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罐 Annexure 2 Q1 FY27 Investor Presentation 5th August 2026 MINDSPACE BUSINESS PARKS REIT
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 2 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 By attending the meeting where this presentation (“Presentation”) is made, or by reading the Presentation materials, you agree to be bound by the following limitations: This Presentation (a) is for information purposes only without regards to specific objectives, financial situations or needs of any particular person, (b) should not be considered as a recommendation to any person to purchase / subscribe to any units, debentures, bonds or any other securities / instruments issued or proposed to be issued by Mindspace Business Parks REIT (”Mindspace REIT”). This Presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for, or advertisement with respect to, the purchase or sale of any units, debentures, bonds or any other securities / instruments of Mindspace REIT in any jurisdiction, and no part of it shall form the basis of or be relied upon by any person in connection with any contract or commitment whatsoever. The material that follows is a presentation of general background information. We don’t assume responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent development, information or events, or otherwise. This Presentation comprises information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation includes statements that are, or may deemed to be, “forward-looking statements”. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Any projection of future income or performance should be viewed merely as a fair estimate of the management of Mindspace REIT, which may be dependent on several factors and in no manner should be construed as an indication of its reflection in the market price of units, debentures, bonds or any other securities / instruments issued or proposed to be issued by Mindspace REIT. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that any objectives specified herein will be achieved. Neither we, nor any of our affiliates or advisors, as such, make any representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The units, debentures, bonds or any other securities / instruments of Mindspace REIT have not been and will not be registered under the U.S. Securities Act, 1933, as amended (“U.S. Securities Act”), or the securities laws of any applicable jurisdiction and these materials do not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for units, debentures, bonds or any other securities / instruments in the United States of America or elsewhere in which such offer, solicitation or sale would be unlawful prior to registration under the U.S. Securities Act or the securities laws of any such jurisdiction. No units, debentures, bonds or any other securities / instruments of Mindspace REIT may be offered or sold in the United States of America without registration or an applicable exemption from registration requirements under the U.S. Securities Act. By accessing this Presentation, each investor is deemed to represent that it is and any customer it represents are either (a) qualified institutional buyers (within the meaning of Rule 144A under the U.S. Securities Act) or (b) outside the United States of America (within the meaning of Regulation S under the U.S. Securities Act), and is a sophisticated investor who possesses sufficient investment expertise to understand the risks involved in the offering. This document is just a Presentation and is not intended to be a “prospectus” or “draft offer document” or “offer document” or “final offer document” or “offer letter” or “offering memorandum” (as defined or referred to, as the case may be, under the Companies Act, 2013 and the rules notified thereunder, and the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended, or any other applicable law). This Presentation has not been and will not be reviewed or approved by a regulatory authority in India or elsewhere or by any stock exchange in India or elsewhere. If we should at any time commence an offering of units, debentures, bonds or any other securities / instruments of Mindspace REIT, any decision to invest in any such offer to subscribe for or acquire units, debentures, bonds or any other securities / instruments of Mindspace REIT, must be based wholly on the information contained in an offer document or offering circular (including the risk factors mentioned therein) issued or to be issued in connection with any such offer and not on the contents hereof. Any prospective investor investing in such invitation, offer or sale of securities by Mindspace REIT should consult its own advisors before taking any decision in relation thereto. This Presentation is not intended to be an offer or placement for the purposes of the Alternative Investment Fund Managers Directive (“AIFMD”), and any “marketing” as defined under AIFMD may only take place in accordance with the national private placement regimes of the applicable European Economic Area jurisdictions. Disclaimer
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Table of Contents Note: 1. For ease and simplicity of representation, certain figures may have been rounded 2. Mindspace Business Parks REIT is referred to as Mindspace REIT in the presentation 3. “The Square Avenue 61 (BKC)”, “The Square Signatures Business Chambers (Nagar Road - Pune)”, “The Square Avenue 98 (BKC Annex)” are referred as “The Square BKC”, “The Square Nagar Road” and The Square (BKC Annex) respectively in the presentation Key Highlights Key Highlights Project Updates Project Updates Financial Update Financial Update Our Growth Drivers Our Growth Drivers India Office and AI India Office and AI Our Markets Our Markets Our Franchise Portfolio Our Franchise & Portfolio Re-energizing Parks Re-energizing Parks Value creation via ESG Value creation via ESG Shareholding Pattern Shareholding Pattern Annexure Annexure 01 02 03 04 05 06 07 08 09 10 11 4 4 10 10 19 19 24 24 27 27 33 33 41 41 54 54 60 60 64 64 66 66
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01 Key Highlights
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 5 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Strong Financial Performance fueled by Sustained Demand for Grade-A Assets 0.9 msf Gross Leasing Q1 FY27 Committed Occupancy Sequentially up 0.1% 92.1%(2)including recently acquired Chennai assets 95.8% (1) Q1 FY27 NOI Up 27.8% Y-o-Y Up 16.2% Y-o-Y Like-to-Like basis(3) INR 7,880 Mn (Q1 FY26 - INR 6,164 Mn) 1. Excluding Pocharam (asset held for sale), Commerzone Pallikaranai & One RadialTM acquired in Q1 FY27 2. Excluding Pocharam (asset held for sale) 3. Like-to-Like (excluding assets acquired post Q1 FY26) DPU up 15.2% Y-o-Y INR 6.67p.u (Q1 FY26 – INR 5.79 p.u) Q1 FY27 DPU Like-to-Like basis
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 6 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Portfolio In-Place rent c. 81.0 psf/Month Delivered Strong Operational performance 1. Re-leasing spread includes spread on extensions and leasing of area vacant as of 31 March 26 for Q1 FY27 Key Operating Indicators Q1 FY27 Gross Leasing 0.9 msf Re-leased Area 0.7 msf Re-leasing Spread (1) 10.7 % on 0.8 msf Average Rent for Area Leased INR 83 psf/Month New and Vacant Area Leased 0.2 msf
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 7 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Successfully completed and integrated two marquee assets into Portfolio c. 2.6 msf Total Leasable area c. 73.7%(1) Committed Occupancy Numbers are as of 30 June 2026 unless otherwise stated 1. Based on completed area 2. Mindspace REIT acquired 51% stake in Radial IT Park Pvt Ltd. c 10.9 years WALE c. 2.6 msf Total leasable area C. 56.7%(2) Committed occupancy c 10.7 years WALE Signed 45 ksf at INR 87 psf One Radial TM(2) Commerzone Pallikaranai c. 2.6 msf Total Leasable area c 10.9 years WALE c. 73.7%(1) Committed Occupancy c. 2.6 msf Total leasable area c 10.7 years WALE C. 56.7%(1) Committed occupancy First Post-Acquisition Deal: Signed 45 ksf at INR 87 psf
