earnings | IST

Embassy Office Parks results: Company delivers on enhanced guidance, sees good demand across board

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Embassy REIT, India's first listed REIT and the largest office REIT in Asia by area, reported results on April 29, 2022, for the fourth quarter and full-year ended March 31, 2022.

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Embassy Office Parks REIT, India's first listed real estate investment trust (REIT) and the largest office REIT in Asia by area, reported results on April 29, 2022, for the fourth quarter and the entire fiscal that ended on March 31, 2022. The company's net operating income (NOI) grew by 23 percent to Rs 2,491 crore during the fiscal.
Michael Holland, Chief Executive Officer of Embassy REIT, said, "We are delighted to report on another successful year, the third since our listing. We delivered on our business and our enhanced financial guidance and are set on a clear growth path for the future. The office leasing momentum continues to grow backed by very encouraging return to workplace trajectory, coupled with robust hiring by technology and global captive players and record tech investments. We remain focused on delivering growth to our Unitholders and scaling up our industry-leading portfolio."
“We are very positive and optimistic. We have consistently been talking about uptick in leasing, we beat our leasing numbers that we have projected for this year and we are guiding to a total of 5 million square feet the next year. That is a mix of new leasing and renewables. We see the demand coming from the technology sector,” he said.
“We are seeing demand across the board,” he added.
Embassy REIT, sponsored by Embassy group and Blackstone, declared a distribution of Rs 499 crore or Rs 5.26 per unit for the fourth quarter of the 2022 fiscal. With this, the cumulative distribution for the last financial year totals Rs 2,063 crore or Rs 21.76 per unit, 1 percent higher than the initial guidance, of which 82 percent is tax-free for unitholders.
Embassy REIT had hosted a conference call on at 5pm IST on Thursday to discuss the results.
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With PTI inputs
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