Embassy REIT leases 8.1 million sq ft office space in FY24, surpass guidance by 35%
Embassy Office Parks REIT, India’s first listed REIT and the most prominent office REIT in Asia by area, has leased 8.1 msf of office space in FY24, surpassing the full-year guidance by 35%. Global Capability Centres (GCCs) account for over 65% of the annual leasing activity. Leading multinationals; achieved occupancy guidance of 85% at year-end. While Bengaluru occupancy is at 91% and Mumbai at 99%. Both markets represent ~86% of total assets by value.
The firm has set an initial guidance of 6 msf for the last fiscal. Embassy Reit has set guidance for FY2025 with 5.4 msf of total leasing.
“We delivered 2.2 msf of new office development, and we recently announced our intent to acquire, demonstrating our commitment to driving growth for all our stakeholders. In our fifth year as India’s first listed REIT, we continue to see our business grow from strength to strength, and we are excited to announce our entry into a new market with our proposed acquisition of Embassy Splendid TechZone in Chennai,” said
Embassy Reit’s revenue and net operating income grew by 8% y-o-y to Rs 3,685 crore and Rs 2,982 crore, respectively, for FY24.
It has also proposed that for FY 25, distributions in the range of Rs 22.40 to Rs 23.10 per unit, a 7% growth YoY at the mid-point. The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier, declared a distribution of Rs 495 crore or Rs 5.22 per unit for Q4 FY2024. With this, the cumulative
