Mindspace Business Parks REIT reported a strong financial performance for the quarter ended December 31, 2025, recording a significant increase in net operating income and improved portfolio occupancy. The REIT posted a year-on-year growth of 28.7 percent in net operating income for the third quarter of FY26, supported by steady leasing activity and higher rental realizations across its office assets.
Net operating income for the quarter stood at ₹671 crore, compared to ₹522 crore in the corresponding period last year. Revenue from operations also rose by over 27 percent to around ₹816 crore, reflecting continued demand for Grade-A office spaces across key markets such as Mumbai, Pune, Hyderabad, and Chennai.
Portfolio occupancy improved to 94.5 percent during the quarter, indicating sustained tenant interest and stable market conditions. The REIT achieved gross leasing of approximately 1.1 million square feet in Q3 FY26. Re-leasing activity remained strong, with re-leasing spreads of 27.4 percent on close to one million square feet, highlighting positive rental growth across mature assets.
The average in-place rent across the portfolio increased to about ₹75 per square foot per month. Demand continued to be driven largely by multinational corporations and technology-focused occupiers, contributing to consistent cash flow visibility for the REIT.
For the quarter, Mindspace REIT declared a distribution of ₹378 crore, translating to ₹5.83 per unit. This represented a year-on-year increase of 9.6 percent in distribution per unit. Since its listing in August 2020, the REIT has maintained a steady distribution track record, supported by operational stability and disciplined financial management.
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