Real Estate Investment Trusts

Q2 FY2026 Real Estate Investment Trusts Insight

12 December 2025

The Real Estate Investment Trusts sector is thriving, driven by high demand for Grade-A properties and a return-to-office trend, showcasing strong financial growth and investment potential.

Real Estate Investment Trusts (REITs) Sector Analysis: Focus on Mindspace Business Parks REIT

Summary

The Indian Real Estate Investment Trusts (REITs) sector, particularly the office segment, is experiencing robust growth, primarily driven by strong demand for Grade-A assets, significant expansion of Global Capability Centers (GCCs), and a sustained return-to-office trend. Mindspace Business Parks REIT, a prominent player in this space, demonstrates strong financial and operational performance, underscored by double-digit growth in revenue, Net Operating Income (NOI), and Distributions Per Unit (DPU) in H1 FY26. The REIT benefits from a high-quality, de-risked portfolio strategically located in key Indian tech and business hubs like Hyderabad, Mumbai, and Pune. Its focus on modern, sustainable, and amenity-rich mixed-use business parks, coupled with strategic acquisitions and a healthy development pipeline, positions it for continued growth. While the sector generally faces risks associated with economic cycles and interest rate fluctuations, Mindspace's strong balance sheet, high committed occupancy, and long Weighted Average Lease Expiry (WALE) provide stability. The increasing institutional and foreign investor interest, alongside a growing unitholder base, reflects confidence in the sector's long-term potential.

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A. INDUSTRY OVERVIEW & MARKET LANDSCAPE

The Indian office sector, a critical component of the Real Estate Investment Trusts (REITs) landscape, is currently experiencing a period of significant expansion and positive sentiment. This growth is underpinned by several macro-economic and structural tailwinds, making it an attractive segment for institutional and retail investors alike.

**Total Addressable Market Size and Growth Rates:** The Indian office sector is substantial, with a completed stock of 2,000 msf as of Q3 CY25. The market is projected to grow, with occupied office space by GCCs alone expected to increase from 258 msf (Q3 CY25) to 300 msf by CY27, and the total office stock to reach 2,350 msf by CY27. Net absorption in 9MCY2025 reached approximately 40 msf, demonstrating a robust 28.7% year-over-year growth. This indicates a healthy demand environment for office spaces across the country.

**Market Structure and Segmentation:** The market is primarily segmented by asset quality (Grade-A being the most sought after), geography, and tenant type. REITs like Mindspace Business Parks REIT primarily focus on owning and managing Grade-A office assets, which command premium rents and higher occupancy rates. The portfolio typically consists of large-scale business parks and commercial complexes, often with mixed-use components (F&B, retail, amenities) to create vibrant ecosystems.

**Key End Markets and Applications:** The primary demand drivers for office space in India are: * **Global Capability Centers (GCCs):** These are a dominant force, contributing approximately 36% of office space transactions and 42% of overall net absorption in 9M CY2025. India holds about 50% share of the global GCC market, with over 200 new GCCs entering India in the last two years. The total space leased by GCCs since 2022-9M CY2025 stands at 87.5 msf, employing 1.9 million people. This growth is fueled by India's talent cost advantage (c.85% lower average salary for engineers compared to developed countries), rental arbitrage, and robust economic and infrastructure growth. * **Technology Sector:** Including health tech, development, and processes, this sector is a significant occupier, contributing 37.2% to Mindspace's gross contracted rentals. * **Financial Services (BFSI):** A strong and growing segment, contributing 15.7% to Mindspace's rentals. * **Flexible Workspace Operators:** These operators are increasingly taking up space, contributing 6.4% to Mindspace's rentals, reflecting evolving work models. * **Engineering & Manufacturing, Telecom & Media, Professional Services, Healthcare & Pharma, E-Commerce:** These sectors also contribute significantly to demand. * **Domestic Occupiers:** Capitalizing on India's growing economy, domestic companies are also expanding their office footprints.

**Geographic Distribution and Regional Dynamics:** The Indian office market is concentrated in major metropolitan areas, particularly those with strong IT/tech ecosystems and robust infrastructure. Mindspace REIT's portfolio reflects this, with a significant presence in: * **Hyderabad (44.6% of Market Value):** The second-largest tech hub in India, driven by progressive government policies and infrastructure growth. It accounts for 17% of all India GCCs, with over 370 GCCs and a talent pool of 220k+. Leasing activity in 9M CY2025 was ~5.4 msf (25% higher Y-o-Y), with an average net annual absorption of ~7.6 msf since CY2019. Madhapur, a key micro-market in Hyderabad, holds 56% of the city's office stock (79 msf) and accounts for 66% of net absorption since CY2019, commanding the highest rentals (90+ Rs psf). * **Mumbai Region (32.6% of Market Value):** Infrastructure projects (Airoli Katai Naka Tunnel Road, Navi Mumbai International Airport, Navi Mumbai metro, Atal Setu) are driving office demand uptick. Completed stock as of Q3 CY2025 is 139 msf, with net leasing of 4.7 msf in 9M CY2025. Navi Mumbai micro-markets (Thane-Belapur and Malad-Goregaon) have seen an average net annual absorption of c.1.9 msf since CY2019, representing c.38% of Mumbai Region's net absorption. * **Pune (17.1% of Market Value):** A thriving office market with excellent social infrastructure. Completed stock as of Q3 CY2025 is 91 msf, with an average annual net absorption of ~4.0 msf since CY2019. The SBD East Micro Market accounts for 55% of the city's office stock (50 msf) and 60% of net absorption, with rentals of 85-90 Rs psf. Infrastructure upgrades like Pune Airport capacity expansion and the Pune-Mumbai expressway missing link project further enhance its appeal. * **Chennai (3.1% of Market Value):** Identified as a key growth market, with a completed stock of 83 msf as of Q3 CY2025 and an average annual net absorption of ~3.8 msf since 2019. Healthy net leasing in 9M CY2025 was 3.9 msf.

**Market Maturity and Lifecycle Stage:** The Indian office sector is in a growth phase, riding favorable trends. The "return to office" trend is strong in India (75%-85% physical occupancy), leading globally. This, combined with the structural growth of GCCs and India's economic expansion, suggests a robust growth trajectory for the foreseeable future. The increasing sophistication of REITs and their ability to attract institutional capital further indicates a maturing market.

**Industry Value Chain and Ecosystem:** The value chain involves land acquisition, development, leasing, property management, and asset management. REITs like Mindspace sit at the core, aggregating high-quality income-generating real estate assets. The sponsor group (K Raheja Corp for Mindspace) plays a crucial role in development, asset pipeline, and operational expertise. The ecosystem includes tenants (MNCs, GCCs, domestic firms), financial institutions (for debt and equity), and service providers (facility management, construction).

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B. FINANCIAL & ECONOMIC PROFILE

Mindspace Business Parks REIT exhibits a strong and growing financial profile, reflecting the positive dynamics of the Indian office REIT sector.

