Embassy Office Parks REIT has reported an enhance of 12% year-on-year in net operating revenue, with operating margins of 86% for the fourth quarter of FY21.

The investment trust simplified the holding structure of Embassy Manyata, thereby escalating the tax-totally free element of distributions to 78%. The enterprise distributed Rs 1,836.4 crore for the duration of the quarter. It raised Rs 5,200 crore debt at 6.9% coupon and refinanced Rs 3,280 crore, major to interest savings of 336 basis points.

The enterprise had a balance sheet with liquidity of Rs 1,550 crore and low leverage of 22%, ample headroom to finance on-campus improvement and new acquisitions.

Michael Holland, chief executive officer of Embassy REIT, stated, “Despite the significant challenges caused by the Covid-19 pandemic, Embassy REIT has again performed strongly and delivered on its financial guidance. Despite second wave headwinds, our global occupiers continue to report strong earnings and hiring growth which we believe will translate into demand for quality offices in due course.

With our leading presence in India’s highest absorption markets, our low leverage levels and our access to capital markets, we are well positioned to capitalise on the fundamental global demand for Indian office space that will long outlast this pandemic.”

The investment trust recorded steady occupancy of 88.9%, with powerful rent collections at 99.8% on 32.3 million square feet operating portfolio. The enterprise accomplished rent increases of 13% on 8.4 million sq ft across 90-plus leases. It leased 1.2 million sq ft across more than 40 offers and accomplished 15% re-leasing/ renewal spread.

It accomplished top rated-out of 1.1 million sq ft JP Morgan campus in March 2021, on track for September 2021 delivery. It continued building on extra 4.6 million sq ft new develop, with targeted completion in two to 3 years.


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