory Report

Management Discussion and Analysis

Summary Valuation Report

 

Standalone Financial Statements

Consolidated Financial Statements