Mindspace REIT Annual Report 2021-22

Operating highlights

4.5 msf

Gross leasing

2.3 msf

New & Vacant Area Leased

>99.0%

Collections of Total Contracted Rentals⁽²⁾⁽³⁾

31.0%

Releasing Spread ⁽¹⁾ on 2.8 msf area re-leased

1.6 msf

Increase in Total Leasable Area (primarily due to on campus development potential)

2.9 msf

Pre-leased at ROFO Asset (Commerzone Madhapur, Commerzone Pallikarnai and Mindspace Juinagar)

Financial highlights

` 17,501 mn

Revenue from Operations for FY22
(7.4% growth y-o-y)

` 10,941 mn

Distribution for FY22 (` 18.45 p.u.)

` 264 bn

Market Value

` 14,864 mn

Net Operating Income for FY22
(8.2% growth y-o-y)

6.7%

Annualized distribution yield ⁽⁴⁾

` 364.9 pu

NAV as of March 31, 2022 (5.7% growth y-o-y)

6.6%

Weighted Average Cost of Debt
as on March 31, 2022⁽⁶⁾

15.7%

Net Debt to Market Value ⁽⁵⁾

` 9 bn

Amount raised in the form of AAA rated NCDs at REIT & SPV level

Re-leasing spread includes spread on extensions and vacant area leasing
Collections are as of April 30, 2022
Total Contracted Rentals is the sum of Base Rentals and fit-out rent to be invoiced for Occupied Area that is expected to be received from the tenants pursuant to the agreements entered with them
Annualized distribution yield basis FY22 distribution calculated on issue price of ` 275 p.u.
Net Debt and Market value as of March 31, 2022; for the purpose of LTV calculation Net Debt is considered post accounting and minority adjustment
Reduced from 7.1% p.a. as on March 31, 2021

Awards/Certifications:

9 'Sword of Honour' awards received across seven business parks from British Safety Council

Received Platinum certification from IGBC for B3 at Gera Commerzone Kharadi & LEED Gold certification from USGBC for B12D at Mindspace Madhapur

Other updates:

Constructed an additional floor at a hospital at Kondapur, Hyderabad resulting in the addition of 120 new beds and handed it over to the government.

Mindspace REIT to build a new school for the children of Gambhiraopet village, Telangana in partnership with the State Government. These schools will have nine classrooms, spanning 11,298 sf with a capacity to seat 400 students, library, dining area and training rooms, spread over 9,942 sf.

Facilitated over 1 lakh vaccination for our tenants, employees, and construction workers as on March 31, 2022

Committed to 100% Renewable Power

Climate Group’s RE100 initiative: We are the first real estate entity from India to join the RE100 initiative. In pursuance of the initiative, we have committed to transform to 100%⁽¹⁾ green renewable energy sourcing across all the assets in our portfolio by 2050, in a phased manner. This is the next step towards building a sustainable ecosystem and minimizing environmental impact.

Committed to the Climate Group’s EV100 Initiative

We have pledged to transition to 100% electric mobility by converting internal park transport to Electrical Vehicles and allowing access to charging infrastructure without any charge to our tenants. This will help accelerate a global shift to clean transport and reduce air pollution in the urban micro-markets of presence.

1. Across common areas serviced and maintained within the Portfolio

Key Highlights

The tenets for Mindspace REIT's growth trajectory