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ICICI Securities Report
Mindspace Business Parks real estate investment trust delivered a resilient performance in Q1 FY23 with office rental collections of over 99% and 5% QoQ revenue increase at Rs 4.9 billion with net operating income of Rs 4.0 billion at a NOI margin of 81.6%.
While overall occupied portfolio occupancy remained flat QoQ at 82.1%, with 0.5 million square feet of fresh leasing during the quarter, committed occupancy stands at 85.6%.
With leasing momentum improving and office physical occupancy rising, the REIT manager expects portfolio occupancy levels to cross 90% by end of FY23 or H1 FY24 on the back of renewed occupier interest for larger sized deals.
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