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 REIT has declared a distribution per unit (DPU) of INR5.61 for its 4Q 2023.

With this, the REIT’s cumulative distribution for FY2023 totals INR21.71 per unit.

The REIT’s net operating income (NOI) for 4Q 2023 grew by 11% year-on-year to INR27,660 million.

During the quarter, Embassy REIT leased 5.1 million square feet across 100 deals at 16% spreads, surpassing annual leasing guidance.

The REIT added 44 new occupiers across sectors like insurance, healthcare, retail, and cybersecurity, increasing its occupier base to 230 marquee corporates.

On the capital front, Embassy REIT refinanced INR53,400 million of debt at 101 basis points positive spreads.

As such, the REIT has maintained the lowest gearing among its peers at 28% leverage.

Embassy REIT was last done on the BSE at INR324.24, which presently implies a distribution yield of 6.70% 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.