**Industry Aggregate Revenue Scale and Growth Trajectory (Mindspace Specific):** Mindspace REIT has demonstrated consistent revenue growth. * **Q2 FY26:** Revenue from Operations stood at INR 7,778 Mn, marking a significant 24.8% increase Y-o-Y. * **H1 FY26:** Revenue from Operations reached INR 15,301 Mn, up 23.1% Y-o-Y. * **CAGR (Q2 FY24 to Q2 FY26):** Revenue has grown at a CAGR of 15.0%. This sustained double-digit growth highlights the strong demand for its assets and effective operational strategies.

**Profitability Levels (Mindspace Specific):** Profitability metrics are robust, indicating efficient management and strong asset performance. * **Net Operating Income (NOI):** * **Q2 FY26:** INR 6,339 Mn, up 25.8% Y-o-Y (from INR 5,037 Mn in Q2 FY25). * **H1 FY26:** INR 12,503 Mn, up 25.0% Y-o-Y. * **CAGR (Q2 FY24 to Q2 FY26):** NOI has grown at a CAGR of 15.0%, mirroring revenue growth. * **EBITDA:** INR 6,036 Mn in Q2 FY26. * **NOI Margin:** Implied NOI margin for Q2 FY26 is approximately 81.5% (6,339 Mn / 7,778 Mn), indicating high operational efficiency typical of well-managed Grade-A office assets. * **Reasons for NOI Variance (Q2 FY26 vs Q2 FY25):** * Rental additions from acquisitions in Hyderabad (The Square 110 Financial District, Macksoft Tech Private Limited) and new leases in Madhapur, Airoli, and Pune. * Growth in rentals due to a substantial 25.2% Mark-to-Market (MTM) achieved over 4.7 msf re-leased since Q2 FY25. * Lease rent escalations of 8.5% over an area of 4.9 msf across the portfolio since Q2 FY25.

**Return Profiles (Mindspace Specific):** While specific ROCE/ROE/ROIC figures are not provided, the DPU and annualized returns offer insights into investor returns. * **Distribution Per Unit (DPU):** * **Q2 FY26:** 5.83 p.u., up 13.2% Y-o-Y (from 5.15 p.u. in Q2 FY25, excluding one-off distribution). * **H1 FY26:** 11.6 p.u., up 14.0% Y-o-Y. * **Cumulative Distribution (Since Listing):** INR 99.9 p.u. * **Annualized Returns:** 16.3% as of 30 Sep 2025, demonstrating attractive returns for unitholders. * **DPU Breakdown (Q2 FY26):** Dividend ₹3.02 (51.8%), Repayment of Debt by SPV to REIT ₹2.77 (47.5%), Interest ₹0.03 (0.5%), Other Income ₹0.01 (0.2%). This breakdown highlights the tax-efficient nature of REIT distributions, with a significant portion coming from debt repayment.

**Working Capital Characteristics and Cash Conversion Cycles (Mindspace Specific):** * Cashflow from Operations: INR 5,775 Mn in Q2 FY26. * Working Capital changes and other adjustments: 542 Mn in Q2 FY26. * The nature of long-term leases and advance security deposits (INR 14,359 Mn as of Sep-25) generally leads to stable and predictable cash flows.

**Capital Intensity Requirements (Mindspace Specific):** The REIT business is capital-intensive, requiring significant investment in property acquisition, development, and maintenance. * **Gross Asset Value (GAV):** INR 410.2 Bn as of 30-Sep-25, up 11.9% from Mar'25 (INR 366.5 Bn), indicating active asset growth. * **Investment Property / Property Plant Equipment:** INR 2,45,566 Mn (Sep-25), up from INR 2,41,013 Mn (Mar-25). * **Investment Property Under Construction / Capital Work In Progress:** INR 10,740 Mn (Sep-25), up from INR 7,375 Mn (Mar-25), reflecting ongoing development. * **Acquisitions:** The REIT has been active in acquisitions (The Square 110 Financial District, Sustain Properties, Macksoft Tech Private Limited), which require substantial capital outlay. * **Development Pipeline:** Significant balance costs for ongoing projects like Mindspace Madhapur (1A-1B, 7/8, B18, Pearl Club) totaling over INR 14.5 Bn.

**Revenue Quality (Mindspace Specific):** Mindspace REIT's revenue quality is high due to: * **Long-term Leases:** Weighted Average Lease Expiry (WALE) of 7.4 years provides revenue visibility and stability. * **Contracted Rentals:** The portfolio benefits from embedded rent escalations (8.5% over 4.9 msf since Q2 FY25) and significant mark-to-market potential (18.7% based on market rent of INR 87.3 psf vs in-place rent of c. 74 psf/Month). * **High Occupancy:** Committed occupancy of 94.6% (excluding recent acquisitions) ensures consistent rental income. * **Diverse Tenant Base:** 270 tenants, with foreign MNCs contributing 73.9% and Fortune 500 companies 40.4% of rentals, diversifying risk.

**Debt Profile (Mindspace Specific):** The REIT maintains a healthy and well-managed debt profile. * **Loan to Value (LTV):** 24.2% (Net of FD, maturity >3 months), well below the regulatory limit, providing significant headroom for future growth and acquisitions. * **Cost of Debt:** 7.52% p.a.p.m (AAA rated), indicating favorable borrowing terms. * **Net Debt:** INR 99,155 Mn as of 30-Sep-25. * **Net Debt to EBITDA:** 4.6x, a manageable level. * **Interest Coverage Ratio (ICR):** 3.1x, demonstrating strong ability to cover interest expenses. * **Weighted Average Maturity:** 5.4 years, providing stability in debt servicing. * **Fundraising:** Raised INR 28,500 Mn via CPs (6.12% papm) and NCDs (7.12% papm), indicating access to diverse and cost-effective funding sources. * **Undrawn Committed Facilities:** INR 3,034 Mn, providing liquidity. * **Debt Repayment Schedule:** Well-staggered, with 10.9% due in FY26, 23.3% in FY27, and significant portions in later years, mitigating refinancing risk.

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C. COMPETITIVE STRUCTURE & DYNAMICS

The Indian office REIT sector is characterized by a few large, professionally managed players, often backed by strong sponsor groups. While specific market share data for the entire REIT sector isn't provided, Mindspace Business Parks REIT, being one of the early and largest listed REITs, holds a significant position.

**Number of Players and Market Concentration:** The Indian REIT market is relatively nascent but growing, with a limited number of listed office REITs. This implies a degree of market concentration among these few players who manage large portfolios of Grade-A office assets. Mindspace, with a Gross Asset Value of INR 410.2 Bn and a total leasable area of 38.2 msf, is a major player.

**Competitive Intensity Assessment:** * **Threat of New Entrants (Low to Medium):** High capital intensity, regulatory hurdles for REIT formation, and the need for a large, high-quality, income-generating asset portfolio create significant entry barriers. However, large developers could potentially launch new REITs. * **Bargaining Power of Buyers (Tenants) (Medium):** While there's strong demand, particularly from GCCs, large tenants have some bargaining power. However, the scarcity of Grade-A, well-located, and amenity-rich spaces, coupled with high occupancy rates (Mindspace's 94.6% committed occupancy), gives landlords leverage. The healthy re-leasing spread (28.1% in Q2 FY26) further indicates landlord pricing power. * **Bargaining Power of Suppliers (Developers, Contractors) (Medium):** For REITs that develop their own assets (like Mindspace through its sponsor), this is an internal dynamic. For external acquisitions, the bargaining power depends on market conditions. * **Threat of Substitute Products or Services (Low):** While remote work and hybrid models exist, the strong "return to office" trend in India (75%-85% physical occupancy) and the collaborative needs of businesses, especially GCCs, limit the threat of substitutes for physical office space. Flexible workspaces are often tenants themselves, not substitutes. * **Rivalry Among Existing Competitors (Medium):** Competition exists among existing REITs and large commercial developers for prime tenants and acquisition opportunities. Differentiation through asset quality, amenities, location, and tenant services becomes crucial.

