Embassy REIT Q3 net operating income up 30 pc at Rs 621cr; to distribute Rs 493cr to unitholders

Embassy Office Parks REIT on Friday reported 30 per cent increase in net operating income to Rs 621.3 crore for the quarter ended December 2021 and announced distribution of Rs 493 crore to unitholders.

Michael Holland, Chief Executive Officer of Embassy REIT, said, the company's performance was good despite COVID disruptions.

This underscores the resilience and growth potential of Embassy REIT, he added.

''We continue to see multiple positive indicators for our business – the uptick in new leasing, our delivery of the 1.1 million square feet (MSF) JP Morgan campus, our 4.6 MSF of development pipeline, and a 5 MSF potential acquisition opportunity in Chennai,'' Holland said.

Embassy REIT leased 4,28,000 square feet across 15 deals, and achieved 14 per cent rent increases on 1.8 MSF.

''Grew Net Operating Income ('NOI') by 30 per cent to Rs 621 crore, with operating margin of 84 per cent,'' the company said.

Embassy REIT is India's first publicly listed Real Estate Investment Trust.

It owns and operates a 42.6 MSF portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).