Embassy Office Parks REIT reported that the net operating income for Q3 of FY20 grew year-on-year (YoY) by 16 per cent to Rs 463.9 crore. The company said that its net operating income cumulatively grew YoY by 17 per cent for YTD FY2020.

The company’s revenue from operations for 3Q FY20 also grew YoY by 14 per cent to Rs 545.9 crore and cumulatively grew YoY by 16 per cent for YTD FY2020.

The company raised Rs 1,640 crore debt at 9.03 per cent. The balance sheet continues to be conservatively levered with net debt to TEV (Total Enterprise Value) at 12 per cent as of December 31, 2019.

The company has declared a distribution of Rs 470.7 crore or Rs 6.1 per unit for Q3 of FY20. The cumulative distribution for YTD FY20 totals Rs 1350.4 crore or Rs 17.5 per unit. The record date for the distribution is February 24 and the distribution will be paid on or before February 29.

Commenting on the quarterly results, Michael Holland, Chief Executive Officer of Embassy REIT said, “Our office portfolio continues to deliver. In 2019, leasing across the Indian markets crossed a record 60 million square feet ,again underlining the strength of India’s office sector as the leading office absorption market globally. We continue to capitalise on this occupier demand, driven by international corporations, through consistent leasing, early delivery of our accretive development pipeline, commencement of additional on-campus office developments and the acquisition of additional area to support further growth at our largest business park.”

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