Latest News | Embassy REIT Q2 Operating Income Up 13 Pc at Rs 704 Cr; to Distribute Rs 517 Cr to Unitholders

New Delhi, Oct 20 (PTI) Embassy Office Parks REIT on Thursday reported a 13 per cent increase in net operating income to Rs 703.8 crore for the quarter ended September.

Its net operating income (NOI) stood at Rs 623.6 crore in the year-ago period, according to a regulatory filing.

Also Read | IDBI Bank Privatisation: LIC To Recover Its Investment by Time of Sale.

The company announced the distribution of Rs 517.5 crore or Rs 5.46 per unit for the second quarter of this fiscal to its unitholders.

Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said: "We are pleased to deliver another excellent quarter of 1.6 million square feet of total leasing and remain on track to meet our FY2023 guidance. Despite recessionary concerns globally, the world's best companies continue to partner with institutional landlords like Embassy REIT to capitalise on India's structural advantages as a scalable and cost-efficient tech talent hub."

Also Read | Tata Consumer Products Q2 Profit Rises 36% to Rs 389 Crore; Revenue Up 11% to Rs 3,363 Crore.

"With 7.1 million square feet of best-in-class development, a fortress balance sheet with low leverage, and debt at attractive 7.1 per cent cost with majority at fixed rates, we are well positioned to deliver the next phase of growth," he added.

The board approved the execution of non-binding letters of intent with EPDPL (the Embassy Sponsor) and its affiliates to acquire Embassy Splendid TechZone, an integrated office park in Chennai and Embassy Business Hub, an integrated office park situated in Bengaluru.

"Evaluating acquisition of 7.1 million square feet properties across Bengaluru and Chennai. Currently, 3.7 million square feet area is completed or nearing completion, of which 54 per cent is leased or pre-committed to global occupiers," the company said in a presentation.

Embassy REIT is India's first publicly listed Real Estate Investment Trust. It owns and operates a 43.2 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).

Its portfolio comprises 33.4 million square feet completed operating area and is home to over 200 of the world's leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)