Embassy REIT Q2 NOI Up 12% to Rs 804.6 Cr - Distribution Announced

New Delhi, Oct 24 (PTI) Embassy Office Parks REIT on Thursday reported a 12 per cent increase in net operating income to Rs 804.6 crore for the second quarter of this fiscal and also announced distribution of Rs 553 crore to unitholders for July-September period.

Its net operating income (NOI) stood at Rs 718.9 crore in the year-ago period.

"With a record 4 million square feet of leasing in the first half of 2024-25, and a robust pipeline for the rest of the year, we are pleased to revise our leasing guidance upwards to 6.5 million square feet," Aravind Maiya, Chief Executive Officer of Embassy REIT, said.

"...with a very healthy 12 per cent growth in both revenue and NOI, we continue to solidify our position as the home for leading corporates that prefer large, integrated office ecosystems," he added.

The Board of Directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, declared a distribution of Rs 553 crore or Rs 5.83 per unit for the second quarter of this fiscal year.

The record date for the distribution is October 29, 2024, and the distribution will be paid on or before November 06, 2024.

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

It owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.

Embassy REIT's portfolio comprises 38.4 million square feet of completed operating area and is home to 260 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.