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 8 Modern and Sustainable workplaces attracting occupiers Q1 FY27 – Key leasing transactions c.51% Total committed area leased to GCCs in Q1 FY27 High Quality Portfolio with 11 out of 16(1) parks achieving an average of more than 96% committed occupancy levels Assets Location Type Tenants Leased (ksf) The Square Nagar Road Pune Re-leasing GCC 347 Malad Mumbai Re-leasing Co-working 100 Airoli (E) Mumbai Vacant Co-working 93 Madhapur Hyderabad Re-leasing Healthcare & Pharma 51 Airoli (E) Mumbai Re-leasing Co-working 50 Airoli (E) Mumbai Re-leasing Technology- Processes 50 One Radial TM Chennai New Area Co-working 45 Others 154 Total 890 c.69% 1. Excluding Pocharam (Asset held for sale) ~4.6 msf Pre-let out of 6.6 msf under construction 100% Committed Occupancy Across 6 Parks spanning c. 7 msf 96-99% Committed Occupancy Across 5 Parks spanning c. 25 msf
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 9 FY25- 2.6 msf exits, 0.8 msf retained, 1.8 msf exited out of which 1.1 msf re- lased ~67% re-leasing visibility for 2.2 msf expiries in FY27E Overview of Lease Expiry and Re-leasing spread Average Re-leasing Spread(2) (Since listing) 23.2 % 1. Includes efficiency adjustment of 35 ksf 2. Re-leasing spread includes spread on extensions and on leasing of vacant area 3. Includes early termination considered in Q1 FY27 for 0.1msf 2.2 msf (3) 0.9 msf Expect to Retain 1.3 msf Expected Exits 0.6 msf Expect to Re-lease to New tenant in FY27 Area coming for scheduled expiry in FY28 and FY29 are 1.9 msf and 2.6 msf respectively Average Annual Lease expiry in last 4 Years c.3 msf FY27 E Expiries Q1 FY27 – Healthy re-leasing spread of 10.7 %(1)(2) 0.9 msf Retained in 9M FY25 0.6 msf Retained in Q1 FY27
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02 Project Updates
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 11 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 4.7 msf of Upcoming deliveries during the year (1/2) ▪ Leasable area: 1.5 msf ▪ Status: Façade works in progress ▪ Estimated Completion: Q2 FY27 ▪ Balance cost: INR 2,600 Mn ▪ 100% pre-leased to GCC Mindspace Madhapur (1A-1B Re-development) Hyderabad Remains on schedule Note: Status is as of 30-Jun-26 1. Includes ongoing projects INR 23,768 Mn, future development projects INR 22,039 Mn, recently completed projects INR 2,380 Mn, upgrades INR 5,398 Mn and fit-out / general development INR 568 Mn Balance Construction Capex – INR 54,153 (1) Mn ▪ Leasable area: 1.7 msf ▪ Status: 20th & Terrace floor slabs in progress ▪ Estimated Completion: Q4 FY27 ▪ Balance cost: INR 4,837 Mn ▪ 84% pre-leased predominantly to GCCs Hyderabad Mindspace Madhapur (7/8 Re-development)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 12 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 4.7 msf of Upcoming deliveries during the year (2/2) Remains on schedule ▪ Leasable area: 0.25 msf ▪ Status: : 6th floor slab in progress ▪ Estimated Completion:Q4 FY27 ▪ Balance cost: INR 3,044 Mn ▪ Pre-committed to PDG Mindspace Airoli West (Building 7 - Data Center) Navi Mumbai Note: Status is as of 30-Jun-26 Chennai ▪ Leasable area: 1.2 msf ▪ Status 16th & Terrace floor slabs and façade works in progress. ▪ Balance cost : INR 3,605 Mn ▪ Estimated Completion: Q4 FY27 Commerzone Pallikaranai (Block 1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 13 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 DC & mixed-use developments to complement the office portfolio Note: Status is as of 30-Jun-26 ▪ Leasable area: 0.5 msf ▪ Status 1st floor slab in progress ▪ Estimated Completion: Q2 FY28 ▪ Balance cost: INR 2,279 Mn ▪ 100% Pre-committed to PDG Navi Mumbai Mindspace Airoli West (Building 11-Data Center) ▪ Leasable area: 0.5 msf ▪ Status: Excavation completed. Footing & retaining wall works in progress ▪ Estimated Completion: Q2 FY29 ▪ Balance cost: INR 3,044 Mn ▪ Pre-let to Chalet hotels Hyderabad Mindspace Madhapur (B18 Hotel) ▪ Leasable area: 0.9 msf ▪ Status: : Excavation & PCC works in progress ▪ Estimated Completion: Q1 FY30 ▪ Balance cost: INR 5,612 Mn ▪ 0.3 msf (hotel area) pre-let to Chalet hotels Navi Mumbai Mindspace Airoli East (B17 Mixed use)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 14 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Launching a 1.1 msf office building in Mindspace Airoli West • Commencing ~2 msf multi-asset development (office/hotel/data centre), with 0.7 msf DC already under development • Driving value through diversification and addition of complementary asset classes B17 0.9 MSF Q1FY30 B17 0.9 MSF Q1FY30 Data Centers Offices • 1.1 (1) msf new proposed development • Park 99% occupied • Offers new age modern supply for expansion/ consolidation to tenants Airoli West Proposed Building 12, Airoli West B12 New office Portfolio to further unlock value at almost fully occupied park Subject to finalization of design and necessary approvals Perspective
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 15 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Announcing park expansion to elevate campus experience at Pune ▪ Combined area of 0.6(1) msf ▪ 225+ keys hotel pre-let to Chalet Hotels (2) ▪ Creates halo effect on the park, enhancing value PERSPECTIVE 1. Subject to finalization of design and necessary approvals/ contractual commitments 2. Post Jun 30, 2026 Perspective PerspectiveHotel Office
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 16 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Repurposing Office Block to Hotel at Financial District, Hyderabad Existing block to be re-purposed 150 keys hotel of c.265k(1) sq ft pre-let to Chalet Hotels (2) Creating an integrated ecosystem Unlocking development value by adding area of c.70k(1) sq ft to park as part of hotel 1. Subject to finalization of design and necessary approvals 2. Post Jun 30, 2026
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 17 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Pearl Club : An Inclusive Ecosystem for all Lifestyle & Business Needs Offers enriching entertainment, sports, lifestyle, recreation and dining experiences Trial operations at the Club are underway c. 130 ksf Exclusive and premium space
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 18 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Enhancing the Mindspace offering with a curated mix of amenities Indoor-Outdoor Cafes Bar and Lounge Badminton | Squash | Tennis Yoga | Meditation | Aerobic Rooms State of the art gym facility Half Olympic Size Lap Pool
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03 Financial Update
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 20 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Cost of Debt 7.42% p.a.p.m Revenue from Operations (1) 26.4%9,509 Net Operating Income (1) 27.8%7,880 Distribution 25.2%4,415 DPU 6.67 p.u 15.2% Financial Performance Driven by Organic Cash Flows and Acquisitions Received Platinum LEED O&M certification across 16 Buildings in this quarter; ~13.4 msf/~52% of completed portfolio is now LEED O&M certified 1. Revenue from Operations & NOI numbers above include Regulatory Income/(Expense) of Power Business post re -classification 2. For the purpose of Net Debt and LTV calculation, Cash and Cash Equivalents, accounting & minority adj. are reduced from Gross Debt; and Market v alue as on 31 Mar 26 (Market value for Commerzone Pallikaranai as on 31 Dec 25 and One Radial TM as on 15 Mar 26); Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in the Asset SPV, Market Value of One Radial TM is with respect to 51% ownership of REIT in respective Asset SPVs Key Financial Indicators Q1 FY27 (Y-o-Y) To add PAT if positive Figures in INR Mn Loan to Value (2) 29.7% %
