Embassy Office Parks REIT (Embassy REIT) disclosed on 26 July that its net operating income for 1Q 2024 has grown by 9% year-on-year to INR7380 million.

The REIT delivered distributions of INR5100 million or INR5.38 per unit, marking the 17th consecutive quarter of 100% payout.

During the period, Embassy REIT leased 1.1 million square feet of space across 22 deals.

These include 407,000 square feet of new leases at 68% re-leasing spreads, and pre-leasing of 448,000 square feet at premium to market rents.

Of these, the REIT reported a strong trend of expansionary demand, with over 80% of the new and pre-leasing by existing occupiers and 71% by global captive centres (GCCs) across various sectors.

Meanwhile, same-store occupancy remains stable at 87%.

Over the quarter, Embassy REIT raised non-convertible debentures (NCDs) totaling INR20750 million at an average rate of 7.8%.

With that, the REIT’s INR3500 million debt book average financing cost is at 7.28%.

The record date for Embassy REIT’s 1Q 2024 distribution is 3 August 2023, and the distribution will be paid on or before 10 August 2023.

Embassy REIT was last done on the BSE at INR302.84, which presently implies a distribution yield of 7.11% according to data on the India REITs table.