Q3FY22 Quarterly Result Announced for Embassy Office Parks REIT
Realty company Embassy Office Parks REIT declares Q3FY22 result: Executes 428k square feet leases, raises full year leasing guidance to 1 msf Grows Net Operating Income by 30% YoY, distributing Rs 493 crores to Unitholders, 83% tax-free Delivers 1.1 msf JP Morgan campus at ETV, kick-starts next growth cycle with 1.9 msf new development Raises full year NOI and DPU guidance, reflecting pick-up in new leasing Grew Net Operating Income (‘NOI’) by 30% to Rs 621 crores, with operating margin of 84% Raised FY2022 full year guidance for both NOI and Distribution per Unit (‘DPU’); NOI estimate now up by 3% to Rs 2,450 crores Raised Rs 4,600 crores at 6.5% to refinance existing zero-coupon bond, delivered significant 300 bps or Rs 130 crores proforma annual interest savings Maintained strong balance sheet with low leverage of 24% and Rs 11,600 crores debt headroom to finance growth Michael Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to announce another great set of results despite Covid disruptions, once again underscoring the resilience and growth potential of Embassy REIT. We continue to see multiple positive indicators for our business – the uptick in new leasing, our delivery of the 1.1 million square feet (‘msf’) JP Morgan campus, our 4.6 msf of development pipeline, and a 5 msf potential acquisition opportunity in Chennai. Positive leasing momentum gives us the confidence to increase our guidance for the full year FY2022 as we look beyond the external challenges of the past two years. We are excited for the next phase of growth and value creation for our Unitholders through our focused investments in developing, enhancing, and expanding our world-class portfolio.” Result PDF28-01-2022