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 21 NDCF Build-up Q1 FY27 1. Includes Regulatory Income/ (Expense) 2. Net of Interest income on Fixed Deposit of 101 Mn 3. Working capital adjustment includes income support for Sundew Real Estate, Sycamore and Content Recognised as equity in the SPV Financial Statement 4. NDCF of Radial IT Park (Newly Acquired Entity) and Energispace is negative by INR 23 Mn and INR 0.08 Mn Respectively . Therefore It has been excluded from NDCF at SPV Level 5. During the Quarter ended June 2026, Mack Soft generated Net Distributable Cash Flows (NDCF) amounting to Rs 69 Mn. However due to accumulated losses in the company, as provided in the Companies Act 2013, dividend could not be distributed. Particulars (INR Mn) Q1 FY27 Revenue from Operations(1) 9,509 Property Taxes & Insurance (263) Other Direct Operating Expenses (1,366) Net Operating Income (NOI) 7,880 Property Management Fees (233) Net Other Expenses (218) EBITDA(1) 7,429 Cash Taxes (Net of Refunds) (893) Working Capital changes and other adjustments (3) 996 Cashflow from Operations 7,532 Other Income 40 Finance Costs on borrowings including accrued interest (excluding interest to REIT) (Net)(2) (818) Reserves created pursuant to debt obligations (47) Negative NDCF adjustment pertaining to Radial and Energispace (4) 23 NDCF (SPV Level) 6,730 Proceeds to shareholders other than Mindspace REIT (110) NDCF (SPV Level) for REIT 6,620 Distributions from SPV to REIT (5) 6,408 Finance Cost at REIT level including accrued interest (1,730) Other Inflows / (Outflows) at REIT Level (154) NDCF (REIT Level) 4,524 Distribution 4,415
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 22 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Delivered Healthy Distribution Growth 05 Aug 2026 Declaration Date 08 Aug 2026 Record Date Payment Date On or before 14 Aug 2026 Key Dates for Q1 FY27 Dividend, ₹3.34, 50.1% Repayment of Capital, ₹3.33, 49.9% Q1 FY27 Distribution overview ₹6.67 p.u. 5.6% (1) DPU Yield Q1 FY27 INR 6.67 p.u. INR 4,415 Mn Distribution 1. Annualized distribution yield basis Q1 FY27 distribution calculated on closing price of INR 473 p.u. as on 30-Jun-26; Note: No. of units increased to 66,19,93,482 as of 30 June 2026 pursuant to new units of 1,36,71,136 issued under preferential route in May 2026
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 23 28,150 24,500 22,600 5,000 13,000 12,000 6,998 15,417 4,321 7,225 3,252 33,981 FY27 FY28 FY29 FY30 FY 31 FY 32 & Beyond REIT level SPV Level Balancing Debt and Growth 1. For the purpose of Net Debt and LTV calculation, Cash and Cash Equivalents, accounting & minority adj. are reduced from Gross Debt; and Market value as on 31 Mar 26 (Market value for Commerzone Pallikaranai as on 31 Dec 25 and One Radial TM as on 15 Mar 26); Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in the Asset SPV, Market Value of One Radial TM is with respect to 51% ownership of REIT in respective Asset SPVs 2. Excluding accrued interest 3. Represents 100% of the SPVs including minority interest in Madhapur SPVs and One Radial TM, excluding CCDs 4. EBITDA divided by Interest expense as per Profit and Loss Statement on Trailing 12-month basis • Raised INR 33,250 Mn in Q1 FY27 through NCDs (INR 5,000 Mn at 7.6% papm) and CPs (INR 28,250 Mn at 7.0% papm). • 60% of borrowings in the form of fixed cost securities Diversified Book with a mix of debentures and bank borrowings(2) Gross Debt(3) INR 176 Bn Fixed interest rate 773 Total INR (mn) Weighted Average Maturity 4.7 years Note: As of 30-Jun-26 ₹ 1,54,053Mn Net Debt (1) 29.7% Net Debt to Market Value (1) INR 4,081Mn Undrawn Committed Facilities 7.42% Cost of Debt (p.a.p.m) 2.9x Interest Coverage Ratio(4) Repayment (%) 35,148 39,917 26,921 12,225 16,252 45,981 19.9% 22.6% 15.3% 6.9% 9.2% 26.1% NCDs/CPs 60% LRD/LAP/CF 31% OD/LOC 9%
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5-Aug-26 04 Our Growth Drivers
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Source and FootNote Guideline No content left of this line No content right of this line No content left of this line No content right of this line 1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Place content below this line Place content below this line (1) Based on average current market rent estimates; May undergo changes as per market conditions (2) Includes area under development and planned development, subject to approvals (3) Assets acquired post Q1 FY26 - Square 110, Financial District, Ascent Worli, The Square 98, BKC Annexe, Pune IT Building and Commerzone Pallikaranai and One Radial TM Organic NOI Addition of over INR 17-18 Bn over next 3 years C .INR 17 - 18 B n (1) C. 2.8 Msf Vacant Area Leasing Recent Acquisitions (3) Contractual Escalations MTM Growth In Rentals C. 10.2 Msf (2) Under Development Delivery by year (msf) 4.7 FY27 0.6 FY28 1.1 FY29 3.9 FY30 & later 10.2 msf of Under construction + Future Development Portfolio MTM Hyderabad MTM 19.6% 39.7% MTM 16.5% 19.6% 29.3% 25
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Source and FootNote Guideline No content left of this line No content right of this line No content left of this line No content right of this line 1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Place content below this line Place content below this line 275.0 497.0 316.8 527.0 Jul-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 May-26 Price NAV 5 - A u g - 2 6 Strong Value Creation Track Record Consistent NAV uptick and proven track record DPU CAGR NAV CAGR 12%22% 8%10% (1) Last 1-year Last 3-years Occupancy Growth Robust leasing Sector-Leading NAV & DPU Growth reflecting sustained value creation and cashflow growth Rental Buoyancy Core Markets Enhancing Portfolio Scale Accretive acquisitions Redevelopments Unlocking hidden value DC/Hotel/Clubs New Growth Avenues 1. Excluding one-off tax refund of INR 466 mn in Q4 FY25, DPU growth: 13.7% 66.4% POST COVID 26
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05 India Office and AI
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 28 Place content below this line Place content below this line 5-Aug-26 Strong Value Creation Track Record (1) GCC share, H1 2026 (pan-India) 41.7% of India gross leasing — a record India gross leasing 2025 c.83 mn sq ft, third record year # of GCCs entering India 200+ Over last two years GCC share of overall India gross leasing (%) (1) 2023 38.2% 2024 35.9% 2025 37.5% H1 2026 41.7% GCC Expansion Underscores Long-Term Confidence AI Adoption Has Not Slowed GCC Entry and Expansion Increasing shift of strategic, product and R&D functions to India. GCC Momentum Remains Strong Industry Data: Source (JLL); 1. Share of portfolio including pre-let area at period end. 2. 3rd party IT / ITeS: firms selling IT services to external clients on a billed basis.
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 29 Place content below this line Place content below this line 5-Aug-26 Strong Value Creation Track Record (1) Portfolio Mix Evolving - Building an AI resilient portfolio • Rising contribution from GCCs, Data Centers and Hotels • AI Adoption Drives Demand for Digital Infrastructure – DCs a major beneficiary • Hotel Exposure Adds Distinct Advantage – de-coupling from traditional demand drivers • IT / ITeS exposure trending downwards • Despite flattish IT headcounts, net leasing to IT/ITES occupiers positive at portfolio- level • Flight to quality play with premium assets in high demand Mindspace GCC + Hotel+ DC vs. 3rd party IT share of portfolio (%) (1) (2) Mindspace 3rd Party IT / ITeS Net leasing (ksf) (2) 53.7% 50.7% 52.3% 2.2% 4.8% 4.5% 0.4% 2.9% 2.7% 21.9% 21.2% 19.9% GCC DC Hotel 3rd Party IT/ ITeS 293 413 174 FY25 FY26 Q1 FY27 Source: JLL 1. %ge by area; share of portfolio including pre-let area at period end 2. 3rd party IT / ITeS: firms selling IT services to external clients on a billed basis FY 25 FY 26 Q1 FY 27 56.4% 58.4% 59.4%
