Embassy REIT posts ₹214.79 crore Q3 profits

Our Bureau. Bengaluru | Updated on February 12, 2021

Declares distribution of ₹4.55 per unit

Embassy Office Parks REIT (Embassy REIT) profits for the period in third quarter (Q3) of FY 2020-21 is lower by 15.25 percent at ₹214.79 crore on a consolidated basis as against ₹253.45 crore recorded in the same period last year.

The company’s income is higher by 4.89 per cent to ₹595.94 crore as against ₹568.12 crore in the same period last year. EPS for the quarter stood at Rs 2.72 compared with ₹3.28 posted last year.

Distribution per Unit

Board of Directors of Embassy Office Parks Management Services Private Limited (EOPMSPL), Manager to Embassy REIT, at its Board Meeting declared a distribution of ₹431.30 crore for 3Q FY2021.

This translates to a Distribution per Unit (DPU) of ₹4.55 for the third quarter on the expanded unit base of 947.89 million units, post the issuance of 176.23 million new units in December 2020 in connection with the acquisition of Embassy TechVillage (ETV). The record date for the distribution is February 22, 2021 and the distribution will be paid on or before February 27, 2021.

Michael Holland, Chief Executive Officer of Embassy REIT commented, “This quarter marked another resilient performance for Embassy REIT, as illustrated by our operating performance and distribution to Unitholders. As India’s outlook steadily improves with a continued downward trend in active Covid-19 cases and the encouraging progress on vaccine roll-out, we remain optimistic that Indian office leasing demand will continue to increase as occupiers accelerate their return-to-work programs. Additionally, our recent successful ₹9,780 crore acquisition of Embassy TechVillage in India’s best-performing office sub-market of ORR in Bengaluru cements our position as a landlord of choice for the world’s top companies.”

Business Highlights

The company’s lease deals signed for 3Q FY2021 stood at 3,11,000 square feet, with 1 MSF (Million Square Feet) lease deals signed YTD (Year-to-Date).

Rent collections for 3Q FY2021 from office occupiers remained strong at 99.5 per cent, in-line with office rent collections of 100 perc ent for 1Q FY2021 and 99.9 per cent for 2Q FY2021 (as of February 11, 2021).

Company’s ongoing support to occupiers as they bring forward ‘Back to Office’ plans encouraged by vaccine roll-out; 97 per cent of occupiers and daily average of about 20,000 employees operated from properties in 3Q FY2021, up 27 percent since 2Q FY2021.

Published on February 12, 2021

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