{"id":128103,"date":"2022-03-03T09:53:12","date_gmt":"2022-03-03T14:53:12","guid":{"rendered":"https:\/\/44.250.171.167\/?p=128103"},"modified":"2022-10-05T06:28:46","modified_gmt":"2022-10-05T10:28:46","slug":"mindspace-business-parks-reit-q3-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mindspace-business-parks-reit-q3-fy22-earnings-conference-call-insights\/","title":{"rendered":"Mindspace Business Parks REIT Q3 FY22 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Mindspace Business Parks REIT Q3 FY22 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/rfe3IPR8cC4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Key highlights from Mindspace Business Parks REIT (<a href=\"https:\/\/44.250.171.167\/symbol\/MINDSPACE\/\">MINDSPACE<\/a>) Q3 FY22 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>Adhidev Chattopadhyay from ICICI asked about the early re-leasing of almost 0.5 million square feet, if it\u2019s initiated by the tenants. Vinod Rohira, CEO said that it\u2019s a 10-plus years old client and wanted to renew early. The company got the mark-to-market rents from this tenant, which is a win-win for both.<\/li>\n<\/ul>\n<ul>\n<li>Adhidev Chattopadhyay from ICICI also asked about the releasing spread achieved across the deals and if the company is expecting many more early releasing to happen. Vinod Rohira, CEO replied that it\u2019s 28%. On early releasing, the company added that it\u2019s part and parcel of business.<\/li>\n<\/ul>\n<ul>\n<li>Adhidev Chattopadhyay from ICICI asked about the FY23 expiries and how confident is the company of retaining considering the improved environment. Vinod Rohira, CEO said the company has visibility of 60%-odd of renewal clarity from the 1.08-odd area.<\/li>\n<\/ul>\n<ul>\n<li>Atul Tiwari from Citigroup asked about the timeline to complete or evaluate the ROFO deal. Preeti Chheda, CFO said the company just got the Board approval to start the evaluation. It\u2019s between now and the next quarter is when the company will be evaluating and then taking it back to the Board.<\/li>\n<\/ul>\n<ul>\n<li>Rahul Marathe from ICICI asked about the valuation of the 43 acres deal at Pocharam. Preeti Chheda, CFO replied that the valuation is at INR80 crore.<\/li>\n<\/ul>\n<ul>\n<li>Shashank Savla from Somerset Capital asked about the mark-to-market potential, which has been gradually been declining for last six quarters from 17% to now 7%. Vinod Rohira, CEO said the mark-to-market was in line with the estimates the company had given forward in terms of the broad rents MINDSPACE was hoping to achieve. As the markets are firming up MINDSPACE is seeing better opportunity going upwards from there.<\/li>\n<\/ul>\n<ul>\n<li>Sameer Baisiwala from Morgan Stanley enquired about the ROFO asset and how does the company plan to fund that. Preeti Chheda, CFO answered that the entire structure is something which MINDSPACE will start working on and evaluating. One form of this acquisition could also be issuing of units of the repurchases of the SPV coming in. So that also could be one probability in which case the company may not need any capital for the acquisitions. So that&#8217;s something still under evaluation.<\/li>\n<\/ul>\n<ul>\n<li>Sameer Baisiwala from Morgan Stanley asked about the demand in Airoli. Vinod Rohira, CEO replied that from an Airoli perspective, the company is seeing within the non-SEZ space, demand picking up steadily. MIDSPACE has done much more than it had envisaged at the beginning of the year.<\/li>\n<\/ul>\n<ul>\n<li>Sameer Baisiwala from Morgan Stanley also asked that in the next 2 years if the steady state occupancy should be expected at 97%, 98%. Vinod Rohira, CEO replied that the company hopes for that number.<\/li>\n<\/ul>\n<ul>\n<li>Mohit Agrawal from IIFL asked about the FY23 distribution and the growth outlook. Preeti Chheda, CFO replied that the company cannot put a number but directionally, there should definitely be a growth in the distribution, given that the rentals of those leasing should start flowing in the coming quarters.<\/li>\n<\/ul>\n<ul>\n<li>Adhidev Chattopadhyay from ICICI asked that in the Gigaplex asset, the current occupancy is around 60%-odd, whereas the committed occupancy 67%, so when does this gap get breached. Preeti Chheda, CFO replied that it generally takes about 4 to 6 months for rent to start, so that\u2019s the time line the company is looking at.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Mindspace Business Parks REIT (MINDSPACE) Q3 FY22 Earnings Concall Q&amp;A Highlights: Adhidev Chattopadhyay from ICICI asked about the early re-leasing of almost 0.5 million square feet, if it\u2019s initiated by the tenants. Vinod Rohira, CEO said that it\u2019s a 10-plus years old client and wanted to renew early. The company got the [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,12],"tags":[8211],"class_list":["post-128103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-other-industries","tag-reits"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":139731,"url":"https:\/\/alphastreet.com\/india\/mindspace-business-parks-reit-mindspace-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":128103,"position":0},"title":"Mindspace