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 30 Place content below this line Place content below this line 5-Aug-26 Strong Value Creation Track Record (1) Asset Diversification through addition of complimentary asset classes All numbers are as of 30th June 26 Building one of the largest Office-first portfolio with adjacent asset classes enhancing value creation c. 42.8 msf c. 1.7 msf c. 0.3 msf c. 1.5 msf 5 DCs F&B & Clubs Data center facilities Pearl Club, Highstreet & Food Courts Commercial/ Office 5 Hotels (c. 1,150 keys) Largest segment in portfolio Hospitality Mumbai region, Hyderabad & Pune 3.4 msf of Portfolio by Area in asset classes other than Office Total Portfolio area c. 46.2 msf
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 31 Place content below this line Place content below this line 5-Aug-26 Strong Value Creation Track RecordDeepening Pre-commitments alongside Stable Leasing Tenures – AI Impact Not Yet Visible 1. Wtd. Average by area; Leasing tenure for gross leasing during the respective period (including pre -leases excluding Hotels & DC) 2. Pre-commitments of office-clients only (excluding Hotels & DC) 3. Source: Industry Data (JLL) 8.8 → 9.3 Mindspace portfolio weighted average lease tenure on gross leasing (yrs) (1) Leasing tenures continue to remain stable & long-term oriented Pre-committing to large space over 5 to 10 years Occupiers doubling down on growth ahead Despite noise on AI shortening planning horizons for tenants 8.8 9.3 FY25 FY26 7 11.7 14 6.1 2023 2024 2025 H1 CY26 0.8 2.5 1.5 FY 2024 FY 2025 FY 2026 Pre-commitments (%ge of gross leasing) Mindspace (2) (msf)Pan - India (msf) (11%) (15%) (17%) (16%) (41%) (23%) (22%)
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and Footnotes Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 32 Place content below this line Place content below this line 5-Aug-26 Strong Value Creation Track Record (1) India's Structural Cost Advantage Intact Rental arbitrage ~89% Hyderabad lower vs Singapore Prime office rent, USD per sq ft per annum Singapore $112 London $107 New York $83 Tokyo $77 Bengaluru $22 Hyderabad $12 Source: CBRE Global Tech Talent 2025. Construction cost ~92% Hyderabad lower vs New York Average construction cost, USD per sqm, various types of buildings avg. New York $7,938 London $6,032 Singapore $3,440 Mumbai $667 Hyderabad $618 Source: Turner & Townsend Global Construction Market Intelligence Survey 2026 Talent cost ~80% Hyderabad lower vs San Francisco Software engineer total compensation, USD per annum San Francisco $185k New York $165k Singapore $130k London $128k Mumbai $43k Hyderabad $38k Source: CBRE Global Tech Talent 2025. India Continues to Deliver an Unmatched Talent-to-Cost Equation Indian delivery model basis India’s talent, construction and rental costs being substantially lower than developed markets
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06 Our Markets
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 34 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Indian Office Sector: Riding the Winds of Favorable Trends (1) JLL research c.42% % contribution of GCCs in office space transactions in H1 CY2026(1) c.45% % share in overall leasing activity in Q2 2026(1) 27 msf Net absorption in H1 CY2026(1) 10.3% Growth YoY Emerging trends in India’s Office Market Rising Domestic Occupiers Return to Office GCC landscape 80%-90% Physical Occupancy in India offices(1) 37.8 msf Gross leasing activity in H1 CY2026 Strong demand from flex operators, manufacturing, tech and BFSI tenants Domestic Occupiers capitalizing on India’s growing economy Leading IT companies mandating return to office India leading return to office trend globally 272+msf occupied office space by GCCs 200+ GCCs entered India in last 2 years
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 35 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 GCCs: India a preferred destination (1) JLL research c.34% % share of GCC in India’s Grade A Office Occupied Stock (1) 114.5 msf Total space leased by GCCs since CY 2022-H1 CY2026(1) c. 2.1 Mn GCC employees in India(1) GCC Growth forecast GCC office likely to grow from 272 msf to 300 msf over the next two years c.85% Lower average salary of engineers viz-a-viz developed countries(1) Factors driving GCC leasing in India Talent Cost Advantage Rentals Arbitrage India’s economic and Infrastructure Growth 2,100+ 2,350+ 272 300 120 139 158 177 196 215 234 253 272 291 310 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 CY Q2 2026 CY 27 F No. of GCCs GCC stock (msf) 1. (1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 36 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Source: (1) JLL Hyderabad – Second largest Tech hub of India Progressive government policies and Infrastructure growth are key market drivers 9.4 Lakh ~5.4 msf 2nd~7.9 msf Tech workforce in Telangana driven by Hyderabad(1) Leasing activity in H1 CY2026 (1) ~18% higher than H1 CY2025 Highest avg. absorption since CY 2019 across India(1) (behind Bengaluru) Avg. net annual absorption since CY 2019(1) ~18% Hyderabad’s share of all India GCCs(1) GCCs in Hyderabad(1) 240k+ Talent pool in GCC Hyderabad(1) c.52% Share of GCCs in Hyderabad leasing between CY20 –Q2 2026(1) Hyderabad’s GCC Landscape Major GCCs present in Hyderabad Microsoft Amazon Bank of America Verizon Wells Fargo Uber Charles Schwab 1. (1) ~490+
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 37 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 (1) Source: JLL Madhapur as the preferred office market drives highest absorption in Hyderabad 80 msf 2nd (in Size) c.100 Rs psf~63% 55% share of City’s office stock(1) Share of net absorption since CY 2019(1) Highest rentals amongst all micro markets(1) Largest micro market across India (1) 1. (1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 38 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Source: Publicly available information. (1) JLL. Mumbai Region - Infrastructure projects upgrades driving office demand uptick 143 msf 3.0 msf c.38%c.5.2 msf Completed Stock as on Q2 CY2026(1) Net absorption in H1 CY2026(1) % share of net absorption since CY 2019 in Mumbai Region (1) Avg. net annual absorption since CY 2019(1) Navi Mumbai – A Preferred Location with Accessible Talent Combined activity in Thane-Belapur and Malad-Goregaon micro-market Ranked amongst top 3 in terms of overall quality of living in India Ranked 3rd , 2nd time in a row, in cleanliness index(1) in India Ranks best in terms of traffic index Airoli Katai Naka Tunnel Road Navi Mumbai International Airport Inaugurated Navi Mumbai metro commenced in 2023 Infrastructure upgrades aiding Airoli’s office leasing growth 1. (1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 39 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Source: (1) JLL. (2) SBD East includes Airport Road, Jail Road, Yerawada, Nagar Road, Viman nagar, Kalyani Nagar, Kharadi, Hadapsar. Pune - Thriving Office Market with Excellent Social Infrastructure ~4.1 msf Avg. annual net absorption since CY 2019 (2) 61% Share of net absorption since CY 2019(2) 53 msf 56% share of City’s office stock(2) c.12.3% Vacancy rate as of Q2 CY2026 (2) 85-90 Rs psf 2nd Highest rentals amongst all micro markets(2) SBD East Micro Market(1) 95.9 msf Completed Stock as on Q2 CY20266 (1) Ranked amongst top 3 in terms of overall quality of living in India • Pune - Mumbai express way Missing link project to reduce travel time by 20-25 mins • Atal setu improved connectivity from Mumbai to Pune Pune Airport capacity expansion by 12 Mn passengers Mumbai-Pune Expressway Atal Setu, Mumbai 1. (1) 2. (2)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 40 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Source: (1) JLL. (2) South West includes Porur, Guindy, Ashok Nagar, Vadapalani, Manapakkam, Ekkaduthangal. Chennai - One of the key growth markets ~3.9 msf Average annual net absorption since 2019(1) 32% Share of net absorption since 2019 (1) 24 msf 28% share of City’s office stock(2) South-West Micro Market(1) 86 msf Completed Stock as on Q2 CY2026(1) Healthy net absorption since 2023 Chennai Airport Chennai Metro 2.0 2.0 3.3 6.6 5.0 5.8 2.2 2020 2021 2022 2023 2024 2025 H1 CY26 1. (1) 2. (2)
