Embassy REIT Q4 NOI Up 13% to Rs 766cr - Distribution of Rs 495cr

New Delhi, Apr 25 (PTI) Embassy Office Parks REIT on Thursday reported a 13 per cent increase in its net operating income to Rs 765.6 crore and announced distribution of Rs 494.8 crore to unit holders in the fourth quarter of the last fiscal year.

Its net operating income stood at Rs 680.2 crore in the year-ago period.

According to a regulatory filing, Embassy REIT has posted an 8 per cent annual increase in its net operating income to Rs 2,981.9 crore during the last fiscal year.

Its net operating income (NOI) stood at Rs 2,766.3 crore in the preceding year.

The Board of Directors of Embassy Office Parks Management Services, which is manager to Embassy REIT, declared a distribution of Rs 495 crore or Rs 5.22 per unit for Q4 FY24.

With this, the cumulative distribution for the entire 2023-24 totals Rs 2,022 crore or Rs 21.33 per unit.

"FY2024 has been a blockbuster year for Embassy REIT. We leased a record 8.1 million square feet to leading corporates, the majority of which were GCCs, we delivered 2.2 million square feet of new office development, and we recently announced our intent to acquire, demonstrating our commitment to driving growth for all our stakeholders," Aravind Maiya, Chief Executive Officer of Embassy REIT, said.

In its fifth year as India's first listed REIT, Maiya said the company continues to see its business grow from strength to strength.

"We are excited to announce our entry into a new market with our proposed acquisition of Embassy Splendid TechZone in Chennai," he said.

Given the sustained robust performance and a positive outlook on the Indian office, Maiya said the company has given a guidance for 2024-25, which includes 5.4 million square feet of total leasing and distributions guidance in the range of Rs 22.40 to Rs 23.10 per unit.

Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 45.4 million square feet portfolio of nine infrastructure-like office parks and four city centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).

Embassy REIT's portfolio comprises 36.5 million square feet of completed operating area. 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.