Jitu Virwani, Chairman of the Board of Embassy REIT, said, “Since our IPO in 2019, Embassy REIT has consistently delivered over the past three years, despite two years in the shadow of the global pandemic. We have always been focused on creating long-term total return value for our growing base of unitholders. Embassy REIT is poised to drive growth as companies implement their return-to-work plans and accelerate hiring and leasing continues to gain momentum driven by global technology trends.
Over the past three years, the company has leased 6.4 million square feet in 135 transactions, growing the occupier base to more than 200 blue-chip businesses. It delivered 2.5 million square feet of new space, including 1.1 million square feet on the JP Morgan campus and began a new development growth cycle of 4.6 million square feet.
Since its IPO, the company has seen its net operating income increase by 58% to Rs 2,491 crore in FY22 (compared to FY19) and achieved a margin of exploitation of 84%.
Embassy REIT owns and operates a 42.8 million square foot portfolio of eight infrastructure-type office parks and four downtown office buildings in Bengaluru, Mumbai, Pune and the National Capital Region (NCR) .