Mindspace Business Parks REIT: Risk Reward Update

Research evidence excerpt

Mindspace Business Parks REIT: Risk Reward Update

UpdateM

Risk Reward – Mindspace Business Parks REIT (MINS.NS)

KEY EARNINGS INPUTS CATALYST CALENDAR

Drivers 2026 2027e 2028e 2029e Date Event Source: Refinitiv, Morgan Stanley

24 Jun 2026 - Mindspace Business Parks REIT Annual Shareholders Revenue from operation Growth (%) 24 28 16 13

28 Jun 2026 Meeting

NOI Growth (%) 29 28 15 12

NDCF Growth (%) 16 14 9 10

DPU (Rs) 24 26 29 32

LTV (%) 24 30 31 31

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Ability to achieve mark-to-market potential on RISKS TO UPSIDE FY Mar 2027e

re-leasing Faster completion of under-construction

Timely execution of under-construction and portfolio Sales /

forthcoming projects Early start of future development Revenue 32,413 41,195

Value-accretive acquisitions of sponsor's ROFO Value-accretive opportunities (Rs, mn) 38,285

assets and any other acquisitions Better deals with high mark-to-market upside

SEZ amendment driving occupancy and re-leasing terms

30,453

RISKS TO DOWNSIDE EBITDA 24,263 31,577GLOBAL REVENUE EXPOSURE (Rs, mn)

Execution delays in new construction 29,432

Interest rate volatility - increase in benchmark

policy rate

26.47

100% India Value-dilutive acquisitions DPS

25.50 28.30

Regulatory changes, such as taxes (Rs)

26.64

Source: Morgan Stanley Research Estimate OWNERSHIP POSITIONING

14.22

View explanation of regional hierarchies here EPS Inst. Owners, % Active 88.1% 10.20 18.50

(Rs)

14.57MS ALPHA MODELS Source: Refinitiv, Morgan Stanley Research

5/5 3 Month Mean Morgan Stanley Estimates

MOST Horizon Source: Refinitiv, Morgan Stanley Research

Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is

the highest favored Quintile and 5 is the least favored

Quintile

Morgan Stanley Research 3