GROWTH TRAJECTORY SINCE LISTING

Performance highlights through the lens of Chief Financial Officer

As we reflect on the past two years since our listing, we recognize that it has been a period of both challenges and opportunities. At Mindspace REIT, we have used these experiences to our advantage, and are constantly evolving to deliver on our operational and financial forecasts. We are proud to have achieved some industry firsts, such as our maiden REIT level Green Bond issuance in India, which reflects our commitment to building a responsible business by setting new sustainability benchmarks. Our carefully curated asset portfolio delivers intrinsic value to all our stakeholders, and we complement this with disciplined cost control, innovative strategic decision making, and thoughtful capital allocation. We remain focused on delivering to the advantage of our unitholders, tenants, communities, environment, and our people. As we invest in the future of Mindspace REIT, we remain excited about the opportunities ahead. We have established a track record of producing value for unitholders in a short span of time, and we look forward to fortifying this trend.

Preeti Chheda

Chief Financial Officer

Mindspace REIT's Operational Excellence translates into strong financial
performance and delivers value to our unitholders

Rising Committed Occupancy (%)

480 bps

Mar 23

89.0
Mar 22

84.3
Mar 21

84.2

Increase in In-Place rent (` psf)

16.6 %

Mar 23

65.2
Mar 22

61.7
Mar 21

55.9

11.4 MSF

Gross Leasing

2.5 MSF

Delivered New Developments

75.4 %

Share of foreign MNCs in rentals

Cumulatively distributed INR 28 bn since listing

36.1 %

Cumulative returns since listing

13.1 %

Annualized returns since listing

`47.1 P.U.

Total distibution till date

>90 %

Tax free

Strong per-unit Value Creation

Net Asset Value (` p.u.)

14.0 %

Mar 23

317.9
Mar 20

326.1

Stable distribution in a volatile environment (` p.u.)

FY 23

19.1
FY 22

18.5
H2 FY 21

9.6

Delivered consistent growth on key financial metrics

Revenue from Operations (` Mn)²

28.0 %

FY 23

20,685
FY 22

17,577
FY 21⁽¹⁾

16,293

Net Operating Income (` Mn)

24.5 %

FY 23

17,101
FY 22

14,864
FY 21⁽¹⁾

13,741

Optimizing Cost of Debt (%)

Mar 20

4.4

9.2
Mar 21

4.0

7.1
Mar 22

4.0

6.6
Mar 23

6.5

7.6

Cost of Debt Repo Rate

¹FY21 is based on combined proforma financials as Mindspace REIT was listed on 7 Aug, 2020

²Revenue from operations excludes revenue from works contract

Strong and low levered Balance sheet

Corporate credit rating by CRISIL Ratings and ICRA stands at

CCR AAA/ STABLE & [ICRA] AAA (STABLE)

respectively

17.9 %

Loan to Market Value⁽³⁾

`36.9 BN

Raised listed Debentures at REIT & SPV level since listing

`12 BN

Green Financing

`5.5 BN

1st REIT Level Green Bond issuance in India

³For the purpose of LTV calculation, Net Debt is post accounting & minority adjustment and Market value is as on March 31, 2023

Beyond Business Operations, Towards Long-term Value

Commitment to Ecological balance, health & safety

Mindspace REIT is certified as Great Place to work

Development – 5/5 stars
Standing Investment – 4/5 stars
Ranked 4^th within Office in Asia on Development Benchmark

Received WELL Health & Safety certification for 41 buildings across locations

Received Awards/Certification
9 'Sword of Honour' across 7 parks
Five Star rating across 7 parks
COVID 19 Assurance Statement

54

Green Buildings

25.1 MSF

Green Portfolio

97.3 %

of completed portfolio is rated LEED/IGBC Gold/Platinum