Embassy REIT Q1 Results: NOI sees 4% jump, 70% YoY growth on leasing witnesses
Additionally, the revenue for the same quarter for the commercial office segment reached Rs 797 crore, reflecting 4 % growth compared to the previous year.
“ We leased 1.9 msf this quarter, marking a 70% YoY increase, and we have a strong pipeline across Bangalore, Noida, and Chennai. We are excited to strengthen our partnership with one of our largest occupiers through a new redevelopment project. Our distributions have grown 4% YoY, and we crossed the 100k unitholder mark this quarter, a 25x increase since our listing. We’re seeing a lot of tailwinds in our business, and we are focused on sustaining this momentum and delivering value to all our stakeholders,” said Aravind Maiya, Chief Executive Officer of Embassy REIT.
The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs 531 crores or Rs 5.60 per unit for Q1 FY2025. The record date for the Q1 FY2025 distribution is August 02, 2024, and the distribution will be paid on or before August 09, 2024.
The company has logged 1.9 million square feet of leasing through 22 deals, with 70% of the leasing area attributed to Global Capability Centers. At present, their office parks in Bengaluru, Mumbai, and Chennai are operating at full capacity, boasting 100% occupancy.
Embassy REIT recently secured Rs 1,450 crore in debt at an average rate of 8.06% during the quarter. The company also stated that its debt book stands at Rs 18,000
