Companies

Embassy REIT Q4 net down 19% at ₹46.75 crore

Our Bureau Bengaluru | Updated on April 30, 2021

Declares distribution of ₹5.6 per unit

Embassy Office Parks REIT (Embassy REIT) has posted a net profit of ₹46.75 crore, which is 19 per cent lower than the previous year's profit of ₹57.80 crore recorded in the same period.

The company’s income is higher by 31.98 per cent to ₹770.28 crore (₹583.59 crore). EPS for the quarter stood at ₹0.49 compared with ₹0.75 posted last year.

Distribution per Unit

The Board of Directors of Embassy Office Parks Management Services Private Limited, manager to Embassy REIT, has declared a distribution of ₹530.80 crore or ₹5.6 per unit for 4Q FY2021. The cumulative distribution for FY2021 totals ₹1,836.40 crore or ₹21.48 per unit, which is on target with the guidance issued earlier by management. The record date for the 4Q FY2021 distribution is May 7, 2021 and the distribution will be paid on or before May 14, 2021.

Embassy REIT joins WELL Portfolio programme

Q4 Business

The company has seen stable occupancy of 88.9 per cent with strong rent collections at 99.8 per cent on a 32.3 million sq ft operating portfolio. It has also achieved rent increases of 13 per cent on 8.4 million sq ft across 90 plus leases and has leased 1.2 million sq ft across 40 plus deals, achieved 15 per cent re-leasing / renewal spread. The company also achieved top-out of 1.1 million sq ft JP Morgan campus in March’ 21, on track for September’ 21 delivery and continued construction on an additional 4.6 million sq ft new build, targeted completion in 2 to 3 years.

Michael Holland, Chief Executive Officer of Embassy REIT said, “Despite the significant challenges caused by the Covid-19 pandemic, Embassy REIT has again performed strongly and delivered on its financial guidance. We continue to provide safe work environments for our occupiers and we are working with local authorities to support the response to the second wave of the pandemic, including initiating vaccination programmes at our parks.”

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“Despite second wave headwinds, our global occupiers continue to report strong earnings and hiring growth which we believe will translate into demand for quality offices in due course. With our leading presence in India’s highest absorption markets, our low leverage levels and our access to capital markets, we are well positioned to capitalise on the fundamental global demand for Indian office space that will long outlast this pandemic,” he added.

Published on April 30, 2021

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