Embassy Office Parks REIT leases 5.45 lakh square feet of space in 9 transactions during the June quarter
The REIT achieved a stable portfolio occupancy rate of 89% with rent increases of 13% to 2.2 million square francs, the embassy said in its earnings release. The ongoing construction of 5.7 million square foot development projects, with a 1.1 million square foot JP Morgan campus, are expected to be delivered by the end of the year. The REIT saw a 23% increase in the number of employees working in its parks in July compared to the previous month.
“After meeting its guidance during FY21, Embassy REIT continued to perform strongly throughout the first quarter despite the challenges of the recent foreclosure. Despite this, the global megatrends towards technological growth will benefit us as we see record hires and investments in technology and hosted captives in India… Our strong track record enables us to seize growth opportunities for our unitholders ” embassy CEO Michael Holland said. REIT.
According to him, with effective vaccine deployments and a clear desire from business leaders to bring their employees back to our high-quality workplaces, the FPI is optimistic for the future.
The REIT declared a distribution of Rs 534.6 crore or Rs 5.64 per unit for the first quarter of fiscal 2022. Of this amount, Rs 4.51 per unit or 80% of the distributions are exempt from tax for unitholders. The distribution registration date is August 5 and the distribution will be released no later than August 12, 2021.
The REIT’s net operating income increased 36% year-over-year with operating margins of 84%. He raised debt of Rs 1,200 crore at 7.4% interest cost and refinanced Rs 520 crore resulting in savings of 80 bps. It has maintained liquidity of Rs 1,500 crore and Rs 12,100 crore to fund growth opportunities.