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07 Our Franchise & Portfolio
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 42 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Sponsored by One Of India’s Leading Real Estate Group ✓ JW Marriott ✓ Renaissance Hotels ✓ The Westin ✓ Marriott Bengaluru Whitefiield ✓ Four Points by Sheraton ✓ JW Marriot Mumbai Juhu ✓ Marriott Executive Apartments ✓ The Resort Developed residential projects across 5 cities Strong experience of working with institutional investors - GIC, Blackstone, JP Morgan, HDFC 3 listed entities in the group – Shoppers Stop, Chalet Hotels and Mindspace REIT with total market cap of >USD 5bn Operates 300+ retail outlets across India Retail Over 6 Decades of experience Pan India presence INR 553 Bn (4) Market Capitalization of 3 listed entities Office Leasable Area c.65 msf (1) c.5,000+ (2) keys Group Hotels Partner with Marriott, Accor Group and IHCL(3) Hospitality Residential 6 operational and 1 under- construction 7 malls Malls 250+ MW Capacity(5) Data Centre Growing Data Centre Footprint Note: All data as on 30th June 2026 1. Includes completed area – c. 41 msf; under construction and future development – c. 24 msf; includes REIT and sponsor’s portfolio 2. Includes joint ownership assets of K Raheja Corp: c.1180 keys under development 3. Marriot Hotels India Pvt. Ltd and its affiliates| AAPC India Hotel Management Private Limited 4. As on 4th August 2026 5. At Mindspace Airoli West (existing and under construction)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 43 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Mindspace REIT’s Presence in 4 Key Office Markets Chennai Mumbai Region Pune Hyderabad 16.5 msf ` 6.3 msf 17.1 msf 6.3 msf Presence in Worli, BKC, Malad-Goregaon and Navi Mumbai IT Corridor markets Pune Hyderabad Chennai Leasable Area Located strategically in established office micro-markets Presence in Madhapur & Financial District micro-market Presence in SBD East (Kharadi, Yerwada, Nagar Road, Kalyani Nagar) micro market Presence in Porur & PTR(2) micro-market 46.2 msf Total Leasable Area Mumbai 1. Market value as on 31 Mar 26 (Market value for Commerzone Pallikaranai as on 31 Dec 25 and One Radial TM as on 15 Mar 26); Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in respective Asset SPVs, Market Value of One RadialTM is with respect to 51% ownership of REIT in Asset SPV 2. PTR – Pallavaram Thoraipakam Road, also known as Radial Road, Chennai INR 519 Bn Gross Asset Value (1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 44 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Delivered Robust Performance c.31.4 msf(1) Gross Leasing c.9.2 Area Acquired 3.8 msf Delivered New Developments INR 119.0 pu Cumulative DPU since listing(2) 15.9% Annualized returns(3) 7.42 % p.a.p.m. Cost of Debt as on 30 June 26(4) Cumulative distribution of INR 72.0 Bn since listing 1. Includes releasing and vacant area leasing 2. Includes DPU since listing till Q1 FY27. 3. Annualized Returns as of 31 july 2026 including distribution for Q1 FY27 4. Represents 100% of the SPVs including minority interest in Madhapur SPVs 5. CAGR for a period 30-Sep-20 to 30-June-26. 6. Market value as on 31 Mar 26 (Market value for Commerzone Pallikaranai as on 31 Dec 25 and One Radial TM as on 15 Mar 26); Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in respective Asset SPVs, Market Value of One RadialTM is with respect to 51% ownership of REIT in Asset SPV 7. For the purpose of calculation, Net Debt is considered post accounting & minority adjustment, as of 30 June 2026. 7.2% CAGR In-place rent(5) 29.7 % Loan to Market Value(6)(7) INR 67.6 Bn Total distribution(2)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 45 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (1/7) 13.8 msf Leasable Area 10.1 msf Completed Area 98.9% Committed Occupancy Mindspace Madhapur, Hyderabad 1.8 msf Leasable Area 1.8 msf Completed Area 100.0% Committed Occupancy Commerzone Raidurg, Hyderabad Data as of 30-Jun-26 Note: Leasable area represents Mindspace REIT share in the park
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 46 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (2/7) 3.0 msf Leasable Area 3.0 msf Completed Area 100.0% Committed Occupancy Commerzone Kharadi, Pune 2.4 msf Leasable Area 1.8 msf Completed Area 97.0% Committed Occupancy Commerzone Yerwada, Pune Data as of 30-Jun-26 Note: Leasable area represents Mindspace REIT share in the park
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 47 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (3/7) 0.8 msf Leasable Area 0.8 msf Completed Area 100.0% Committed Occupancy The Square Nagar Road, Pune 1.2 msf Leasable Area 1.2 msf Completed Area 100.0% Committed Occupancy Commerzone Porur, Chennai Data as of 30-Jun-26
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 48 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (4/7) 7.4 msf Leasable Area 5.0msf Completed Area 84.5% Committed Occupancy Mindspace Airoli East, Navi Mumbai 7.5 msf (Incl. Datacenter of 1.7 msf) Leasable Area 5.4 msf Completed Area 98.1% Committed Occupancy Mindspace Airoli West, Navi Mumbai Data as of 30-Jun-26
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 49 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (5/7) 0.8 msf Leasable Area 0.8 msf Completed Area 98.6% Committed Occupancy Mindspace Malad, Mumbai 0.1 msf Leasable Area 0.1 msf Completed Area 100.0% Committed Occupancy The Square BKC, Mumbai Data as of 30-Jun-26 1. Subject to finalization of design 0.9 (1) msf Leasable Area 0.8 msf Completed Area 72.3% Committed Occupancy The Square 110 Financial District, Hyderabad
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 50 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (6/7) 0.5 msf Leasable Area 0.5 msf Completed Area 96.7% Committed Occupancy Ascent – Worli, Mumbai 0.2 msf Leasable Area 0.16 msf Completed Area 100.0% Committed Occupancy The Square Avenue 98 (BKC Annex), Mumbai Data as on 30-Jun-26 1. Committed occupancy is 100% for office building; amenity building is currently vacant 0.1 msf Leasable Area 0.1 msf Completed Area 87.5%(1) Committed Occupancy IT Building, Pune
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 51 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 High Quality Office portfolio in Prime Locations (7/7) 2.6 msf Leasable Area 1.4 msf Completed Area 73.7% Committed Occupancy Commerzone Pallikaranai, Chennai 2.6 msf Leasable Area 2.6 msf Completed Area 56.7% Committed Occupancy One Radial TM, Chennai Data as of 30-Jun-26