Business Parks REIT (MINDSPACE) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 1, 2023","format":false,"excerpt":"Mindspace Business Parks REIT (NSE:MINDSPACE) Q3 FY23 Earnings Concall dated Jan. 31, 2023. Corporate Participants: Kedar Kulkarni\u00a0--\u00a0Investor Relations Vinod Rohira\u00a0--\u00a0Chief Executive Officer Preeti Chheda\u00a0--\u00a0Chief Financial Officer Analysts: Adhidev Chattopadhyay\u00a0--\u00a0ICICI Securities -- Analyst Jatin\u00a0--\u00a0Bank of America -- Analyst Mohit Agrawal\u00a0--\u00a0IIFL -- Analyst Sameer Baisiwala\u00a0--\u00a0Morgan Stanley -- Analyst Presentation: Operator Good afternoon,\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":131405,"url":"https:\/\/alphastreet.com\/india\/mindspace-business-parks-reit-mindspace-q4-fy22-earnings-conference-call-transcript\/","url_meta":{"origin":128103,"position":1},"title":"Mindspace Business Parks REIT (MINDSPACE) Q4 FY22 Earnings Conference Call Transcript","author":"IRS_INDIA","date":"May 14, 2022","format":false,"excerpt":"Mindspace Business Parks REIT (NSE: MINDSPACE) Q4 FY22 Earnings Conference Call dated May. 13, 2022 Corporate Participants: Kedar Kulkarni\u00a0--\u00a0Head of Investor Relations Vinod Rohira\u00a0--\u00a0CEO Preeti Chheda\u00a0--\u00a0CFO Analysts: Adhidev Chattopadhyay\u00a0--\u00a0ICICI Securities -- Analyst Mohit Agrawal\u00a0--\u00a0IIFL -- Analyst Kunal Tayal\u00a0--\u00a0Bank of America -- Analyst Kunal Lakhan\u00a0--\u00a0CLSA -- Analyst Satinder Singh Bedi\u00a0--\u00a0Eon Investments\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":127042,"url":"https:\/\/alphastreet.com\/india\/godrej-properties-limited-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":128103,"position":2},"title":"Godrej Properties Limited Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"February 4, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=rz2yT1evemI Key highlights from Godrej Properties Limited (GODREJPROP) Q3 FY22 Earnings Concall Management Update: The company commented that project completions and accounting revenue and profits to increase meaningfully in the quarters ahead. The company said, it has chosen to withdraw from Godrej Anandam in Nagpur and will not be pursuing\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145256,"url":"https:\/\/alphastreet.com\/india\/mindspace-business-parks-reit-mindspace-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":128103,"position":3},"title":"Mindspace Business Parks REIT (MINDSPACE) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 8, 2023","format":false,"excerpt":"Mindspace Business Parks REIT (NSE:MINDSPACE) Q4 FY23 Earnings Concall dated May. 05, 2023. Corporate Participants: Kedar Kulkarni\u00a0--\u00a0Senior Manager, Finance & Investor Relations Preeti Chheda\u00a0--\u00a0Chief Financial Officer Vinod Rohira\u00a0--\u00a0Chief Executive Officer Analysts: Puneet Gulati\u00a0--\u00a0HSBC -- Analyst Kunal\u00a0--\u00a0BofA -- Analyst Arun\u00a0--\u00a0Unifi Capital -- Analyst Vivek Agarwal\u00a0--\u00a0-- Analyst Satinder Singh Bedi\u00a0--\u00a0Eon Investments --\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":149944,"url":"https:\/\/alphastreet.com\/india\/mindspace-business-parks-reit-q1fy24-7-rise-in-profits\/","url_meta":{"origin":128103,"position":4},"title":"Mindspace Business Parks REIT Q1FY24; 7% rise in Profits","author":"Karan_Singh","date":"July 26, 2023","format":false,"excerpt":"Mindspace REIT is a Real Estate Investment Trust listed in India under the SEBI Real Estate Investment Trust Regulations, 2014. Mindspace REIT primarily holds interests in rental yielding commercial real estate assets (Grade-A office portfolio). It is incorporated as a registered Trust and listed through a public issue of units.\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-236.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":128198,"url":"https:\/\/alphastreet.com\/india\/mindspace-reit-q3-fy2022-research-tear-sheet\/","url_meta":{"origin":128103,"position":5},"title":"Mindspace REIT Q3 FY2022 Research Tear Sheet","author":"sreerupa","date":"March 9, 2022","format":false,"excerpt":"Mindspace\u00a0is a brand of commercial and industrial parks located in India. It is established by K.Raheja group. It is situated in Mumbai,\u00a0Hyderabad,\u00a0Chennai\u00a0and\u00a0Pune. More than 50 businesses are now located at Mindspace including Accenture,\u00a0L&T Infotech Ltd,\u00a0Cognizant Technology\u00a0and\u00a0Capgemini. Amount in Rs million31-12-202131-12-2020Total Income30022973Total Expense3730Profit27552846 Key Financial Highlights Net Operating Income of INR\u2026","rel":"","context":"In &quot;Research Summary&quot;","block_context":{"text":"Research Summary","link":"https:\/\/alphastreet.com\/india\/category\/research-summary\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/128103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=128103"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/128103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=128103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=128103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=128103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}