Embassy REIT net operating profit up 30% to Rs 621 crore in Q3 FY22, Real Estate News, ET RealEstate

NEW DELHI: Embassy Office Parks REIT on Friday announced a 30% increase in its net operating profit to Rs 621.3 crore for the quarter ended December 2021 and announced the distribution of Rs 493 crore to unitholders . Michael Holland, CEO of Embassy REIT, said the company’s performance was strong despite the COVID-related disruptions.

This underscores the resilience and growth potential of Embassy REIT, he added.

“We continue to see several positive indicators for our business – rising new leases, our delivery of the 1.1 million square foot (MSF) JP Morgan campus, our 4.6 MSF development pipeline and an opportunity to potential acquisition of 5 MSF in Chennai,” Hollande said.

Embassy REIT leased 4,28,000 square feet in 15 transactions and achieved rent increases of 14% on 1.8 MSFs.

“Increased net operating profit (“NOI”) by 30% to Rs 621 crore, with an operating margin of 84%,” the company said.

Embassy REIT is the first publicly traded real estate investment trust in India.

It owns and operates a portfolio of 42.6 MSF consisting of eight infrastructure type office parks and four downtown office buildings in Bengaluru, Mumbai, Pune and the National Capital Region (NCR).