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 52 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Technology (Health tech,Dev. & processes), 35.9% Financial Services, 16.1%Telecom & Media, 8.9% Healthcare & Pharma, 2.0% Professional services, 4.8% Engineering,M anufacturing & Processes 18.7% E-Commerce, 2.2% Flexible workspace, 8.7% Others, 2.6% Diversified Portfolio of Marquee Tenants Diversified tenant mix across sectors % split by Gross Contracted Rentals(1) Top 10 tenants Gross Contracted Rentals contribution (30.2%) % of total Gross Contracted Rentals(1) Top 10 tenants contributing 30.2% (Jun-26) vs. 32.7% (Mar-26) 1. Basis Gross Contracted Rentals as on 30-Jun-26 Total Tenants 312 Datacenter -1.9% # of parks 2 2 2 2 2 2 4 2 1 2 5.9% 5.8% 2.6% 2.5% 2.4% 2.4% 2.4% 2.3% 2.1% 2.0% Qualcomm L&T Wipro Accenture British Petroleum Tablespace Cognizant Hitachi Energy HDFC J.P.Morgan GCC contribute 53.2% of the portfolio
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 53 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Marquee Tenant Base 73% 30% 41% Share of foreign MNCs in rentals (1) Share of top 10 tenants in rentals (1) Share of Fortune 500 companies in rentals (1)(2) Technology Financial Services Diversified Leading MNCs and Fortune 500 companies across sectors Technology Financial Services Diversified 1. Represents % of Gross Contracted Rentals as on 30-Jun-26 2. Fortune 500 Global List of 2025 AMD Nvidia Accenture Wipro Cognizant IBM L&T NCR Princeton Barclays SMFG Goldman StateStreet B.A. Continuum Axis J.P.Morgan UBS HDFC Smartworks Verizon Hitachi energy Qualcomm British petroleum Walmart Amazon 1. (1)
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08 Re-energizing Parks
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 55 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Dynamic Environment, Vibrant Workspaces
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 56 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Energized Landscape for Business Excellence
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 57 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Infusing modern design elements to elevate experience Tailoring common areas to meet the evolving preferences of tenants
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 58 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 SOCIALising at Vantage Café in the Park One of the largest SOCIAL OUTLETS in the country The first-ever SOCIAL in Hyderabad
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 59 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Tenant Engagement Initiatives, Designed to Build Camaraderie YOGA CHAMPIONSHIP 2026 MINDSPACE PREMIER LEAGUE IPC EVENT - CHENNAI IPC EVENT - CHENNAI IPL KNOCKOUTS LIVE – SCREENING IPL KNOCKOUTS LIVE – SCREENING IPC EVENT - CHENNAI YOGA CHAMPIONSHIP 2026 MINDSPACE PREMIER LEAGUE
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09 Value creation via ESG
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 61 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 ESG - Key Highlights Notes: (1) All numbers are as on 31 Mar 2026, except where specified (2) Renewable energy mix considered for common area and areas controlled by Mindspace REIT 50.4% Renewable energy mix Scope 1+2 emission* 54,298 tCO2e (33.4% reduction from FY20 baseline) 15,89,333 KL Water Recycled 45.6% of material sourced using sustainable sourcing* 12.3 msf Green Leased Area (as on 30 Jun’26) INR 12 Bn Sustainability linked Bond subscribed by IFC 23% Women in senior Management 60% Independent members on the Board of director
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 62 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 • Received 11 Sword of Honour by British Safety Council for 9 Assets Key Achievements and Awards • Pearl Club, Hyderabad became India's first IGBC New Buildings v4 Core & Shell Platinum-certified project. • The Asset Triple A Sustainable Finance Awards 2026 : Best Sustainability-Linked Bond – REIT (India) • Global CSR Sustainability & ESG Awards 2026 : ESG Leader of the Year, Most Impactful Sustainable Organization of the Year Mindspace REIT: Real Estate Excellence
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 63 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Focus On High Corporate Governance Standards • 60% independent directors on the Board • Manager can be removed with 60% approval of unrelated unitholders • Comprises experts from tax, regulatory, investment banking and other domains • Marked by age diversity Board Independence • Fostering a gender agnostic and equitable work culture • Policies fortifying a non-discriminative and transparent environment at the workplace Diversity & Inclusiveness • Guided by accountability, fairness and transparency with all stakeholders • Protecting Unitholder interests with stringent safeguards in place Robust Policy Framework Strong governance framework complemented by partnership with leading institutional investors Pride Side Mindspace REIT: Top-Notch Standards 10 Member Board / Independent Chairman Independent Directors Non-Independent Directors POSH Aanchal Supporting Policies & Initiatives Reach Out Anti- corruption Insider Trading Related Party Transactions Code of Conduct 6 4
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10 Shareholding Pattern
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m i n d s p a c e r e i t . c o m 65 Unitholding Pattern as on 30 June 2026 1. Closing price of INR 493.7 p.u. as on 4th August,2026 662 Mn units (Market Cap : INR 327 Bn(1) ) Sponsors & Sponsor Group 67.3% Public (Others) 32.7% Unitholding Summary Total Unitholders 108,537 Vs 68,684 in June 2025 58 % YoY c. 40,000 Increase in unitholders since June 25 Unitholding Pattern INR 32,736Cr Market Cap(1) 32.7% % Free- float Sponsors / Sponsor Group 67.3% FIIs 12.4% DIIs 2.7% Insurance 3.2% AIF 0.4% MF 4.6% NIIs 9.4% 1. (1) Current Marquee Large Investors Capital Group ICICI Pru MF Vanguard
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11 Annexure
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 67 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Strong NOI Growth Driven by Rental Growth and Contribution from Acquisitions NOI (Q1 FY27 vs Q1 FY26) - Reasons for variances 1. Revenue from Operations & NOI numbers above include Regulatory Income/(Expense) of Power Business post re -classification 2. Considered escalations only on area out of lock in, as escalations within lock in have straight lining impact • Rental addition from acquisitions in Mumbai, Hyderabad, Chennai and from new leases in Airoli and Madhapur • Growth in rentals due to 27.8% MTM achieved over 5.1 msf re-leased since Q1 FY26 • Lease Rent Escalations of 11.3% over an area of 7.2 msf(2) across the portfolio since Q1 FY26 Assets Revenue from Operations (INR Mn)(1) NOI (INR Mn)(1) % of NOI Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Mindspace Airoli (E) 1,253 1,013 936 692 12% Mindspace Airoli (W) 1,442 1,235 1,147 940 15% Mindspace Malad 280 269 245 233 3% The Square BKC 112 114 106 105 1% The Square Avenue 98 92 - 89 - 1% Ascent - Worli 412 - 365 - 5% Mumbai Region 3,591 2,630 2,888 1,970 37% Gera Commerzone Kharadi 964 883 797 772 10% The Square Nagar Road 259 247 198 192 3% Commerzone Yerwada 607 562 462 436 6% Pune IT Building 24 - 19 - 0% Pune 1,854 1,693 1,476 1,400 19% Mindspace Madhapur 2,825 2,499 2,429 2,132 31% Commerzone Raidurg 489 371 393 290 5% The Square 110 Financial district 138 - 89 - 1% Mindspace Pocharam - - (7) (7) 0% Hyderabad 3,452 2,871 2,904 2,415 37% Commerzone Porur 347 324 274 256 3% Comemrzone Pallikaranai 155 - 111 - 1% One Radial TM 86 - 48 - 1% Chennai 588 324 433 256 5% Facility Management Business 544 415 179 124 2% Inter Company Eliminations (520) (411) - - - Total 9,509 7,523 7,880 6,164 100%
