Embassy REIT Q1 net operating income up 9 pc to Rs 677cr; unitholders to get Rs 505 cr

“Added 15 new high-growth occupiers in sectors like cloud, cybersecurity, renewables, and healthcare tech; increased customer base to 214 blue-chip occupiers,” it added.

Embassy REIT Q1 net operating income up 9 pc to Rs 677cr; unitholders to get Rs 505 cr
Net operating income (NOI) stood at Rs 621.3 crore in the year-ago period.

Embassy Office Parks REIT on Thursday reported 9 per cent increase in net operating income to Rs 677.3 crore for first quarter of 2022-23 and declared distribution of Rs 505 crore to unitholders.

Net operating income (NOI) stood at Rs 621.3 crore in the year-ago period.
The Board of Directors of Embassy Office Parks Management Services Pvt Ltd, which is manager to Embassy REIT, declared distribution of Rs 505.2 crore or Rs 5.33 per unit to unitholders for Q1 FY23.

The record date for the Q1 distribution is July 29, 2022 and it will be paid on or before August 5, 2022.

Embassy REIT’s revenue from operations rose 12 per cent to Rs 8,29.4 crore in first quarter of 2022-23 from Rs 737.6 crore in the year-ago period.
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said, the first quarter of FY23 is off to a solid start with a record 1.8 million square feet of total leasing.

“We are witnessing expansion across tech occupiers and global captives in India, with Bengaluru continuing to lead India’s office demand revival. We continue to invest for growth and the 5,50,000 square feet pre-commitment at Embassy TechVillage underscores our strategy of accelerating development of our 4.6 million square feet ongoing projects,” he said.

On business highlights, Embassy REIT, sponsored by Blackstone and Embassy group, said it has leased 1.8 million square feet across 25 deals, including 5,50,000 square feet pre-commitment from JP Morgan at Embassy TechVillage.

“Added 15 new high-growth occupiers in sectors like cloud, cybersecurity, renewables, and healthcare tech; increased customer base to 214 blue-chip occupiers,” it added.

Embassy REIT is India’s first publicly listed Real Estate Investment Trust. It owns and operates a 42.8 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).

Its portfolio comprises 33.8 million square feet completed operating area. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.

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