industry

Embassy Office Parks REIT’s net operating income rose by 19% for Q1FY20


BENGALURU: Embassy Office Parks REIT, India’s first listed real estate investment trust, posted a 19% increase in revenue from operations for the quarter through June, driven by strong leasing momentum across its portfolio that is the largest in Asia by area.

The REIT posted revenue from operations of Rs 535 crore for the quarter, compared with Rs 449 crore a year earlier. Net operating income (NOI) also increased 19% to Rs 453 crore, while the NOI margin for the quarter was 85%.

The board of Embassy REIT declared a distribution of Rs 417 crore, or Rs 5.4 per unit, for the quarter. The record date for the distribution is August 21, and the distribution will be made on or before August 27.

Embassy REIT raised Rs 3,000 crore in March this year, through listed non-convertible debentures maturing June 2022, with a yield to maturity of 9.4%.

“Business fundamentals continue to be strong with robust leasing momentum for institutional quality office properties,” said deputy chief executive Vikaash Khdloya.

New leasing during the quarter was 0.6 million square feet. Occupancy as at June 30 was 94.3% on 24.8 million sq ft of completed office portfolio.

The REIT comprises 25 million sq ft of completed and operational commercial properties across India. There is another 8 million sq ft of on-campus development in the pipeline.





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