Embassy Office Parks REIT property, Embassy 247. (Photo: Embassy Office Parks REIT)

Embassy Office Parks REIT (Embassy REIT) disclosed on 29 October that it has secured 713,000 square feet of leases across seven deals for its 2Q 2022.

The REIT has also achieved 20% in leasing spreads across these deals.

In tandem with this, Embassy REIT’s net operating income (NOI) for 2Q grew year-on-year by 30% to INR6240 million (USD84 million) with 85% NOI margin.

As a result, the REIT’s portfolio occupancy for the quarter was at 89%, with 15% rent increases on 1.4 million square feet across 22 leases.

“We delivered our strongest leasing activity since the start of the pandemic, we successfully completed a significant INR4,600 crores debt raise at an impressive 6.5% interest rate and we received global recognition for our continuing commitment to sustainability”, said Michael Holland, the REIT’s CEO.

“We have reconfirmed our full year guidance as we see multiple tailwinds for our business – India’s stabilising COVID situation, a reviving office leasing market especially in our core Bangalore market, and occupiers’ business-expansion driven by global tech mega-trends”.

“These positive trends are clear to our expanding investor base which has tripled in the last twelve months”, he added in a statement on 29 October.

Embassy REIT was last done on the BSE at INR350.05.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.