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The management of the Embassy Office Parks real estate investment trust expressed optimism on the conference call about the increase in requests for proposals and rental requests.
Given the relatively reduced intensity of the third wave of Covid, the combination of growing demand and relatively weaker new supply will lead to higher rents.
Embassy REIT delivered strong figures for the fourth quarter of FY22, with revenue of Rs 7,488 million, up 1.4% YoY and 1.1% QoQ.
Net operating profit increased by 1% year-on-year to Rs 6,995 million and NOI margin stood at 93.4%.
The company distributed 100% of distributable net cash flow in the fourth quarter of FY22, which implies Rs 5.26/unit, of which 80% of distribution is tax exempt.
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