The results
Two of India's listed office real estate investment trusts (REITs) reported strong growth in the July–September quarter of FY27. Brookfield India REIT posted a 51% year-on-year rise in net operating income (NOI) to ₹767.2 crore, while Mindspace Business Parks REIT reported a 31.9% increase to about ₹836 crore, ET Realty and Business Standard reported.
A REIT is a listed trust that owns rent-earning property and passes most of its cash flow to unitholders. NOI is the rental and related income from the properties minus their direct operating costs, and is the main measure of how the underlying buildings are performing.
Brookfield India REIT
Brookfield's income from operating lease rentals rose 52% to ₹722.1 crore from ₹474.7 crore. Net consolidated total income increased 52.1% to ₹1,056.91 crore, and consolidated profit after tax rose 85.3% to ₹276.76 crore from ₹149.38 crore.
The REIT leased 1.6 million sq ft during the quarter at an average re-leasing spread of 16% — meaning new rents on re-let space were on average 16% higher than the previous rents — and secured about 0.6 million sq ft of early commitments against future lease expiries. Committed occupancy rose three percentage points to 93%. Global capability centres (GCCs), the in-house technology and operations hubs of multinational companies, accounted for 51% of gross leasing. Nearly 40% of leases due to expire in FY28 have already been renewed or committed.
The manager declared a distribution of ₹473.03 crore, or ₹5.70 per unit, for the quarter. Net asset value stood at ₹392.38 per unit on 30 September 2026. For the first half, NOI rose 51% to ₹1,523.8 crore and gross leasing totalled 2.7 million sq ft, of which 1.8 million sq ft was new leasing. Its portfolio has a total leasable area of 37.5 million sq ft across Mumbai, Gurugram, Noida, Delhi, Kolkata and Bengaluru, Business Standard reported.
Mindspace REIT
Mindspace's net consolidated total income rose 30.1% to ₹1,028.43 crore, while consolidated profit after tax increased to ₹479.18 crore from ₹126.79 crore a year earlier. Revenue from operations grew 29.8% to ₹1,010 crore.
Gross leasing was about 1.6 million sq ft, including roughly 0.6 million sq ft at the Chennai assets it recently acquired. Committed occupancy stood at 96.1% on a like-for-like basis, excluding first-half acquisitions and an asset held for sale. At the newly acquired Chennai properties, occupancy was about 77.5% at Commerzone Pallikaranai and 75% at One Radial. The REIT also completed its first redevelopment project, about 1.5 million sq ft in Hyderabad, which was fully pre-leased.
The completed portfolio grew to 37.7 million sq ft, with about six million sq ft under development. Gross asset value rose 15.9% to about ₹55,190 crore, and NAV per unit rose 7.2% to ₹565.10. Mindspace declared a distribution of ₹6.67 per unit, 14.4% higher than ₹5.83 a year earlier. Loan-to-value was about 29.1% and the cost of debt 7.43%.
What it means for investors and the office market
Both REITs reported leasing of about 1.6 million sq ft in the quarter, positive rent spreads and higher occupancy, pointing to continued demand for Grade A office space, especially from GCCs. Mindspace estimated the mark-to-market potential of its portfolio — the gap between current rents and market rents — at about 22.8%, which indicates room for rental growth as leases come up for renewal.
For unitholders, the per-unit distributions and rising NAVs are the key figures. Brookfield's debt-to-total-assets ratio stood at 0.37 and Mindspace's at 0.48 as of 30 September, according to the disclosures reported by ET Realty.
Sources
- ET Realty: Brookfield India REIT's NOI rises 51% to ₹767.2 crore in Q2 FY27 — published 3 November 2026.
- ET Realty: Mindspace Business Parks REIT's NOI rises 32% to ₹836 crore in Q2 FY27 — published 3 November 2026.
- Business Standard: Brookfield India REIT's operating income rises 51% on strong leasing — published 2 November 2026.
- Business Standard: Mindspace REIT Q2 results: NOI rises 32% to ₹836 crore on strong leasing — published 2 November 2026.