Mindspace Business Parks REIT

- During Q1 FY25, Mindspace Business Parks REIT raised INR 15 billion through Non-Convertible Debentures (NCDs) and commercial papers at an average interest cost of 7.8% p.a.p.m. - They issued India's first Sustainability Linked Bond, raising INR 650 crores from IFC (World Bank private arm) at 7.89% p.a.p.m., with interest step down tied to sustainability targets. - The REIT maintains a healthy balance of fixed and variable cost loans with varied maturities; fixed cost debt is about 58% of total outstanding. - The balance sheet is robust with a Loan-to-Value (LTV) ratio of 21.9%, net debt approximately INR 65 billion, and undrawn committed lines of around INR 7.8 billion as of June 30, 2024. - Regarding future acquisitions, especially ROFO (Right of First Offer), the REIT plans to evaluate opportunities within this financial year as market conditions and spreads improve. - No immediate mention of equity fundraising was noted in the call.

- New development announced: 1.5 million sq ft project in Mindspace Airoli East to meet strong demand (Page 4). - Ongoing under-construction projects totaling 4.4 million sq ft: - 1.3 million sq ft building in Madhapur - 1.6 million sq ft building 8 in Madhapur - 130,000 sq ft experience center in Madhapur - 1 million sq ft R2 building in Pune (Kharadi) - 300,000 sq ft data center in Airoli West - 50,000 sq ft High Street in Airoli East (Page 4). - Future development area of 2.8 million sq ft including: - 0.8 million sq ft mixed-use development in Airoli East - 1.5 million sq ft new development in Airoli East (the newly announced project) - 500,000 sq ft in Madhapur, Hyderabad (Page 4). - Data center investments are a strategic focus due to high returns and growing demand in Navi Mumbai (Page 10). - Appointed RSP Architects for the 0.8 million sq ft mixed-use asset in Airoli East; expected space available in 2025-26 and 2027-28 (Page 12).

- Healthy NOI growth expected over the next 3-4 years driven by leasing of 2.3 million sq ft vacant space (1.8 million in Airoli), 4.4 million sq ft under-construction projects, and 2.8 million sq ft future development. - These developments are projected to generate over INR 800 crores in NOI organically in next 3-4 years, based on current market rentals. - Revenue from operations in Q1 FY25 was INR 6.2 billion, with 11% YoY growth; NOI increased 9% YoY showing strong operational momentum. - Gross leasing guidance: Targeting ~3 million sq ft of gross leasing for the year including new Kharadi asset. - Occupancy expected to rise to about 93% by end of FY25 and touch 95% within two years. - Increasing rents with a 24% re-leasing spread helping boost rental incomes. - Positive market outlook supported by strong demand, infrastructure growth, and SEZ norms easing leasing concerns.

- NOI growth expected over next 3-4 years driven by leasing 2.3 million sq.ft vacant area, 4.4 million sq.ft under-construction projects, and 2.8 million sq.ft future development, generating NOI > INR 800 crores organically at current rents. - Strong leasing momentum with occupancy projected to rise from 91.1% to ~92.5-93% in next 12 months and ~95% in following 12 months. - Announced new developments including 1.5 million sq.ft project in Airoli East to cater to demand, further expanding portfolio to 33.6 million sq.ft. - Distribution per unit (DPU) grew 5% YoY to INR 5.04 in Q1FY25, supported by healthy revenue and NOI growth (11% and 9% YoY respectively). - Market fundamentals remain robust with rent escalations, mark-to-market increases, and improved occupancy driving revenue growth. - Expected net absorption and leasing momentum sustained by favorable market conditions and SEZ policy reforms.

The provided document does not explicitly mention current or expected orderbook or pending orders for Mindspace Business Parks REIT. However, key points related to leasing and development pipeline are: - Gross leasing target for the year includes about 3 million square feet of leasing with strong momentum. - Occupancy targets: 92.5-93% in next 12 months; 95% in 24 months. - Current vacant space to lease: 2.3 million sq ft (including 1.8 million sq ft in Airoli). - Under-construction projects totaling 4.4 million sq ft to be delivered over next 3-4 years (includes buildings in Madhapur, Kharadi, and Airoli). - Future development pipeline of 2.8 million sq ft including 1.5 million sq ft new project in Airoli East. - 0.8 million sq ft mixed-use building in Airoli East with 300,000 sq ft anchor tenant signed. - Strong re-leasing visibility of 0.7 million sq ft out of 1.3 million sq ft expiring leases this year. No specific orderbook or backlog value stated.