Embassy REIT Q3 NOI Up 9%, Distributions Rise - PTI

New Delhi, Jan 29 (PTI) Embassy Office Parks REIT on Wednesday reported a 9 per cent increase in net operating income to Rs 829 crore and a 13 per cent rise in distribution to unitholders at Rs 559 crore in the December quarter.

"Grew Revenue from Operations and Net Operating Income (NOI) by 9 per cent YoY (Year-on-Year) to Rs 1,022 crore and Rs 829 crore, respectively," the company said in a regulatory filing.

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said the company has reported "another strong quarter, with a robust 13 per cent increase in distributions, record quarterly NOI and revenue, amidst very strong demand for office space in our gateway markets".

The "calendar year 2024 was a record year of absorption in India, and we are perfectly poised to capitalise on these leasing tailwinds in…2025," he said.

The Board of Directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting declared a distribution of Rs 559 crore or Rs 5.90 per unit for the third quarter of this fiscal.

During the December quarter, the company leased 11 lakh square feet across 21 deals, including 7 lakh square feet of new leases and 4 lakh square feet of renewals.

Embassy REIT is India's first publicly listed Real Estate Investment Trust.

Embassy REIT owns and operates a 511 lakh square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region and Chennai.

Its portfolio comprises 389 lakh square feet of completed operating area.