Embassy REIT Q3 Results: Operating income grows 13% YoY to Rs 704.9 cr

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Bengaluru: Embassy Office Parks REIT’s net operating income grew by 13% year on year to Rs 704.9 crore, with an operating margin of 81%, for the third quarter that ended December 31, 2022.

The revenue for Q3 was reported at Rs 865 crore as against Rs 741 crore, up 17%.

“Amidst a highly volatile global macro environment, Embassy REIT delivered yet another strong quarter of business performance. Our 4.4 msf year-to-date leasing remains robust, we’ve accelerated our highly accretive 6.6 msf development growth, and we’re on track to achieve our annual guidance, even as global earnings forecasts soften,” said Vikaash Khdloya, Chief Executive Officer of Embassy REIT.

Embassy Office Parks REIT leased one msf across 19 deals in Q3 at 13% leasing spreads, with year-to-date total leasing of 4.4 msf across 71 deals.

“The Indian office market continues to benefit from the offshoring megatrend and has outshined global office markets. Embassy REIT is ideally positioned to deliver value to unitholders given our scale, world-class properties, embedded growth potential and our fortress balance sheet,” he said.

It announced distributions of Rs 503 crore or ₹5.31 per unit, marking the 15th consecutive quarter of 100% payouts

Embassy REIT said it continues to maintain a strong balance sheet with low 27% leverage, attractive 7.2% debt cost, and a AAA/Stable credit ratingThe firm has accelerated development on a 6.6 msf active growth pipeline, with Rs 3000 crore investment expected to add Rs 8000 crore to Net Operating Income upon stabilization

Embassy REIT launched a 0.4 msf new office block at Embassy TechVillage and continued to evaluate the non-binding acquisition offers for 7.1 msf across Chennai and Bangalore.

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 503 crore or Rs 5.31 per unit for Q3 FY2023. The record date for the Q3 FY2023 distribution is 03 February 2023, and the distribution will be paid on or before 09 February 2023.

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