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) disclosed on 26 October that its revenue from operations for 2Q 2024 grew by 4% year-on-year to INR8,890 million.

During the period, the REIT leased a record 2 million square feet of space across 25 deals including 1.2 million square feet of new leases.

The REIT signed seven new deals that represent over 100,000 square feet of space, which reflects a return of large deal closures, it said.

Embassy REIT noted that there was significant demand from global captive centres (GCCs) accounting for over 70% of total leasing activity.

With that, the REIT delivered distributions of INR5240 million or INR5.53 per unit for 2Q 2024, marking the 18th consecutive quarter of 100% payout.

The record date for the distribution is 3 November 2023, and the distribution will be paid on or before 10 November 2023.

Embassy REIT was last done on the BSE at INR298.71, which presently implies a distribution yield of 7.41% 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.