Mindspace Business Parks REIT (Mindspace REIT) has received a strong vote of confidence from ICRA Limited, with the credit rating agency reaffirming its highest ratings across multiple debt instruments. This reaffirmation underscores the REIT's robust financial health and stable market position in the commercial real estate sector.

Rating Details

ICRA has reaffirmed the following ratings for Mindspace REIT:

Notably, ICRA Limited has reaffirmed its ICRA [AAA] (Stable) credit rating for Mindspace REIT's proposed non-convertible debentures worth Rs. 2,650.00 crore. This rating reaffirmation provides validation of the REIT's creditworthiness for its debt instruments and supports its funding capabilities.

Portfolio Strength

The rating action favorably considers Mindspace REIT's well-diversified and expansive portfolio of assets. The REIT boasts:

• A completed area of 30.2 million square feet (msf)
• An under-construction area and future planned development of 7.1 msf
• A committed occupancy rate of 91.9% for the completed area

Geographical Diversity and Tenant Mix

Mindspace REIT's portfolio spans major cities including Mumbai, Pune, Hyderabad, and Chennai. The REIT benefits from a reputed and diversified tenant mix, comprising leading multinational and Indian corporates. Notably, the top 10 tenants contribute 34.8% of the gross contracted rentals, indicating a healthy balance between key clients and diversification.

Financial Position

ICRA's ratings draw comfort from Mindspace REIT's strong financial metrics:

• Total debt stands at Rs. 10,305.90 crore
• Total debt to Annualised NOI ratio of 4.2 times
• Loan-to-asset value (LTV) of 25.0%

This financial position provides Mindspace REIT with substantial flexibility to fund future organic and inorganic growth opportunities.

Liquidity and Risk Mitigation

The REIT maintains a robust liquidity position with:

• Cash and bank balances of Rs. 509.00 crore
• Unutilized overdraft/LRD facilities of Rs. 285.90 crore

While some debt instruments have bullet repayments, exposing the REIT to refinancing risk, this is partially mitigated by tranche repayments and available credit facilities.

Outlook

ICRA's stable outlook reflects expectations that Mindspace REIT will continue to benefit from its large, diversified, and stable operational portfolio. The anticipated growth from assets under development and the projected low leverage levels further support this positive outlook.

The reaffirmation of AAA ratings by ICRA serves as a testament to Mindspace REIT's strong market position, diversified portfolio, and prudent financial management. As the commercial real estate sector navigates through evolving market dynamics, Mindspace REIT appears well-positioned to maintain its growth trajectory and financial stability.

Mindspace Business Parks REIT has announced a crucial board meeting scheduled for November 5, 2025, to discuss and approve its financial results for the second quarter of the fiscal year 2025-26. This meeting marks a significant event for investors and stakeholders in the Indian real estate market.

Key Highlights

Meeting Agenda

The board of directors of K Raheja Corp Investment Managers Private Limited, acting as the Manager to Mindspace REIT, will convene to deliberate on two primary matters:

1. Financial Results Review: The board will consider and approve the unaudited standalone and consolidated financial results of Mindspace REIT for the quarter and half-year ended September 30, 2025. They will also review the draft limited review reports issued by the statutory auditors.

2. Distribution Declaration: A decision on the declaration of distribution to unitholders for the quarter ended September 30, 2025, will be made during this meeting.

Investor Information

For those interested in participating in the discussion of the financial results:

• A conference call is scheduled for November 6, 2025, at 4:00 p.m. IST.
• Global dial-in options are available for international investors.
• Pre-registration is encouraged for quick access to the call.
• Universal dial-in numbers for India: +91 22 6280 1528 / +91 22 7115 8342

Investors are advised to dial in 10-15 minutes before the scheduled start of the call for instructions on asking questions.

Post-Call Resources

After the conference call, Mindspace REIT will provide additional resources for investors:

• A playback of the call will be available on the Investor Relations section of their website.
• The transcript of the conference call will be uploaded to the same section.

This announcement underscores Mindspace REIT's commitment to transparency and regular communication with its stakeholders. As the real estate sector continues to evolve, such timely disclosures provide valuable insights into the performance and strategies of key players in the market.

Investors and market analysts will be keenly watching this event, as it may offer crucial information about the health of the commercial real estate sector in India, especially in the context of the ongoing global economic shifts.