Embassy REIT's Strong Quarter: Increased Earnings and Strategic Growth
Embassy Office Parks REIT declared a Rs 613 crore distribution to unitholders for the December quarter, with a significant rise in revenue and net operating income. CEO Amit Shetty emphasized sustained leasing momentum and GCC demand as driving forces, alongside strategic acquisitions for long-term value.
- Country:
- India
Embassy Office Parks REIT has announced a robust financial performance for the quarter ending December, declaring a distribution of Rs 613 crore to unitholders. This marks a 10% annual increase, attributed to a rise in revenue from operations, which saw a 17% annual growth to Rs 1,193 crore.
The company's net operating income (NOI) rose by 19% to Rs 985 crore. During this period, Embassy REIT raised Rs 400 crore through a commercial paper at an effective interest rate of 6.44% per annum. CEO Amit Shetty highlighted the quarter's success, overlaid with consistent leasing momentum and robust GCC demand in key gateway markets.
With a portfolio of over 50 million square feet of office spaces across major Indian markets like Bengaluru, Mumbai, and the NCR, Embassy REIT continues strategic acquisition of high-quality assets. The firm aims to enhance its portfolio and deliver long-term value, as evidenced by its first third-party acquisition and record-high financial metrics.
Google News