**Entry Barriers and Competitive Moats (Mindspace Specific):** * **Scale and Portfolio Quality:** Mindspace's large, de-risked portfolio (38.2 msf total leasable area, 91.2% completed assets) in prime locations acts as a significant moat. * **Sponsor Group Expertise:** K Raheja Corp's over six decades of experience, pan-India presence, and c.60 msf leasable area (including under construction) provide a strong development and management backbone. * **Tenant Relationships:** A diverse base of 270 tenants, including 73.9% foreign MNCs and 40.4% Fortune 500 companies, built over years, creates sticky relationships. * **Brand Reputation:** Mindspace is a recognized brand for premium business parks. * **Integrated Ecosystems:** Creating mixed-use environments with modern design, club facilities, and amenities enhances tenant stickiness and attracts new occupiers. * **ESG Leadership:** GRESB 5-star rating for three consecutive years and other ESG achievements differentiate it in an increasingly sustainability-conscious market.

**Pricing Power Dynamics and Pricing Trends (Mindspace Specific):** Mindspace demonstrates strong pricing power: * **Re-leasing Spread:** A healthy 28.1% in Q2 FY26 (on 0.7 msf) and 29.1% in H1 FY26 (on 2.1 msf), with a cumulative 22.5% since listing, indicates the ability to command higher rents upon lease renewals. * **Mark-to-Market (MTM) Potential:** 18.7% MTM potential based on market rent of INR 87.3 psf versus in-place rent of c. 74 psf/Month. This suggests significant embedded growth in future rental income. * **Rent Escalations:** Average annual lease escalations of 8.5% across 4.9 msf of the portfolio since Q2 FY25 provide predictable rental growth.

**Differentiation Strategies Employed (Mindspace Specific):** * **Modern and Sustainable Workplaces:** Focus on green buildings (GRESB 5-star rating, 49% renewable energy mix for common areas in H1 FY26, 32.2% reduction in Scope 1+2 emissions from FY20 baseline). * **Vibrant Mixed-Use Ecosystems:** Re-energizing parks with modern design, tailoring common areas, and creating inclusive ecosystems with club facilities and amenities (cafes, lounges, sports facilities, gyms, pools). * **Strategic Acquisitions:** Expanding portfolio in key growth markets (e.g., The Square 110 Financial District in Hyderabad). * **Tenant Engagement:** Initiatives like photography contests and wellness workshops foster a community feel. * **Strong Governance:** 60% independent members on the Governing Board, Independent Chairman.

**Consolidation Trends and M&A Activity:** The sector has seen some M&A activity, primarily through REITs acquiring assets from their sponsors or third parties. Mindspace's recent acquisitions (Sustain Properties in March'25, Macksoft Tech Private Limited in July'25, The Square 110 Financial District in Q2 FY26) are examples of this consolidation and portfolio expansion strategy.

**Competitive Advantages of Mindspace:** * **Prime Locations:** Dominant presence in high-growth micro-markets within Hyderabad, Mumbai, and Pune. * **High Occupancy and Retention:** Consistent high committed occupancy (94.6%) and strong lease retention rates. * **Long WALE:** Provides income stability. * **Strong Balance Sheet:** Low LTV, favorable cost of debt, and high interest coverage. * **Development Capabilities:** Backed by K Raheja Corp, ensuring a pipeline of new, high-quality assets. * **ESG Leadership:** A key differentiator for attracting global tenants.

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D. OPERATIONAL CHARACTERISTICS

Mindspace Business Parks REIT demonstrates robust operational characteristics, marked by high occupancy, effective leasing strategies, and a strong focus on sustainability and tenant experience.

**Capacity and Utilization Trends (Mindspace Specific):** * **Total Leasable Area:** 38.2 msf. * **Completed Area:** 31.0 msf (~81% of total leasable area), indicating a de-risked portfolio. * **Under Construction / Future Development Area:** 7.2 msf (~19% of total leasable area), providing future growth potential. * **Occupancy (as of 30-Sep-25):** * **Committed Occupancy:** 94.6% (excluding Pocharam and The Square 110 Financial District), which is the highest since listing. Including the newly acquired The Square 110 Financial District, committed occupancy is 93.8%. * **Overall Portfolio Occupancy:** 89.3% (physical occupancy) and 92.1% (committed occupancy) across the entire portfolio. * **Key Property Occupancy Highlights:** * 100% committed occupancy in Gera Commerzone Kharadi, The Square BKC, The Square Nagar Road Pune, Commerzone Porur, Commerzone Raidurg. * High occupancy in Mindspace Malad (98.6%), Mindspace Madhapur (98.0%), Mindspace Airoli West (93.8%), Commerzone Yerwada (94.6%). * Mindspace Airoli East at 80.1% committed occupancy, indicating room for growth. * The Square 110 Financial District, a recent acquisition, has 66.4% committed occupancy, offering significant upside potential as it stabilizes. * **Utilization Trend:** The consistent increase in committed occupancy from 86.5% in Q2 FY24 to 94.6% in Q2 FY26 (excluding specific assets) highlights strong demand and effective leasing efforts, leading to higher utilization of completed assets.

**Production Economics and Cost Structures (Mindspace Specific):** * **NOI Margin:** Approximately 81.5% for Q2 FY26, indicating efficient property operations and cost management. * **Operating Expenses (Q2 FY26):** * Property Taxes & Insurance: (INR 236 Mn) * Other Direct Operating Expenses: (INR 1,203 Mn) * Property Management Fees: (INR 187 Mn) * Net Other Expenses: (INR 116 Mn) These figures, when compared to Revenue from Operations (INR 7,778 Mn), show that direct operating costs are well-controlled, contributing to high NOI.

**Supply Chain Structure and Dependencies:** For development projects, the supply chain involves contractors, material suppliers, and service providers. The sponsor group's extensive experience likely provides established relationships and efficiencies in this area. For existing assets, dependencies include utility providers, maintenance contractors, and facility management services.

**Technology Landscape and Innovation Pace:** Mindspace emphasizes modern workplaces and smart building technologies. The focus on "Re-energizing Parks" with modern design elements and state-of-the-art amenities suggests ongoing investment in technology and innovation to enhance tenant experience and operational efficiency.

