LEASING HIGHLIGHTS

Fostering Tenant Relationships and Expanding Tenant Base

Mindspace REIT nurtures and strengthens tenant relationships through regular interactions, responsive service, and tailored relationship initiatives. Our teams work to constantly meet the evolving needs of our tenants, ensuring their satisfaction, thus building long-lasting partnerships.

Beyond providing office space, we host networking events, educational workshops, and social gatherings that encourage interaction and collaboration among tenants. By facilitating these opportunities for networking and relationship-building, Mindspace REIT contributes to a vibrant and supportive community that enhances the overall tenant experience.

Our portfolio supports the operations of 220+ tenants signifying diverse tenants across sectors. With signing 3.6 msf leases across 87 tenants at an average rent of ` 69 psf during FY24, reflecting our commitment to growth. It includes c.0.2 msf of new area leasing at around market rents, c.0.9 msf of vacant area leasing and c.2.5 msf of re-leased area and 68.1% of our gross leasing was to existing tenants, while the balance 31.9% was to new tenants.

Leases Signed in FY24

Tenant	Asset	Location	Area Leased (msf)
BFSI Tenant	Mindspace Airoli West	Mumbai Region	0.4
Technology Tenant	Mindspace Airoli East	Mumbai Region	0.4
Tablespace Technologies Private Limited	Mindspace Madhapur	Hyderabad	0.3
eClerx Services Limited	Mindspace Airoli East	Mumbai Region	0.2
Pegasystems Worldwide India Private Limited	Mindspace Madhapur	Hyderabad	0.2
Open Text Technologies India Private Limited	Mindspace Madhapur	Hyderabad	0.2
LTIMindtree Limited	Mindspace Madhapur	Hyderabad	0.2
Brane Enterprises Private Limited	Mindspace Madhapur	Hyderabad	0.1
Hitachi Energy Technology Services Private Limited	Commerzone Porur	Chennai	0.1
Inventurus Knowledge Solutions Limited	Mindspace Airoli East	Mumbai Region	0.1
Others			1.4
Total			3.6

Lease Expiry Profile

Strong re-leasing achieved as macro environment continues to improve

Area expiry (msf)

Track record of achieving re-leasing spread across parks

Area re-leased (since April 2020) msf

Notes:

Termination notice of 0.3 msf of FY24 deferred to FY25
Excludes early renewals of 0.7 msf during FY24
Includes efficiency adjustment of 146 ksf
Gross rent as % of total rent of Completed Area as of March 31, 2024
Re-leasing spread includes spread on extensions and on leasing of vacant area

Area-wise leasing performance since listing

15.0 msf leased since listing, including 10.6 msf of releasing at 20.9% re-leasing spread

New area leased % split by area⁽¹⁾

4.4 MSF

Leased to 82 tenants

Existing area re-leased % split by area⁽¹⁾

10.6 MSF

20.9% re-leasing spread⁽³⁾

Note:
For the period September 30, 2020 – March 31, 2024; includes committed and pre-leased area.