An Embassy Office Parks REIT asset in Embassy Quadron. (Photo: Embassy REIT)An Embassy Office Parks REIT asset in Embassy Quadron. (Photo: Embassy REIT)

Embassy Office Parks REIT (Embassy REIT) reported on 20 October that its net operating income for 2Q 2023 has grown by 13% year-on-year.

It came in at INR7,038 million for the period with an operating margin of 82%.

Accordingly, the REIT has grown its net asset value by 3% year-on-year to INR400.71 per unit.

During the period, Embassy REIT’s leverage was at 26% with INR112 billion in pro forma debt headroom.

“Despite recessionary concerns globally, the world’s best companies continue to partner with institutional landlords like Embassy REIT to capitalise on India’s structural advantages as a scalable and cost-efficient tech talent hub”, said Vikaash Khdloya, the REIT’s CEO.

“With 7.1 million square feet of best-in-class development, a fortress balance sheet with low leverage, and debt at an attractive 7.1% cost with majority at fixed rates, we are well positioned to deliver the next phase of growth”, he added.

Embassy REIT has declared a distribution of INR5,175 million or INR5.46 per unit for 2Q 2023.

The record date for the distribution is 1 November 2022, and the distribution will be paid on or before 4 November 2022.

Related: Related: Undaunted by WFH, Embassy REIT sees strong office demand on unique Indian circumstances

By Shariffa Al-Habshee

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