**Operational Efficiency Benchmarks (Mindspace Specific):** * **Re-leasing Spread:** 28.1% in Q2 FY26 and 29.1% in H1 FY26, demonstrating effective lease management and ability to capture market rent increases. * **Average Rent for Area Leased:** INR 76 psf/Month in Q2 FY26 and INR 77 psf/Month in H1 FY26, indicating successful leasing at competitive rates. * **ESG Metrics:** * Renewable energy mix for H1 FY26: 49% (for common areas), showcasing commitment to sustainable operations. * Scope 1+2 emission (FY25): 55,295 tCO2e, a 32.2% reduction from FY20 baseline, indicating significant progress in decarbonization. * Water Recycled H1 FY26: 7,73,711 KL, highlighting efficient water management. * GRESB 5-star rating for 3rd consecutive year (93/100 for Standing Investment, 100/100 for Development Benchmark), positioning Mindspace as a leader in sustainable real estate.

**Key Performance Indicators (Mindspace Specific):** * **Committed Occupancy:** 94.6% (excluding specific assets) – a primary indicator of demand and asset performance. * **WALE:** 7.4 years – indicates revenue stability. * **In-Place Rent:** c. 74 psf/Month – baseline for rental income. * **Re-leasing Spread:** 28.1% – measures ability to increase rents on renewals. * **Gross Leasing:** 0.8 msf in Q2 FY26, 2.6 msf in H1 FY26 – indicates market activity and portfolio absorption. * **DPU Growth:** 13.2% Y-o-Y in Q2 FY26 – directly impacts unitholder returns. * **LTV:** 24.2% – key balance sheet health indicator.

**Asset Efficiency Metrics (Mindspace Specific):** * **Gross Asset Value (GAV) per msf:** INR 410.2 Bn / 38.2 msf = ~INR 10,738 psf, reflecting the high value of its Grade-A assets. * **NOI per msf:** INR 12,503 Mn (H1 FY26) / 31.0 msf (completed area) = ~INR 403 psf for H1 FY26, indicating strong income generation per square foot.

**Lease Expiry Profile and Retention:** * **FY26E Expiries:** 2.4 msf (includes early termination considered for 1.2 msf). * Expect to Retain: 1.5 msf. * Retained in H1 FY26: 1.2 msf. * Exits: 0.9 msf. * Re-leased to New tenant in H1 FY26: 0.3 msf. * **Future Expiries:** * FY27: 1.5 msf (6.2% of Gross Contracted Rentals, 92.8 INR psf Rent at Expiry). * FY28: 2.2 msf (7.2% of Gross Contracted Rentals, 76.7 INR psf Rent at Expiry). The ability to retain 1.2 msf in H1 FY26 out of 2.4 msf expiring in FY26E (with 1.2 msf considered for early termination) indicates a healthy retention rate, especially considering the re-leasing spread achieved on these renewals.

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E. GROWTH DYNAMICS & DRIVERS

The growth trajectory of Mindspace Business Parks REIT is robust, driven by a combination of strong market fundamentals, strategic initiatives, and a healthy development pipeline.

**Historical Growth Trajectory (Mindspace Specific):** * **Revenue (Q2 FY24 to Q2 FY26 CAGR):** 15.0% * **NOI (Q2 FY24 to Q2 FY26 CAGR):** 15.0% * **In-place rent (30-Sep-20 to 30-Sep-25 CAGR):** 6.2% * **DPU (H1 FY26 Y-o-Y):** 14.0% These figures demonstrate consistent double-digit growth across key financial and operational metrics over recent periods, indicating a strong underlying business model and favorable market conditions.

**Current Growth Rates and Acceleration/Deceleration (Mindspace Specific):** * **Q2 FY26 Revenue Y-o-Y:** 24.8% * **Q2 FY26 NOI Y-o-Y:** 25.8% * **Q2 FY26 DPU Y-o-Y:** 13.2% The current growth rates are strong, suggesting an acceleration in performance, particularly in revenue and NOI, compared to the longer-term CAGR. This acceleration is attributed to recent acquisitions, new leasing, and significant re-leasing spreads.

**Volume vs Price Contribution to Growth (Mindspace Specific):** Growth is driven by both volume (new leasing, acquisitions) and price (rent escalations, re-leasing spreads, MTM potential). * **Volume:** Gross leasing of 2.6 msf in H1 FY26 (1.0 msf new/vacant area leased) and acquisitions like The Square 110 Financial District contribute to volume growth. * **Price:** Re-leasing spread of 29.1% in H1 FY26 and 8.5% lease rent escalations across 4.9 msf contribute significantly to price-led growth. The 18.7% MTM potential further indicates future price upside.

**Organic vs Inorganic Growth Components (Mindspace Specific):** Mindspace pursues both organic and inorganic growth strategies: * **Organic Growth:** * **Lease Rent Escalations:** Embedded in existing contracts. * **Re-leasing Spreads:** Capturing higher market rents upon renewals. * **Development Pipeline:** Bringing new inventory online (7.2 msf under construction/future development). Examples include Mindspace Madhapur (1A-1B, 7/8, B18, Pearl Club) with significant leasable areas and balance costs. * **Increased Occupancy:** Filling vacant spaces in existing and newly acquired assets (e.g., The Square 110 Financial District). * **Inorganic Growth:** * **Acquisitions:** Strategic purchases of income-generating assets (e.g., Sustain Properties, Macksoft Tech Private Limited, The Square 110 Financial District). These acquisitions add to the portfolio's scale and revenue base.

**Geographic Expansion Opportunities and Progress (Mindspace Specific):** Mindspace is focused on deepening its presence in existing high-growth markets: * **Hyderabad:** Strong market with high absorption and GCC presence. Mindspace is actively developing here (1A-1B, 7/8, B18, Pearl Club) and acquiring (The Square 110 Financial District). * **Mumbai Region:** Benefiting from infrastructure upgrades, driving demand in micro-markets like Airoli. * **Pune:** Thriving market with strong absorption and social infrastructure. * **Chennai:** Identified as a key growth market with healthy net leasing. The strategy is to consolidate and grow within these established and high-potential urban centers rather than broad geographic diversification.

**Product/Service Innovation Pipeline (Mindspace Specific):** * **Mixed-Use Developments:** Developing integrated business parks with F&B, retail, and extensive amenities (e.g., Mindspace Fusion in Airoli East, Pearl Club in Madhapur). * **Re-energizing Parks:** Modernizing existing common areas, infusing modern design, and creating inclusive ecosystems with club facilities (cafes, lounges, sports, gym, pool). * **Experience Centers:** Developing exclusive and premium spaces (c. 130 ksf). These initiatives aim to enhance tenant experience, attract new occupiers, and command premium rents, thereby driving future growth.

**Adjacent Market Opportunities:** While not explicitly detailed, the mixed-use strategy suggests exploring opportunities in complementary retail, F&B, and hospitality within their business parks, leveraging their existing tenant base and footfall. The sponsor group's broader presence in hospitality and malls indicates potential synergies.

**Customer Acquisition and Penetration Trends (Mindspace Specific):** * **GCCs:** Mindspace is actively capitalizing on the GCC boom, with c.35% of total committed area leased to GCCs in H1 FY26. This aligns with the broader market trend of GCCs driving office space demand. * **Fortune 500 & Foreign MNCs:** A significant portion of rentals (40.4% from Fortune 500, 73.9% from foreign MNCs) indicates strong penetration among high-quality, stable tenants. * **Tenant Engagement:** Initiatives like photography contests and wellness workshops aim to improve tenant satisfaction and retention, indirectly supporting customer acquisition through positive word-of-mouth and renewals.

