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Embassy Office Parks REIT distributes Rs 463 crore to unitholders

The REIT posted revenue from operations at Rs 520.6 crore for the quarter.

ET Bureau|
Nov 12, 2019, 11.25 AM IST
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The board of Embassy REIT declared a distribution of Rs 463 crore or Rs 6.00 per unit for 2Q FY2020.
Bengaluru: Embassy Office Parks REIT, India’s first listed real estate investment trust, reported a 15 per cent increase in revenue from operations for the quarter ended September 2019, driven by strong leasing across its portfolio that is the largest in Asia by area.

The REIT posted revenue from operations at Rs 520.6 crore for the quarter. Net operating income (NOI) also increased 16 per cent to Rs 438.4 crore, while the NOI margin for 2Q FY2020 and 1H FY2020 stood at 84 per cent.

The board of Embassy REIT declared a distribution of Rs 463 crore or Rs 6.00 per unit for 2Q FY2020. With this, cumulative distribution for 1H FY2020 adds to Rs 879.7 crore or Rs 11.4 per unit. The record date for 2Q FY2020 distribution is November 19, 2019 and the distribution will be paid on or before November 26, 2019.

“We are pleased to report another strong quarter of performance and distributions to our Unitholders through our underlying commitment to provide world class space solutions to global occupiers. Companies all around the world continue to look for highly educated, highly skilled, technologically oriented employees at a reasonable cost and this continues to drive the consistent demand for Indian office and for our portfolio. We now turn our focus to continue this solid performance in the second half of the financial year.”,” said Michael Holland, Chief Executive Officer of Embassy REIT.

Further, Embassy Office Parks REIT confirms receipt of ROFO notice from Embassy Sponsor for the potential sale of c.6.2 msf of completed office premises and c.2.5 msf of under-construction area in Embassy TechVillage.

Embassy REIT raised Rs 3,000 crore earlier this year through listed non-convertible debentures maturing June 2022, with a yield to maturity of 9.4 per cent.

“Leasing activity reflects the scale and quality of our business and the continued strong market fundamentals. Our development program is progressing ahead of schedule and we are well capitalized to fund future inorganic growth opportunities,” said deputy chief executive Vikaash Khdloya.

New leasing during the quarter was 595k square feet. Occupancy as at Sep 30 was 94.7 per cent. The REIT comprises 25 million sq ft of completed and operational commercial properties across India. There is another 500k sq ft of development in the pipeline.

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