Business Standard

Embassy REIT clocks 11% growth in net income, declares Rs 2,058 cr dividend

The distributions of money to unitholders are in the form of dividend, interest and repayment of SPV level debt

Embassy Reit delivers returns of more than 20% since market debut

Press Trust of India New Delhi

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Embassy Office Parks REIT on Thursday reported an 11 per cent increase in its net operating income at Rs 2,766.3 crore during the last fiscal year and declared distribution of Rs 2,057.9 crore dividend to unitholders.
Its net operating income stood at Rs 2491.1 crore in the 2021-22 fiscal.
The board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting declared a distribution of Rs 532 crore or Rs 5.61 per unit for the fourth quarter of the last fiscal.
The distributions of money to unitholders are in the form of dividend, interest and repayment of SPV level debt.
"With this, the cumulative distribution for FY'23 totals Rs 2,058 crore or Rs 21.71 per unit. The record date for the Q4 FY2023 distribution is May 6, 2023, and the distribution will be paid on or before May 12, 2023.
The company's revenue from operation rose to Rs 3,419.5 crore in the 2022-23 fiscal, from Rs 2,962.6 crore in the previous year.
Embassy REIT CEO Vikaash Khdloya said the company achieved its highest ever leasing of 5.1 million square feet across a record 100 deals, despite global macro volatility.
"India remains the world's preferred offshoring destination and continues to attract global businesses looking for skilled talent and low costs, and we are well positioned to benefit from this secular trend," said Vikaash, who has resigned as CEO with effect from June-end.
"Backed by our clear strategy to create long-term value for our investors and our fortress balance sheet, we continue to make significant growth investments to our now 45 million square feet world-class portfolio," he added.
The company added 44 new occupiers across sectors like insurance, healthcare, retail, and cyber security; increased occupier base to 230 marquee corporates.
Embassy REIT, sponsored by Blackstone and realty firm Embassy Group, is India's first publicly listed Real Estate Investment Trust (REIT).
It owns and operates a 45 million square feet portfolio of nine office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region.
Embassy REIT's portfolio comprises 34.3 million square feet completed operating area, and strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 27 2023 | 6:01 PM IST

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