**Overall Growth Drivers for the Indian Office Sector:** * **Favorable Economic Trends:** India's growing economy fuels demand across various sectors. * **GCC Expansion:** India's position as a preferred destination for GCCs due to talent cost advantage and infrastructure. * **Return to Office:** Leading IT companies mandating return to office, with India leading global trends in physical occupancy (75%-85%). * **Infrastructure Development:** Significant infrastructure upgrades in key cities (Mumbai, Pune, Hyderabad) enhance connectivity and attractiveness of office locations. * **Modern and Sustainable Workplaces:** Increasing preference for Grade-A, ESG-compliant, and amenity-rich office spaces. * **Strong Demand from BFSI, Tech, and Flex Operators:** Diversified demand base.

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F. RISK LANDSCAPE

While the Indian office REIT sector, and Mindspace specifically, presents a compelling growth story, it is subject to various risks inherent to real estate and broader economic conditions.

**Industry-Wide Systematic Risks:** * **Economic Cyclicality:** The real estate sector is highly sensitive to economic cycles. A slowdown in global or Indian economic growth could lead to reduced corporate spending, lower demand for office space, increased vacancies, and downward pressure on rents. * **Interest Rate Fluctuations:** REITs are sensitive to interest rate changes. Rising interest rates can increase borrowing costs (cost of debt for Mindspace is 7.52% p.a.p.m.), impacting profitability and potentially making REIT distributions less attractive compared to fixed-income alternatives. * **Inflation:** While rent escalations can provide some hedge, high inflation can increase operating costs (property taxes, maintenance, utilities) and development costs, potentially eroding margins. * **Geopolitical Risks:** Global geopolitical instability can impact foreign investment, MNC expansion plans, and overall business sentiment, affecting demand for office space.

**Cyclicality and Economic Sensitivity (Mindspace Specific):** Mindspace's performance is tied to the health of the Indian economy and global corporate expansion, particularly in the technology and financial services sectors. While the current outlook is positive, any downturn in these sectors could impact leasing activity and rental growth. The high share of foreign MNCs (73.9%) and Fortune 500 companies (40.4%) in rentals, while a strength, also exposes the REIT to global economic headwinds.

**Regulatory and Policy Risks by Geography:** * **Changes in REIT Regulations:** Any adverse changes in SEBI (REIT) Regulations, taxation policies for REITs or their unitholders, or property-related laws could impact the REIT's structure, profitability, and distributions. * **Local Government Policies:** Changes in local zoning laws, building codes, property taxes, or development regulations in Hyderabad, Mumbai, Pune, or Chennai could affect development timelines, costs, and asset values. * **Environmental Regulations:** Stricter environmental norms could increase compliance costs for green buildings and sustainable operations.

**Technology Disruption Threats:** * **Remote/Hybrid Work Models:** While the "return to office" trend is strong in India, a significant shift towards permanent remote or hybrid work models could reduce the overall demand for office space in the long term, impacting occupancy and rental growth. * **Automation:** Increased automation in various industries could lead to a reduction in workforce requirements, potentially slowing down office space absorption.

**ESG and Sustainability Challenges:** * **Compliance Costs:** Meeting increasingly stringent ESG standards and achieving high ratings (like GRESB) requires ongoing investment in sustainable technologies and practices, which can increase operational costs. * **Reputational Risk:** Failure to meet ESG expectations could lead to reputational damage, impacting tenant attraction and investor confidence.

**Supply Chain Vulnerabilities:** * **Construction Delays:** Delays in obtaining approvals, material shortages, or labor issues can impact the timely completion of under-construction projects (e.g., Mindspace Madhapur developments), leading to cost overruns and delayed revenue generation. * **Cost Overruns:** Unforeseen increases in construction material costs or labor wages can impact the profitability of development projects.

**Competitive Threats:** * **New Supply:** While demand is strong, a significant influx of new Grade-A office supply in key micro-markets could increase competition, potentially impacting occupancy rates and rental growth. * **Existing Competitors:** Other established REITs and large developers actively compete for prime tenants and acquisition opportunities.

**Customer Concentration Risks (Mindspace Specific):** * **Top 10 Tenants:** The top 10 tenants contribute 34.0% of Gross Contracted Rentals. While this is diversified across 270 tenants, the departure of a few large tenants could have a noticeable impact on rental income. * **Sectoral Concentration:** A significant portion of rentals comes from the Technology sector (37.2%) and Financial Services (15.7%). A severe downturn in these specific sectors could pose a risk.

**Other Risks Mentioned:** * **Forward-looking statements involve risks and uncertainties:** Standard disclaimer, but highlights the inherent unpredictability of future outcomes. * **Past performance is not indicative of future results:** Another standard disclaimer, emphasizing that historical growth does not guarantee future performance.

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G. CAPITAL ALLOCATION & INVESTOR RETURNS

Mindspace Business Parks REIT's capital allocation strategy focuses on a balanced approach of strategic acquisitions, disciplined development, and efficient debt management, all aimed at maximizing unitholder distributions and long-term asset value.

**Capex Trends and Requirements (Growth vs Maintenance):** * **Growth Capex (Acquisitions & Development):** * **Acquisitions:** Mindspace has been actively acquiring assets to expand its portfolio. Examples include Sustain Properties (March'25), Macksoft Tech Private Limited (July'25), and The Square 110 Financial District (Q2 FY26). These require significant capital. * **Development Pipeline:** The REIT has a substantial pipeline of under-construction projects, particularly in Mindspace Madhapur, with significant balance costs: * Mindspace Madhapur (1A-1B Re-development): INR 4,183 Mn (for 1.5 msf) * Mindspace Madhapur (7/8 Re-development): INR 6,316 Mn (for 1.6 msf) * Mindspace Madhapur (B18): INR 3,195 Mn (for 0.53 msf) * Mindspace Madhapur (Pearl club): INR 860 Mn (for 0.13 msf) * Total balance cost for these projects alone exceeds INR 14.5 Bn. * Investment Property Under Construction / Capital Work In Progress increased from INR 7,375 Mn (Mar-25) to INR 10,740 Mn (Sep-25), reflecting ongoing investment in growth. * **Maintenance Capex:** While not explicitly detailed, a portion of operating expenses and capital expenditure would be allocated to maintaining the high quality of existing assets, re-energizing parks, and upgrading amenities to remain competitive.

**R&D Investment Levels as % of Revenue:** Not directly applicable to a REIT in the traditional sense. However, investments in modern design, smart building technologies, and tenant experience initiatives can be considered analogous to R&D, aimed at enhancing asset value and attractiveness.

**Dividend Policies and Payout Ratios:** REITs are mandated to distribute a significant portion (at least 90%) of their Net Distributable Cash Flow (NDCF) to unitholders. * **Distribution (Q2 FY26):** INR 3,552 Mn, resulting in a DPU of 5.83 p.u. * **Distribution (H1 FY26):** INR 7,079 Mn, resulting in a DPU of 11.6 p.u. * **Cumulative Distribution Since Listing:** INR 99.9 p.u. * **DPU Breakdown (Q2 FY26):** Dividend (51.8%), Repayment of Debt by SPV to REIT (47.5%), Interest (0.5%), Other Income (0.2%). This structure ensures tax efficiency for unitholders.

