CONSISTENT PERFORMANCE.
EQUITABLE GROWTH.
Mindspace Business Parks REIT
Annual Report 2022-23
Mindspace Business Parks REIT
Annual Report 2022-23
Mindspace REIT offers a dynamic urban cluster of Grade A integrated business campuses, independent standalone office buildings, and a data center, in the key office submarkets of the Mumbai region, Hyderabad, Pune, and Chennai. Mindspace's portfolio is valued at `280 billion as of March 31, 2023, with a total leasable area of 32.0 msf, making it one of the largest Grade A office portfolios in India.
Total Leasable Area
Completed Area
Premium buildings across
10 office assets
Green buildings
Marquee tenants
In-place rent
Market value
Net Asset Value
Financial Resources and Liquidity
Our growth is founded on a prudent approach to financial management. By optimizing cash flow and with a focus on long-term value creation for our unit holders, we aim to maintain a strong balance sheet that meets the liquidity needs of the business.
Distribution yield
Issued India's first REIT level Green Bond
Net Debt to Market Value
Net Debt to EBITDA
A Resilient Portfolio
We continue to leverage our diversified portfolio, active developments, and re-developments in each market as a way to capitalize on the trends that emerged in the recent past. This includes a shift to quality workspaces that prioritize healthy building technology and ample outdoor amenity spaces, as well as cater to the demand for flexible, movein- ready spaces that serve as an entry point for our tenants to expand within the portfolio.
Total leasable area
Gross leasing
Increase in leasable area of four buildings via re-development at Mindspace Madhapur
Human Capital
Human Capital drives our success, and our people form its foundation. We value the expertise of our dynamic team, celebrate the diversity they bring to the table and acknowledge their contribution. We invest in training and honing our talent, promoting an environment of growth and development - both personally and professionally, while encouraging innovation and engagement across levels.
Hired Trans‑woman at our Corporate Office
Average ESG training hours per employee
Mindspace REIT is certified as 'Great Place To Work', second time in a row
Empowering Individuals, Enriching Communities
We work closely with our stakeholders, business partners, and tenants to foster and nurture an engaging and mutually beneficial partnership. Mindspace REIT also invests in empowering our communities, especially children and women by education, training, and upskilling through various CSR initiatives.
Total tenants
Students benefited
Disabled army soldiers benefited through Skill development programme
Community Need Assessments conducted
Growing our Commitment to Sustainability
We believe in the importance of integrating sustainability into its business value chain and operations. We seek to minimise our environmental footprint and drive change through various energy and water reduction initiatives, increase the usage of renewable energy and embed sustainability principles into our operations and development projects. In addition, we continue to focus on diversity and equal opportunity in our workforce and communities, safeguard the health and safety of stakeholders as well as maintain high ethical standards.
Green power usage across common areas
Total water recycled during the FY23
Renewable energy in the energy mix
Of solar power on the rooftops of our buildings
REITs in India are still in the nascent stage of their evolution and have a long way to go till we reach the levels seen in developed REIT markets. Mindspace Business Parks REIT began its journey in August 2020 during one of the most difficult times in the history of commercial real estate and have emerged stronger the crisis. If I can categorise the financial years post our listing, FY21 and FY22 for Mindspace REIT were the years of transformation and FY23 was the year of recovery. While the world saw the pandemic as a major impediment to commercial office demand, we saw it as an opportunity.
Vinod Rohira
CEO
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.
Preeti Chheda
Chief Financial Officer
Delivered New
Developments
Share of foreign
MNCs in rentals
Gross Leasing
The last two years highlighted the importance of human connections and the powerful role physical spaces play in bringing people and communities together.
Mindspace Airoli West
B9, Mumbai Region
Total leasable Area
Leased
Gera Commerzone Kharadi
B5, Pune
Completed Area
Leased
Mindspace Airoli West
B10 - DC, Mumbai Region
Total leasable Area
Leased
Mindspace Pocharam
B9, Hyderabad
Total leasable Area
Commerzone Kharadi
B4, Pune
Leasable Area
Podium Slab completed, 1st Floor in Progress
Q3FY25
Mindspace Madhapur
1A - 1B Re-development
Leasable Area
Excavation under Progress
Q3 FY26
At Mindspace REIT, we invest in our properties consistently to ensure they remain competitive and relevant to our discerning tenants. We also adopt a proactive asset management strategy to maximize the operational and financial performance of our properties.
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Gross leasing
New area Leased
New area completed
Increase in committed occupancy
Revenue from Operations for FY23
(16.6% growth y-o-y)
Net Operating Income for FY23
(13.2% growth y-o-y)
Distribution for FY23
(` 19.1 p.u.)
Market value
Green financing
of solar power on the rooftops of our buildings
Total water recycled
during the FY23
Employee volunteering hours - The Hope Project
At Mindspace REIT we have always been committed to giving back to communities. Our partners and stakeholders are cognizant of the value we generate through our sustainability operations. We stand differentiated, authentic in our narrative, and true to what we promise, which makes us a preferred business partner and office of preference for our stakeholders.
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Target the right set of occupiers and become their partner of choice
Optimize capitalstructure
Proactive asset management and enhancement
Sustainability as a business philosophy
At Mindspace REIT, we are deeply committed to building sustainable ecosystems that benefit the environment, communities, and stakeholders. Our values of sustainability, positive relationships with people and communities, and responsible conduct, stand at the core of our business.
Know moreMindspace REIT relies on natural resources for the construction and management of its properties. To address this, we undertake impact-led initiatives to promote responsible resource usage and sustainable business practices to minimize associated environmental impacts and help generate long-term value.
Alignment with UN SDGs
of solar power on the rooftops of our buildings
extra fresh air as per ASHRAE 62.1
Newly certified green building portfolio in FY23
For us at Mindspace REIT, the well-being of our people is an overarching consideration across our operational and strategic framework. We promote a workspace that fosters harmony, health, and connectedness, with an underlying focus on the inclusive development of the communities that reside in the vicinity of our assets, and making them active partners in our business evolution. We take active steps to identify ways through education and empowerment that will improve the quality of their lives.
Alignment with UN SDGs
Women at senior management Level
Employee volunteering hours - The Hope Project
Students at Gambhiraopet School
Mindspace is committed to upholding human rights and promoting ethical conduct across our value chain to achieve sustainable economic growth. In this regard, we prioritize the rights of local communities and take measures to prevent any human rights violations.
Alignment with UN SDGs
Women at Board Level
Women at senior management Level
business partners have been received communications on the anti-corruption policy
