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

Embassy REIT announced on 28 April that its net operating income for FY 2022 has grown by 23% to INR2,490 million, which is 5% higher than initial guidance.

Over the year, the REIT has leased 2.2 million square feet of space at 18% spreads across 47 deals.

Embassy REIT has also achieved 14% rent escalations on 7.7 million square feet of spaces leased across 89 deals.

Accordingly, the REIT has declared a distribution of INR4990 million crores, or INR5.26 per unit for its 4Q 2022.

With this, the cumulative distribution for FY2022 totals INR2,0630 million crores or INR21.76 per unit, 1% higher than the initial guidance.

“The office leasing momentum continues to grow backed by very encouraging return to workplace trajectory, coupled with robust hiring by technology and global captive players and record tech investments”, said Michael Holland, CEO of the REIT.

Embassy REIT was last done on the BSE at INR389.99.

Related: Embassy REIT addresses concerns over portfolio concentration risk

By Shariffa Al-Habshee

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