**Share Buyback Programs:** No information on share buyback programs is provided in the extracted data.

**M&A Activity and Strategy:** Mindspace has an active M&A strategy focused on acquiring high-quality, income-generating assets in its key markets. * **Acquisitions since listing:** 3.1 msf area acquired. * **Recent Acquisitions:** Sustain Properties (March'25), Macksoft Tech Private Limited (July'25), The Square 110 Financial District (Q2 FY26). These acquisitions are strategic, adding to the portfolio's scale and strengthening its market position.

**Cash Generation and Free Cash Flow Profiles (Mindspace Specific):** * **Cashflow from Operations:** INR 5,775 Mn in Q2 FY26, indicating strong operational cash generation. * **NDCF (REIT Level):** INR 3,645 Mn in Q2 FY26. This is the primary metric for determining distributions. * The stable nature of rental income from long-term leases ensures predictable cash flows, supporting distributions and funding growth initiatives.

**Capital Efficiency Improvements:** * **Low Cost of Debt:** 7.52% p.a.p.m. (AAA rated) indicates efficient capital structuring. * **Green/Sustainability Linked Financing:** Availed INR 24 Bn (based on sanctioned limits), including INR 12 Bn Sustainability linked Bond subscribed by IFC. This demonstrates access to cheaper, ESG-aligned capital, improving overall capital efficiency. * **Low LTV:** 24.2% provides significant flexibility for future debt-funded growth without overleveraging. * **Healthy Interest Coverage Ratio:** 3.1x ensures debt servicing capacity.

**Investor Returns:** * **Annualized Returns:** 16.3% as of 30 Sep 2025, reflecting attractive total returns for unitholders. * **Growing Unitholder Base:** Total unitholders increased by 22.4% Y-o-Y to 77,982 as of 30-Sep-25, indicating growing investor confidence and liquidity. * **Market Capitalization:** INR 27,705 Cr (as of 30th Oct 2025), with a free-float of 35.6%.

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H. FUTURE OUTLOOK & PROJECTIONS

The outlook for the Indian office REIT sector, and specifically for Mindspace Business Parks REIT, remains highly positive, driven by strong structural tailwinds and proactive management strategies.

**Industry Growth Projections (with timeframes):** * **GCC Office Space Growth:** Expected to grow from 258 msf (Q3 CY25) to 300 msf by CY27. * **Total Office Stock Growth:** Projected to increase to 2,350 msf by CY27. * **Net Absorption:** The sector has seen all-time high leasing activity in 9M of any calendar year (9MCY2025: c.40 msf), indicating sustained demand. These projections underscore a robust growth environment for the next 2-3 years, fueled by India's economic growth and its increasing prominence as a global business hub.

**Management Guidance Across Companies (Mindspace Specific):** * **NOI Growth Drivers:** Management attributes Q2 FY26 NOI growth to rental additions from acquisitions, new leases, significant re-leasing spreads (25.2% MTM achieved), and lease rent escalations (8.5%). This indicates confidence in continued growth from these levers. * **Construction Progress:** Ongoing development projects in Mindspace Madhapur (1A-1B, 7/8, B18, Pearl Club) have estimated completion dates ranging from Q4 FY26 to Q4 FY28. These projects are expected to add significant leasable area and contribute to future NOI. Notably, Mindspace Madhapur (1A-1B Re-development) is 100% pre-leased to a GCC, providing strong revenue visibility even before completion. * **Lease Retention:** Expects to retain 1.5 msf out of 2.4 msf FY26E expirations, indicating confidence in maintaining high occupancy.

**Emerging Opportunities and Whitespace:** * **Continued GCC Expansion:** India's talent pool and cost advantages will continue to attract more GCCs, providing a steady stream of demand for Grade-A office spaces. * **Tier 2/3 City Growth:** While not a current focus for Mindspace, the long-term potential for office space growth in emerging Tier 2/3 cities could be an opportunity for the broader sector. * **Data Centers:** The increasing demand for digital infrastructure could create opportunities for REITs to develop or acquire data center assets, as seen with Mindspace's mention of Datacenter contributing 2.3% to rentals. * **Life Sciences/R&D Hubs:** Growth in the healthcare and pharmaceutical sectors could drive demand for specialized lab and R&D office spaces.

**Transformation Themes and Inflection Points:** * **Hybrid Work Model Evolution:** The sector will continue to adapt to evolving hybrid work models, potentially leading to demand for more flexible, collaborative, and amenity-rich spaces. * **ESG Integration:** Sustainability will become an even more critical factor for tenants and investors, driving further investment in green buildings and renewable energy. REITs with strong ESG credentials, like Mindspace, are well-positioned. * **Technology Integration:** Smart building technologies, IoT, and AI will play an increasing role in optimizing building operations, enhancing tenant experience, and improving energy efficiency.

**Long-Term Structural Trends (5-10 year view):** * **Urbanization and Economic Growth:** Continued urbanization and India's projected economic growth will sustain demand for commercial real estate. * **Demographic Dividend:** A large, young, and skilled workforce will continue to attract global businesses and drive office space absorption. * **Infrastructure Development:** Ongoing government investment in urban infrastructure will enhance connectivity and the attractiveness of business hubs. * **Institutionalization of Real Estate:** The REIT structure will continue to grow in popularity, attracting more domestic and international institutional capital into the Indian real estate sector.

**Potential Disruptions on the Horizon:** * **Global Economic Slowdown:** A prolonged global recession could significantly dampen demand for office space. * **Technological Leap in Remote Work:** While currently limited, a breakthrough in remote work technologies that truly replicates in-person collaboration could alter long-term demand. * **Geopolitical Shifts:** Any major geopolitical shifts impacting global supply chains or business outsourcing could affect GCC growth.

**Expected Margin Evolution (Mindspace Specific):** With healthy re-leasing spreads, embedded rent escalations, and increasing occupancy, Mindspace is well-positioned to maintain or even improve its NOI margins. The focus on operational efficiency and ESG initiatives should also contribute to sustainable profitability. The MTM potential of 18.7% suggests significant upside to future rental income, which will positively impact margins.

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I. COMPANY-BY-COMPANY PROFILES

Mindspace Business Parks REIT

**Company Name and Brief Description:** Mindspace Business Parks REIT is India's second-largest office REIT, listed on the Indian stock exchanges. It owns and manages a portfolio of Grade-A office assets strategically located in key Indian metropolitan areas. The REIT is sponsored by K Raheja Corp, a leading real estate developer with over six decades of experience. Mindspace focuses on creating modern, sustainable, and amenity-rich business parks that cater to a diverse tenant base, including global MNCs and Fortune 500 companies.

