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

Data from Embassy REIT’s latest disclosure is updated on the India REITs table.

Embassy Office Parks REIT (Embassy REIT) reported on 25 January that its net operating income for 3Q 2023 has grown by 13% year-on-year to INR7,049 million.

During the period, the REIT leased 1 million square feet of commercial spaces across 19 deals at 13% spreads.

This brings Embassy REIT’s year-to-date total leasing to 4.4 million square feet across 71 deals.

As a result, the REIT's same-store occupancy has increased to 88% with an expanded occupier base of 230 tenants.

Amid these, Embassy REIT has declared distributions of INR5,033 million or INR5.31 per unit, marking the 15th consecutive quarter of 100% payouts.

“The Indian office market continues to benefit from the offshoring megatrend and has outshined global office markets”, said Vikaash Khdloya, CEO of Embassy REIT.

“Embassy REIT is ideally positioned to deliver value to unitholders given our scale, world-class properties, embedded growth potential and our fortress balance sheet”, he added.

Embassy REIT was last done on the BSE at INR339.33, which presently implies a distribution yield of 6.26% according to data on the India REITs table.

By Shariffa Al-Habshee

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