Embassy REIT sees 2.2% occupancy rise amid demand for office spaces

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Embassy Office Parks REIT (Embassy REIT) has declared a distribution of INR4,707 million for its 3Q 2020.

This translates to a distribution per unit (DPU) of INR6.1 for the quarter.

As such, Embassy REIT’s cumulative distribution for YTD FY2020 is now INR13,504 million or INR17.5 per unit.

Its revenue from operations for 3Q FY2020 grew by 14% year-on-year to INR5,459 million and cumulatively grew year-on-year by 16% for YTD FY2020.

Correspondingly, Embassy REIT’s net operating income for the quarter grew year-on-year by 16% to INR4,639 million and cumulatively grew year-on-year by 17% for YTD FY2020.

Embassy REIT’s occupancy increased to 95.1% as on December 31, 2019, an increase of 220 bps year-on-year and 40 bps quarter-on-quarter.

“In 2019, leasing across the Indian markets crossed a record 60 million square feet, again underlining the strength of India’s office sector as the leading office absorption market globally”, said Michael Holland, CEO of Embassy REIT.

“We continue to capitalise on this occupier demand, driven by international corporations, through consistent leasing, early delivery of our accretive development pipeline, commencement of additional on-campus office developments and the acquisition of additional area to support further growth at our largest business park”, he added.

The record date for the 3Q FY2020 distribution is February 24, 2020 and the distribution will be paid on or before February 29, 2020.

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