**Scale Metrics (as of 30-Sep-25):** * **Total Leasable Area:** 38.2 msf * **Completed Area:** 31.0 msf * **Under Construction / Future Development Area:** 7.2 msf * **Gross Asset Value (GAV):** INR 410.2 Bn (Up 11.9% v/s Mar'25) * **Market Capitalization:** INR 27,705 Cr (as on 30th Oct 2025) * **Total Unitholders:** 77,982 (Up 22.4% YoY v/s Sep 2024) * **Geographic Presence (by Market Value):** Hyderabad (44.6%), Mumbai (32.6%), Pune (17.1%), Chennai (3.1%), Facility Management Business (2.6%) * **Total Tenants:** 270 * **Share of foreign MNCs in rentals:** 73.9% * **Share of Fortune 500 companies in rentals:** 40.4% * **Top 10 tenants contributing:** 34.0% of Gross Contracted Rentals

**Financial Performance Summary:** * **Q2 FY26:** * Revenue from Operations: INR 7,778 Mn (Up 24.8% Y-o-Y) * Net Operating Income (NOI): INR 6,339 Mn (Up 25.8% Y-o-Y) * DPU: 5.83 p.u (Up 13.2% Y-o-Y) * EBITDA: INR 6,036 Mn * NDCF (REIT Level): 3,645 Mn * **H1 FY26:** * Revenue from Operations: INR 15,301 Mn (Up 23.1% Y-o-Y) * Net Operating Income (NOI): INR 12,503 Mn (Up 25.0% Y-o-Y) * Distribution: INR 7,079 Mn (Up 17.1% Y-o-Y) * DPU: 11.6 p.u (Up 14.0% Y-o-Y) * **CAGR (Q2 FY24 to Q2 FY26):** Revenue and NOI both grew at 15.0%. * **Balance Sheet (as of 30-Sep-25):** * Net Asset Value: INR 483.7 pu (Up 12% v/s Mar'25) * Loan to Value (LTV): 24.2% (Net of FD) * Cost of Debt: 7.52% p.a.p.m (AAA rated) * Net Debt to EBITDA: 4.6x * Interest Coverage Ratio: 3.1x * Weighted Average Maturity: 5.4 years * **Investor Returns:** Annualized returns of 16.3% (as of 30 Sep 2025). Cumulative distribution since listing: INR 99.9 p.u.

**Strategic Priorities and Focus Areas:** 1. **Portfolio Expansion:** Through strategic acquisitions (e.g., The Square 110 Financial District, Sustain Properties, Macksoft Tech) and disciplined development of new assets in key markets. 2. **Enhancing Tenant Experience:** Re-energizing parks with modern design, mixed-use components (F&B, retail), and state-of-the-art amenities (club facilities, sports, wellness). 3. **Sustainability Leadership:** Maintaining high ESG standards (GRESB 5-star rating, renewable energy, emissions reduction) to attract global tenants and access green financing. 4. **Optimizing Occupancy and Rentals:** Leveraging strong market demand, healthy re-leasing spreads, and embedded rent escalations to drive NOI growth. 5. **Capital Management:** Maintaining a strong balance sheet with low LTV, diversified funding sources, and efficient debt management. 6. **Focus on GCCs:** Capitalizing on India's position as a preferred GCC destination, with significant leasing to GCCs.

**Competitive Advantages and Positioning:** * **High-Quality, De-risked Portfolio:** 91.2% completed assets in prime locations, attracting Grade-A tenants. * **Strong Sponsor Backing:** K Raheja Corp's extensive experience and development pipeline provide a significant competitive edge. * **Diversified and Stable Tenant Base:** High concentration of foreign MNCs and Fortune 500 companies, ensuring revenue stability. * **Proven Operational Excellence:** Demonstrated by high committed occupancy (94.6%), strong re-leasing spreads (28.1% in Q2 FY26), and efficient property management. * **ESG Leadership:** A key differentiator in attracting global, sustainability-conscious occupiers and investors. * **Vibrant Ecosystems:** Creation of mixed-use business parks with comprehensive amenities enhances tenant stickiness and market appeal.

**Key Metrics and KPIs Specific to the Company (as of 30-Sep-25):** * **Committed Occupancy:** 94.6% (excluding Pocharam and The Square 110 Financial District) * **WALE:** 7.4 years * **MTM Potential:** 18.7% (based on market rent of INR 87.3 psf) * **Portfolio In-Place Rent:** c. 74 psf/Month * **Gross Leasing (H1 FY26):** 2.6 msf * **Re-leasing Spread (H1 FY26):** 29.1% (on 2.1msf) * **LTV:** 24.2% * **Cost of Debt:** 7.52% p.a.p.m * **Renewable energy mix (H1 FY26):** 49% * **Scope 1+2 emission reduction (FY25 vs FY20):** 32.2%

**Management Outlook and Guidance:** * **Continued Growth:** Expects sustained demand for Grade-A assets, healthy re-leasing spreads, and rental escalations to drive future NOI and DPU growth. * **Development Pipeline:** Timely completion of under-construction projects (e.g., Mindspace Madhapur 1A-1B by Q1 FY27, 7/8 by Q4 FY27, B18 by Q4 FY28, Pearl Club by Q4 FY26) will add significant leasable area and revenue. * **Market Optimism:** Positive on the Indian office sector, citing strong GCC growth, return-to-office trends, and infrastructure development in key markets. * **Lease Retention:** Anticipates retaining a significant portion of expiring leases.

**Recent Developments and Initiatives:** * **Acquisitions:** Acquired The Square 110 Financial District (Q2 FY26), Sustain Properties (March'25), and Macksoft Tech Private Limited (July'25). * **Development Progress:** Significant construction progress on Mindspace Madhapur projects, with 1A-1B 100% pre-leased to a GCC. * **Amenities Enhancement:** Operationalization of Mindspace Fusion (Airoli East) as an F&B-led social hub and ongoing development of Pearl Club (Madhapur). * **ESG Achievements:** GRESB 5-star rating for 3rd consecutive year, 11 Sword of Honour by British Safety Council, significant reduction in emissions and water recycling. * **Capital Raising:** Raised INR 28,500 Mn via CPs and NCDs at competitive rates. * **Unitholder Growth:** Significant increase in unitholders, reflecting growing investor interest.

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J. TABLES

Table 1: Mindspace Business Parks REIT - Key Financials (Q2 FY26 & H1 FY26)

| Metric | Q2 FY26 (INR Mn) | H1 FY26 (INR Mn) | Q2 FY25 (INR Mn) | H1 FY25 (INR Mn) | Y-o-Y Growth (Q2) | Y-o-Y Growth (H1) | | :---------------------------- | :--------------- | :--------------- | :--------------- | :--------------- | :---------------- | :---------------- | | Revenue from Operations | 7,778 | 15,301 | 6,232 | 12,429 | 24.8% | 23.1% | | Net Operating Income (NOI) | 6,339 | 12,503 | 5,037 | 10,002 | 25.8% | 25.0% | | EBITDA | 6,036 | - | - | - | - | - | | Distribution | 3,552 | 7,079 | 3,054 | 6,045 | 16.3% | 17.1% | | DPU (p.u) | 5.83 | 11.6 | 5.15 | 10.18 | 13.2% | 14.0% | | Cashflow from Operations | 5,775 | - | - | - | - | - | | NDCF (REIT Level) | 3,645 | - | - | - | - | - |

*Note: Q2 FY25 DPU excludes one-off distribution of INR 0.45 Bn in Q4 FY25.*

Table 2: Mindspace Business Parks REIT - Balance Sheet & Debt Metrics (as of 30-Sep-25)

