New Delhi, Oct 28: Realty firm Embassy Office Parks REIT on Wednesday reported a 15 per cent growth in its net operating income (NOI) to Rs 1,069 crore for the second quarter of this fiscal year and said it will distribute Rs 670 crore to unitholders for the July-September period.
Embassy REIT owns and operates a portfolio of 53 million square feet of office space across Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai.
In a regulatory filing, the company said its revenue from operations rose 16 per cent annually to Rs 1,303 crore in the quarter ended September.
Amit Shetty, Chief Executive Officer of Embassy REIT, said, "We delivered an exceptional quarter, with 1.5 million sq ft of leasing driven by continued GCC (global capability centre) demand and healthy rental growth".
The company's robust operating performance, coupled with double-digit growth in revenue and NOI, enabled it to declare the highest-ever quarterly distributions, he said.
"With strong business momentum and continued progress across our portfolio, we are well-positioned to capitalise on India's structural office demand and deliver sustained growth for all our stakeholders," Shetty said.
The Board of Directors of Embassy Office Parks Management Services, the Manager to Embassy REIT, declared a distribution of Rs 670 crores or Rs 7.07 per unit for Q2 FY2027.
The company leased 1.5 million sq ft of office space during the September quarter, with GCCs driving 85 per cent of leasing demand. New leases of 0.9 million sq ft were signed at an average 9 per cent premium to market rents.
Embassy REIT said it has pre-leased an entire 0.5 million sq ft building at the Embassy TechVillage project in Bengaluru to a global engineering company at a 15 per cent premium to current market rents. It also leased 0.2 million sq ft across three Pune assets, contributing approximately 25 per cent of new leasing during the quarter.
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