Companies

Amid Covid-19, Embassy Office Parks’ REIT achieves 97% rental collections in Q1

Our Bureau Bengaluru | Updated on July 20, 2020

Embassy Office Parks’ REIT has achieved 97 per cent rental collections for Q1 FY2021. Office rental collections were at 98 per cent for April 2020, 98 per cent for May 2020, and 95 per cent for June 2020 (as of July 18, 2020).

Releasing details of its operational and financial position for Q1 FY21, the company said it saw rental increase of 14 per cent on 1.8 million square feet across 22 office leases.

On business continuity, it said, “Our priority remains delivering a safe workplace and business ecosystem for our occupiers and their employees; a daily average of 13,000 employees operated in June 2020 from our properties across India.”

“Our properties remained open, in full compliance with all government regulations, to support the business continuity of our occupiers; over 90 per cent of our 160 plus corporate occupiers continued to operate their core business functions in June 2020 from our properties across India.”

On the liquidity position of the company, it said, “Strong liquidity position with existing cash and undrawn committed facilities totalling ₹12.6-lakh crore as of June 30, 2020. Strong balance sheet with ample liquidity and low leverage of 16 per cent net debt to total enterprise value (TEV) as of June 30, 2020.”

Mike Holland, CEO of Embassy REIT, commented, “Embassy REIT’s robust rental collections for the quarter ended June 30, 2020, speaks to the trust we have built with our occupiers over many years, their appreciation of our Covid-19 operating response, and their dependence on the highest safety and quality standards which our total business ecosystem delivers.”

“We continue to support our occupiers on their immediate focus of business continuity and employee safety and we are well prepared to meet the anticipated increased demand for institutional-grade office space over the coming quarters, given de-densification and increasing global demand for sophisticated technology solutions,” he added.

The company said it would announce a detailed Q1 FY21 business and financial performance update post board meeting scheduled in early August 2020.

Published on July 20, 2020

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