Embassy Office Parks REIT share Price Today

Embassy Office Parks REIT announced Q1FY24 results:

• Leases 1.1 msf across 22 deals; 407k sf of new leasing at 68% re-leasing spreads
• Portfolio optimization on track with SEZ denotification strategy activated and Embassy Manyata occupancy reaching 91%
• Delivers distributions of Rs 510 crore or Rs 5.38 per unit
• Guides FY24 with a record 6.0 msf of total leasing and distributions in the range of Rs 20.50 to Rs 22.00 per unit
• Same-store occupancy remains stable at 87%
• Grew net operating Income by 9% YoY to Rs 738 crore with commercial office segment margins at 85%
• Delivered distributions of Rs 510 crore or Rs 5.38 per unit, marking the 17th consecutive quarter of 100% payout
• Raised Non-Convertible Debentures (NCDs) totalling Rs 2,075 crore at an average rate of 7.8%; secured 146 bps proforma savings; Rs 15,350 crore debt book remains highly competitive at 7.28% average cost

Aravind Maiya, Chief Executive Officer of Embassy REIT, said, “We are delighted to deliver another strong quarter across all our business and financial parameters. As India continues to be a favoured global investment destination, Embassy REIT’s world-class portfolio continues to attract global multinationals seeking to capitalize on India’s skilled talent pool. Our ability to raise capital to fund our growth initiatives is demonstrated by our repeated debt raises at industry-leading rates. Given our strong leasing pipeline of 2 msf comprised mainly of GCCs, a clearer interest rate outlook, and our consistent focus on optimizing our operational and development portfolio, we are pleased to guide FY24, which includes 6 msf of total leasing and distributions guidance in the range of Rs 20.50 to Rs 22.00 per unit.”

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