Table 3: Mindspace Business Parks REIT - Debt Repayment Schedule (INR Mn) as of 30-Sep-25

| Fiscal Year | Amount (INR Mn) | % of Total | | :-------------- | :-------------- | :--------- | | FY26 | 12,332 | 10.9% | | FY27 | 26,340 | 23.3% | | FY28 | 18,404 | 16.3% | | FY29 | 2,873 | 2.5% | | FY30 | 9,265 | 8.2% | | FY31 | 8,643 | 7.6% | | FY32 & Beyond | 35,311 | 31.2% | | **Total** | **1,13,168** | **100.0%** |

Table 4: Mindspace Business Parks REIT - Portfolio Overview (as of 30-Sep-25)

Table 5: Mindspace Business Parks REIT - Tenant Mix by Sector (by Gross Contracted Rentals, as of 30-Sep-25)

| Sector | % of Gross Contracted Rentals | | :--------------------------- | :---------------------------- | | Technology | 37.2% | | Financial Services | 15.7% | | Engineering & Manufacturing | 10.5% | | Telecom & Media | 9.9% | | Manufacturing & Processes | 7.1% | | Flexible workspace | 6.4% | | Professional services | 6.2% | | Healthcare & Pharma | 4.3% | | GCC | 13.4% | | Datacenter | 2.3% | | E-Commerce | 1.1% | | Others | 1.3% |

Table 6: Mindspace Business Parks REIT - Leasing Performance (Q2 FY26 & H1 FY26)

| Metric | Q2 FY26 | H1 FY26 | | :--------------------------- | :---------------- | :---------------- | | Gross Leasing | 0.8 msf | 2.6 msf | | Re-leased Area | 0.4 msf | 1.6 msf | | New and Vacant Area Leased | 0.4 msf | 1.0 msf | | Average Rent for Area Leased | INR 76 psf/Month | INR 77 psf/Month | | Re-leasing Spread | 28.1% (on 0.7 msf) | 29.1% (on 2.1msf) | | Total committed area leased to GCCs | - | c.35% |

Table 7: Mindspace Business Parks REIT - Committed Occupancy by Property (as of 30-Sep-25)

| Property | Committed Occupancy | | :----------------------------- | :------------------ | | Gera Commerzone Kharadi | 100% | | The Square BKC | 100% | | The Square Nagar Road Pune | 100% | | Commerzone Porur | 100% | | Commerzone Raidurg | 100% | | Mindspace Malad | 98.6% | | Mindspace Madhapur | 98.0% | | Commerzone Yerwada | 94.6% | | Mindspace Airoli West | 93.8% | | Mindspace Airoli East | 80.1% | | The Square 110 Financial District | 66.4% | | Mindspace Pocharam | 0.0% | | **Portfolio Total (excl. Pocharam & The Square 110)** | **94.6%** | | **Portfolio Total (incl. The Square 110)** | **93.8%** |

Table 8: Mindspace Business Parks REIT - Lease Expiry Profile (Area Expiring)

| Fiscal Year | Area Expiring (msf) | % of Gross Contracted Rentals | Rent at Expiry (INR psf) | | :---------- | :------------------ | :---------------------------- | :----------------------- | | Q3-Q4 FY26 | 0.5 | 1.8% | 71.8 | | FY27 | 1.5 | 6.2% | 92.8 | | FY28 | 2.2 | 7.2% | 76.7 |

Table 9: Mindspace Business Parks REIT - Project Updates (as of 30-Sep-25)

| Project Name | Leasable Area (msf) | Estimated Completion | Balance Cost (INR Mn) | Status/Notes | | :-------------------------------- | :------------------ | :------------------- | :-------------------- | :----------------------------------------- | | Mindspace Madhapur (1A-1B Re-dev) | 1.5 | Q1 FY27 | 4,183 | 16th, 17th, 18th floor slab under progress; 100% pre-leased to GCC | | Mindspace Madhapur (7/8 Re-dev) | 1.6 | Q4 FY27 | 6,316 | 7th and 8th floor slab work in progress | | Mindspace Madhapur (B18) | 0.53 | Q4 FY28 | 3,195 | Excavation work under progress | | Mindspace Madhapur (Pearl club) | 0.13 | Q4 FY26 | 860 | OC applied (Club ID, Façade & External development WIP) |

Table 10: Mindspace Business Parks REIT - Project-wise Market Value Breakup (as of 30-Sep-25)

| Region/Project | Completed (INR Mn) | U/C & Future Dev (INR Mn) | Total Value (INR Mn) | % of Portfolio Total | | :------------------------ | :----------------- | :------------------------ | :------------------- | :------------------- | | **Mumbai Region** | **1,25,183** | **8,509** | **1,33,692** | **32.6%** | | Mindspace Airoli East | 51,047 | 3,946 | 54,993 | 13.4% | | Mindspace Airoli West | 55,702 | 4,563 | 60,265 | 14.7% | | Mindspace Malad | 13,286 | - | 13,286 | 3.2% | | The Square, BKC | 5,149 | - | 5,149 | 1.3% | | **Pune** | **70,144** | **-** | **70,144** | **17.1%** | | Gera Commerzone Kharadi | 38,610 | - | 38,610 | 9.4% | | The Square, Nagar Road | 9,966 | - | 9,966 | 2.4% | | Commerzone Yerwada | 21,568 | - | 21,568 | 5.3% | | **Hyderabad** | **1,56,595** | **26,369** | **1,82,965** | **44.6%** | | Mindspace Madhapur | 1,26,619 | 25,782 | 1,52,401 | 37.2% | | Mindspace Pocharam | 421 | 587 | 1,008 | 0.2% | | Commerzone Raidurg | 23,679 | - | 23,679 | 5.8% | | The Square 110 Financial District | 5,877 | - | 5,877 | 1.4% | | **Chennai** | **12,841** | **-** | **12,841** | **3.1%** | | Commerzone Porur | 12,841 | - | 12,841 | 3.1% | | Facilities Management Business | 9,221 | 1,341 | 10,562 | 2.6% | | **Portfolio Total** | **3,73,985** | **36,219** | **4,10,204** | **100.0%** |

Table 11: Mindspace Business Parks REIT - ESG Metrics (as of 30-Sep-25, unless specified)

Table 12: Indian Office Sector - Key Market Data (9M CY2025)

| Metric | Value | | :-------------------------------------- | :--------------------- | | Net absorption in 9MCY2025 | c.40 msf | | Y-o-Y Growth in Net absorption | 28.7% | | GCC contribution in office space transactions | c.36% | | GCC share in overall Net absorption | c.42% | | Physical Occupancy in India offices | 75%-85% | | Occupied office space by GCCs (Q3 CY25) | 255+ msf | | New GCCs entered India (last 2 years) | 200+ | | India's share in global GCC market | c.50% | | Total space leased by GCCs (since 2022-9M CY2025) | 87.5 msf | | GCC employees in India | 1.9 Mn | | GCC office stock (Q3 CY25) | 258 msf | | GCC office stock (CY 27 F) | 300 msf | | Total office stock (Q3 CY25) | 2,000 msf | | Total office stock (CY 27 F) | 2,350 msf |