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m i n d s p a c e r e i t . c o m 68 Structure of Mindspace REIT 1. ‘K Raheja Corp Investment Managers LLP’ has been converted from Limited Liability Partnership to a Private Limited company wef July 07, 2023 2. 11% shareholding in these Asset SPVs is held by Telangana State Industrial Infrastructure Corporation Limited (TSIIC) 3. % indicates Mindspace REIT’s shareholding in respective Asset SPVs 4. % indicates Horizonview Properties Pvt. Ltd. shareholding in MSTPL 5. Remaining 26% is collectively held by Select SPVs 6. Remaining 49% is held by affiliates of 360 One Alternates Asset Management Limited SPV: K Raheja IT Park (Hyderaba d) Ltd. 89%(2) (3) SPV: Intime Properties Ltd. 89%(2) (3) SPV: Sundew Properties Ltd. 89%(2) (3) SPV: Avocado Properties & Trading (India) Pvt. Ltd. 100% (3) SPV: Mindspace Business Parks Pvt. Ltd. 100%(3) SPV: Gigaplex Estates Pvt. Ltd. 100%(3) SPV: KRC Infrastructur e and Projects Pvt. Ltd. 100%(3) SPV: Sustain Properties Private Limited 100%(3) Mindspace Madhapur Hyderabad – SEZ/ IT Park Paradigm Mindspace Malad, Mumbai Region – IT Park Mindspace Airoli (E), Mumbai Region - SEZ Mindspace Airoli (W), Mumbai Region – SEZ/ IT Park Gera Commerzone Kharadi, Pune – SEZ/ IT Park Commerzone Porur, Chennai – IT Park Commerzone Raidurg, Hyderabad, SEZ The Square BKC, Mumbai Region - Commercial Commerzone Yerwada, Pune – IT Park The Square Nagar Road, Pune Commercial IT Park Mindspace Pocharam, Hyderabad Trust Mindspace Business Parks REIT Trustee Axis Trustee Services Limited Investment Manager K Raheja Corp Investment Managers Private Limited(1) Unitholders DistributionInvestment In Mindspace REIT Facility Management Division The Square, 110 Financial District – IT Park SPV: Mack Soft Tech Pvt. Ltd. 100%(4) Hold Co: Horizonview Properties Pvt. Ltd. 100%(3) SPV: Sundew Real Estate Private Limited 100%(3) The Square Avenue 98 (BKC Annex) SPV: Pramaan Properties Private Limited 100%(3) Ascent-Worli Pune IT Building SPV: Energispace Power Private Limited 74%(3)(5) SPV: Radial IT Park Private Limited (51%) International Tech Park, Chennai SPV: Sycamore Properties Private Limited (100%) (3) Commerzone Pallikarnai - Block 1 & 2 SPV: Content Properties Private Limited (100%) (3) Commerzone Pallikarnai – Block 3 (3)(6)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 69 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Portfolio Summary 36.0 msf of Completed area with WALE of 7.3 years and MTM potential of 19.6%(1) Note: As of 30-Jun-26 (1) Market rent of INR 96.8 psf considered for calculating MTM potential (basis valuer estimates) Asset Total Leasable Area (msf) Completed Area (msf) UC/Future Area (msf) Occupancy (%) Committed Occupancy (%) WALE on area (years) In-place Rent (INR psf) Mindspace Airoli East 7.4 5.0 2.4 81.2% 84.5% 5.0 69.3 Mindspace Airoli West 7.5 5.4 2.1 96.8% 98.1% 8.8 67.0 Mindspace Malad 0.8 0.8 - 98.6% 98.6% 3.5 110.2 The Square BKC 0.1 0.1 - 100.0% 100.0% 5.4 240.0 Ascent Worli 0.5 0.5 - 96.7% 96.7% 7.6 306.8 The Square Avenue 98 0.2 0.16 0.05 100.0% 100.0% 1.3 197.1 Mumbai Region 16.5 11.9 4.6 90.4% 92.4% 6.8 84.8 Gera Commerzone Kharadi 3.0 3.0 - 100.0% 100.0% 6.9 88.6 The Square Nagar Road 0.8 0.8 - 100.0% 100.0% 6.2 86.0 Commerzone Yerwada 2.4 1.8 0.6 97.0% 97.0% 5.2 87.3 Pune IT Building 0.1 0.1 - 87.5% 87.5% 6.1 86.2 Pune 6.3 5.7 0.6 98.8% 98.8% 6.3 87.8 Mindspace Madhapur 13.8 10.1 3.8 96.9% 98.9% 7.3 79.6 Mindspace Pocharam 0.6 0.6 - 0.0% 0.0% - - Commerzone Raidurg 1.8 1.8 - 100.0% 100.0% 10.3 69.1 The Square 110 financial district 0.9 0.8 0.1 61.6% 72.3% 3.2 60.7 Hyderabad 17.1 13.3 3.8 91.0% 93.1% 7.6 77.2 Commerzone Porur 1.2 1.2 - 100.0% 100.0% 7.9 67.4 Commerzone Pallikaranai 2.6 1.4 1.2 55.1% 73.7% 11.0 63.3 One Radial TM 2.6 2.6 - 55.0% 56.7% 10.7 76.8 Chennai 6.3 5.1 1.2 65.2% 71.1% 9.8 70.5 Portfolio Total 46.2 36.0 10.2 88.4% 90.7% 7.3 81.0 1. (1)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 70 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Breakup of Lease Expiry Profile Asset Q2-Q4 FY27 FY28 FY29 Area Expiring (msf) % of Gross Contracted Rentals Rent at Expiry (INR psf) Area Expiring (msf) % of Gross Contracted Rentals Rent at Expiry (INR psf) Area Expiring (msf) % of Gross Contracted Rentals Rent at Expiry (INR psf) Mindspace Airoli (E) 0.6 13.7% 68.5 0.0 0.0% 375.0 0.5 13.5% 77.6 Mindspace Airoli (W) 0.3 6.0% 70.8 0.7 12.9% 66.6 0.6 10.6% 74.6 Mindspace Malad 0.1 7.6% 106.9 0.1 7.6% 117.5 0.1 13.7% 109.1 The Square BKC - 0.0% - - 0.0% - - 0.0% - Ascent, Worli - 0.0% - - 0.0% - - 0.0% - The Square Avenue 98 - 0.0% - 0.2 100.0% 197.1 - 0.0% - Mumbai Region 1.0 7.2% 71.6 0.9 8.9% 91.4 1.2 9.5% 79.1 Commerzone Kharadi 0.0 1.0% 85.8 0.0 1.0% 85.4 0.0 0.1% 30.2 The Square Nagar Road - 0.0% - 0.1 4.9% 64.8 0.1 11.9% 90.6 Commerzone Yerwada 0.1 2.5% 91.0 0.5 30.4% 99.8 0.3 21.3% 98.6 Pune IT Building (Raheja Woods) - 0.0% - - 0.0% - - 0.0% - Pune 0.1 1.4% 89.1 0.6 12.0% 95.8 0.4 9.2% 94.7 Mindspace Madhapur 0.3 3.2% 74.6 0.3 2.6% 66.0 0.8 5.8% 61.0 Mindspace Pocharam - 0.0% - - 0.0% - - 0.0% - Commerzone Raidurg - 0.0% - - 0.0% - - 0.0% - The Square 110 Financial District 0.0 4.1% 65.2 0.1 22.3% 64.6 0.1 17.5% 72.3 Hyderabad 0.4 2.8% 74.1 0.4 2.9% 65.7 0.8 5.4% 62.0 Commerzone Porur 0.0 0.1% 131.3 0.0 0.0% - 0.1 4.7% 84.6 Commerzone Pallikaranai 0.0 0.2% 42.1 - 0.0% - 0.0 0.0% - One Radial TM 0.0 0.1% 15.7 0.0 0.3% 66.1 - 0.0% - Chennai 0.0 0.1% 38.8 0.0 0.1% 64.7 0.1 1.9% 84.0 Portfolio Total 1.4 3.8% 73.1 1.9 6.6% 86.8 2.6 7.2% 75.9
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 71 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 6.1 6.2 6.4 6.2 7.5 7.8 8.2 8.9 9.5 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue (INR bn) (1) 5.0 5.0 5.2 5.4 6.2 6.3 6.7 7.4 7.9 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 NOI (INR bn) (1) Key Financial Metrics Note: NOI: Net operating income 1. Revenue from Operations & NOI numbers above include Regulatory Income/(Expense) of Power Business post re -classification Delivered consistent growth on key financial metrics 26.0% CAGR (Q1 FY25 to Q1 FY27) 24.9% CAGR (Q1 FY25 to Q1 FY27) 5.04 5.15 5.32 6.44 5.79 5.83 5.83 6.64 6.67 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Distributions (INR/unit) 95.8% (ex. Pocharam, One Radial TM & Commerzone Pallikaranai) 91.1% 91.7% 91.5% 93.0% 93.7% 93.8% 94.5% 95.7% 92.1% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Committed Occupancy (%)
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 72 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Debt Maturity Schedule as on 30-Jun-26 Note: As of 30-Jun-26 NCD – Non-Convertible Debentures TL – Term Loan Principal outstanding for CP is the value payable on maturity FY27 FY28 FY29 FY30 FY31 FY32 & Beyond Total At REIT Level NCD4 Fixed 5,000 - 5,000 7.9% 1.1 - 5,000 - - - - 5,000 NCD 7 Fixed 5,000 - 5,000 7.9% 0.4 5,000 - - - - - 5,000 NCD 8 Fixed 3,400 - 3,400 7.9% 0.7 3,400 - - - - - 3,400 NCD 9 Fixed 5,000 - 5,000 7.9% 2.9 - - - 5,000 - - 5,000 NCD 10 Fixed 6,500 - 6,500 7.9% 5.0 - - - - - 6,500 6,500 NCD 11 Fixed 5,000 - 5,000 7.7% 1.6 - 5,000 - - - - 5,000 NCD 12 Fixed 6,000 - 6,000 7.2% 3.9 - - - - 6,000 - 6,000 NCD 13 Fixed 5,500 - 5,500 7.3% 7.1 - - - - - 5,500 5,500 NCD 14 Fixed 6,000 - 6,000 7.0% 1.2 - 6,000 - - - - 6,000 NCD 15 Fixed 7,000 - 7,000 7.1% 4.4 - - - - 7,000 - 7,000 NCD 16 Fixed 12,000 - 12,000 6.9% 2.4 - - 12,000 - - - 12,000 NCD 17 Fixed 5,600 - 5,600 7.1% 2.7 - - 5,600 - - - 5,600 NCD 19 Fixed 5,000 - 5,000 7.6% 2.7 - - 5,000 - - - 5,000 CP Fixed 28,250 - 28,250 7.0% 0.6 19,750 8,500 - - - - 28,250 At SPV Level TL/LRD - MBPPL Free Float 11,900 - 11,288 7.3% 10.8 354 562 664 787 937 7,983 11,288 TL/LRD - Sundew Free Float 1,500 - 563 8.1% 4.9 59 98 110 117 141 38 563 TL/LRD - Pramaan Free Float 7,275 - 7,038 7.4% 13.9 246 365 392 422 409 5,204 7,038 TL/LRD - KRC Infra Free Float 9,690 - 7,083 7.5% 8.2 657 973 1,102 1,215 330 2,806 7,083 TL/LRD - Horizonview Free Float 1,500 - 1,444 7.5% 10.4 22 44 78 111 144 1,044 1,444 TL/LRD - Gigaplex Free Float 6,384 - 5,331 7.5% 11.8 171 246 281 333 384 3,916 5,331 TL/LRD - Sundew Real Estate Free Float 2,500 - 2,164 8.3% 12.2 45 65 80 110 120 1,744 2,164 TL/LRD - Content Free Float 4,450 - 4,450 8.3% 14.3 4 5 5 5 5 4,425 4,450 TL/LRD - Sycamore Free Float 5,900 1,400.0 3,904 7.6% 5.6 217 317 335 1,854 374 807 3,904 TL/LRD - Radial IT Park Free Float 12,646 416.0 12,230 7.8% 1.8 - 11,480 750 - - - 12,230 OD / LOC Free Float 17,961 2,264.5 15,696 7.4% 6.2 5,223 1,261 523 2,270 407 6,013 15,696 1,86,956 4,081 1,76,442 7.42% 4.7 35,148 39,917 26,921 12,225 16,252 45,981 1,76,442 Repayment (%) 19.9% 22.6% 15.3% 6.9% 9.2% 26.1% 100.0% Interest Rate (p.a.p.m) Wt. Avg. Maturity (Years) Description (INR Mn) Fixed/ Floating Total Facility Undrawn Facility Principal O/S
