Mindspace REIT Q2 FY27 slides: record DPU, 96% occupancy

On November 2, 2026, Mindspace Business Parks REIT announced its Q2 FY27 results, showcasing impressive financial performance and strong operational metrics across its 46.4 million square foot portfolio. The company's distribution per unit (DPU) set a new record at INR 6.67, marking a 14.4% year-over-year increase and reflecting investor confidence in the REIT's growth prospects.

With a 52-week range of $441.01 to $525.50, Mindspace's units traded at $489.51, close to the upper end of their range, signifying a positive market sentiment.

The company reported an all-time high distribution per unit of INR 6.67, an increase of 14.4% compared to the previous year. This sustained growth in DPU has been characteristic of Mindspace since its listing, with cumulative distributions now totaling INR 125.7 per unit. During Q2 FY27, the REIT delivered a revenue from operations exceeding INR 10 billion for the first time in a single quarter.

Net Operating Income (NOI) grew by 31.9% year-over-year, reaching INR 8,361 million, which included both organic portfolio growth and the positive impact of recent acquisitions.

Key operating indicators revealed that the average rent for area leased increased to INR 94 per square foot per month in Q2 FY27, up from INR 90 in the first half of FY27. The re-leasing spread, which represents the difference in rent between expiring and new leases, reached an impressive 24.0% for 0.5 million square feet in Q2, a significant improvement from the 16.3% achieved in the previous half-year.

Commitment to occupy rose to 96.1%, up by 0.3 percentage points quarter-over-quarter, placing Mindspace among the top performers among Indian office REITs. Among the company's 16 parks, ten achieved average committed occupancy exceeding 96%, with seven assets reaching 100% occupancy.

Key leasing transactions in Q2 FY27 included a 463,000 square foot lease to a Global Capability Center in Chennai, a 265,000 square foot lease to a hospitality tenant in Hyderabad, and a 219,000 square foot lease to a Global Capability Center in Hyderabad. Global Capability Centers accounted for approximately 45% of the total committed area leased during the quarter, an increase from their 52% share of the overall portfolio.

The company's lease expiry profile is manageable, with about 58% of the expected 2.3 million square feet of expiries retained or already retained in the first half of FY27. The remaining 1.5 million square feet of expiries are anticipated to be re-leased within FY27.