Embassy Office Parks REIT on Tuesday announced distribution of Rs 531.67 crore for its unitholders for the quarter ended March.
"Declared distribution of Rs 5,316.77 million/Rs 6.89 per unit for the quarter ended March 31, 2020," the company said in a statement.
The distribution comprises of Rs 2.49 per unit in the form of interest, less taxes if any, Rs 4.17 per unit in the form of proceeds of Asset SPV loan amortisation and Rs 0.23 per unit in the form of dividend, it added.
"Together with distributions already made during the three previous quarters, the distributions for full year ended March 31, 2020 total to Rs 18,820.92 million/Rs 24.39 per unit," it added.
Embassy Office Park REIT is the country's first Real Estate Investment Trust (REIT), which was launched last year by realty firm Embassy group and global investment firm Blackstone to raise nearly Rs 5,000 crore.The REIT is listed on the stock exchange.
The distribution for the fourth quarter represents 100 per cent payout ratio and full year cumulative distribution represents 99.8 per cent payout ratio.
"Embassy REIT is focused on delivering quarterly distribution to Unitholders, with minimum 90 per cent of Net Distributable Cash Flows (NDCF) required to be distributed," it said in a presentation.
The record date for the 4Q FY2020 distribution is May 28, 2020 and the distribution will be paid on or before June 3, 2020.
The revenue from operations for the fourth quarter of FY20 grew year-on-year by 8 per cent to Rs 543.4 crore. For the full last fiscal, it rose 14 per cent to Rs 2,144.9 crore.
Net operating income for the fourth quarter grew by 10 per cent to Rs 461.8 crore. For the full 2019-20 fiscal, it grew by 15 per cent to Rs 1,817 crore.
"Our fourth quarter income and distribution payout once again illustrate the stability and resilience of Embassy REIT delivering cash flows that are backed by the covenants of our 160+ largely multinational occupier base,"Embassy Office Park CEO Michael Holland said.
Since Embassy REIT listed in April 2019, the company has delivered a total return of 25 per cent.
"While the COVID-19 pandemic has resulted in an uncertain near-term outlook for many businesses worldwide, we are uniquely positioned to weather this pandemic-induced storm with our best-in-class office portfolio and strong balance sheet," Holland said.
While demand is likely to moderate considerably through 2020, he said the supply of quality office space will reduce considerably over the medium term, while consolidation in the office market will continue.
High-quality institutional landlords, such as Embassy REIT, will gain market share, he added.
On operational front, the REIT achieved an overall occupancy of 92.8 per cent on 26.2 million sq ft operating office portfolio.
The company leased 2.4 million square feet during the last fiscal.
Embassy REIT comprises 26.2 million square feet of completed and operational commercial properties across India.
With approximately 7.1 million square feet of on-campus development in the pipeline, the total portfolio spans 33.3 million square feet across seven Grade A office parks and four city-center office buildings in India's best performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR).
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