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 73 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Mumbai, 34.7% Hyderabad, 36.7% Pune, 15.4% Chennai, 11.0% Facility management Business, 2.3% De-risked Portfolio with ~89.8% Completed Assets Note: 1. As of 30 June,26 2. Market value as on 31 Mar 26 (Market value for Commerzone Pallikaranai as on 31 Dec 25 and One Radial TM as on 15 Mar 26); Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in respective Asset SPVs, Market Value of One RadialTM is with respect to 51% ownership of REIT in Asset SPV Madhapur 3. Including recently acquired Chennai assets Project wise Market Value breakup (1) Completed Assets form 90% of the Market Value(1) Breakup of Market Value basis Geography Completed 90% Under Construction 9% Future Development 1% 519 Bn(2,3) 1. (1) 2 519 Bn(2,3) Asset Completed U/C & Future Dev. Total Value % of Total Mindspace Airoli East 53,337 4,687 58,024 11.2% Mindspace Airoli West 59,201 6,569 65,770 12.7% Mindspace Malad 13,711 - 13,711 2.6% The Square 98, BKC Annex 6,329 1,240 7,569 1.5% Ascent 23,142 - 23,142 4.5% The Square, BKC 5,339 - 5,339 1.0% Mumbai Region 1,61,059 12,495 1,73,555 33.4% Gera Commerzone Kharadi 41,816 - 41,816 8.1% The Square, Nagar Road 10,551 - 10,551 2.0% Raheja Woods, Pune 1,482 - 1,482 0.3% Commerzone Yerwada 22,992 - 22,354 4.3% Pune 76,842 - 76,842 14.8% Mindspace Madhapur 1,38,106 29,913 1,68,019 32.4% Mindspace Pocharam 417 587 1,004 0.2% Commerzone Raidurg 25,853 - 25,853 5.0% The Square 110 Financial District 7,077 - 7,077 1.4% Hyderabad 1,71,454 30,500 2,01,954 38.9% Commerzone Porur 13,335 - 13,335 2.6% One Radial TM 15,613 - 15,613 3.0% Pallikaranai 17,957 8,341 26,298 5.1% Chennai 46,905 8,341 55,246 10.6% Facilities Management Business 9,797 1,506 11,303 2.2% Portfolio Total 4,66,057 52,842 5,18,899 100.0%
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1 132 156 34 186 159 131 143 184 39 38 60 34 60 140 16 93 157 No content left of this line No content right of this line No content left of this line No content right of this line Place content below this line m i n d s p a c e r e i t . c o m 74 224 224 224 0 111 192 201 211 242 194 224 249 184 197 238 Research Houses Covering Mindspace REIT Research House Analyst Email Id Ambit Capital Karan Khanna karan.khanna@ambit.co Avendus Spark Girish Choudhary girish.c@avendusspark.com Axis Capital Pritesh Sheth pritesh.sheth@axiscap.in Bank of America Kunal Tayal kunal.tayal@bofa.com Bank of Baroda Capital Markets Yashas Gilganchi yashas.gilganchi@bobcaps.in B&K Securities Deep Shah deep.shah@bksec.com CLSA Kunal Lakhan kunal.lakhan@clsa.com ICICI Securities Adhidev Chattopadhyay adhidev.chattopadhyay@icicisecurities.com IIFL Securities Mohit Agrawal mohit.agrawal@iiflcap.com Investec Capital Anuj Upadhyay anuj.Upadhyay@investec.com Jefferies Abhinav Sinha abhinav.sinha@jefferies.com JM Financial Sumit Kumar sumit.kumar@jmfl.com Kotak Securities Murtuza Arsiwalla murtuza.arsiwalla@kotak.com Morgan Stanley Monica Dasoju Monica.Sharma@morganstanley.com Nuvama Parvez Qazi parvez.Qazi@nuvama.com Geojit Financial Christy Joseph christy_joseph@geojit.com
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16 93 157 34 60 140 131 143 184 39 38 60 34 186 159 1 132 156 No content left of this line No content right of this line Source and FootNote Guideline No content left of this line No content right of this line Place content below this line Place content below this line m i n d s p a c e r e i t . c o m 75 Key Definitions Asset SPVs/HoldCo Collectively, Avacado Properties & Trading Pvt Ltd., Gigaplex Estates Pvt. Ltd., Horizonview Properties Pvt. Ltd., Intime Properties Ltd, K Raheja IT Park Ltd.(KRIT), KRC infrastructure and Projects Pvt. Ltd.(KRC Infra), Mindspace Business Parks Pvt. Ltd.(MBPPL), Sustain Properties Pvt. Ltd., Sundew Properties Ltd., Mack Soft Tech Pvt. Ltd., Pramaan Properties Pvt. Ltd., Sundew Real Estate Pvt. Ltd., Energispace Power Pvt. Ltd., Sycamore Properties Pvt Ltd., Content Properties Pvt. Ltd., Radial IT Park Pvt. Ltd. Committed Occupancy (%) Occupied Area + Committed Area Completed Area Committed Area Completed Area which is unoccupied but for which letter of intent/ agreement to lease have been signed Completed Area Leasable Area for which occupancy certificate has been received; Completed Area comprises Occupied Area, Committed Area and Vacant Area Future Development Area Leasable Area of an asset that is planned for future development, as may be permissible under the relevant rules and regulations, subject to requisite approvals as may be required, and for which internal development plans are yet to be finalized and applications for requisite approvals required under law for commencement of construction are yet to be received Gross Contracted Rentals (INR) Gross Contracted Rentals is the sum of Base Rentals and fit-out rent invoiced from Occupied Area that is expected to be received from the tenants pursuant to the agreements entered into with them In-place Rent (psf per month) Base Rent (Base Rentals for the specified period) for a specified month Occupied Area*monthly factor Market Rent (psf per month) Manager’s estimate of Base Rent that can be expected from leasing of the assets to potential tenants Market Value Market value (adjusted for non-controlling interest) as determined by Valuer as of 31 Mar 26 Msf Million square feet Net Operating Income (NOI) Net Operating Income calculated as Revenue from operations less: direct operating expenses (which includes Maintenance services expense, property tax, insurance expense, cost of material sold, cost of power purchased, and maintenance expenses related to power distribution) adjusted for regulatory income/expense and rent sharing income/expense. NPA Non - Processing Area in special economic zone Occupied Area Completed Area for which lease agreements / leave and license agreements have been signed with tenants Pre-Leased Area Under Construction Area for which letter of intent / agreement to lease/ lease deed/ leave and license agreement has been entered into with prospective tenants Portfolio Assets which will be directly or indirectly owned by Mindspace REIT in terms of the REIT Regulations Re-leasing spread Refers to the change in Base Rent between new and expiring leases, expressed as a percentage Total Leasable Area Total Leasable Area is the sum of Completed Area, Under Construction Area and Future Development Area Under Construction Area Leasable Area where construction is ongoing and / or the occupancy certificate is yet to be obtained Vacant Area Completed Area which is unoccupied and for which no letter of intent / lease agreement / leave and license agreement has been signed WALE Weighted Average Lease Expiry based on area. Calculated assuming tenants exercise all their renewal options post expiry of their initial commitment period
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Thank You 5-Aug-26