Bangalore, Karnataka, India:
- Leased 1.6 msf at 22% leasing spreads, together with 0.6 msf new leases and 0.5 msf pre-commitment to ANZ(1)
- Launched 2.5 msf new and redevelopment tasks, highest ever energetic growth pipeline of seven.1 msf
- Grew web working earnings by 13% YoY; sturdy steadiness sheet with 66% of complete debt at mounted charges
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the biggest workplace REIT in Asia by space, reported outcomes for the second quarter ended September 30, 2022. The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier right this moment, declared a distribution of Rs. 5,175 million or Rs. 5.46 per unit for Q2 FY2023. The file date for the Q2 FY2023 distribution is November 1, 2022, and the distribution might be paid on or earlier than November 4, 2022.
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, stated, “We are pleased to deliver another excellent quarter of 1.6 msf of total leasing and remain on track to meet our FY2023 guidance. Despite recessionary concerns globally, the world’s best companies continue to partner with institutional landlords like Embassy REIT to capitalize on India’s structural advantages as a scalable and cost-efficient tech talent hub. With 7.1 msf of best-in-class development, a fortress balance sheet with low leverage, and debt at attractive 7.1% cost with majority at fixed rates, we are well positioned to deliver the next phase of growth.”
Business Highlights
- Leased 1.6 msf throughout 27 offers, together with 0.6 msf of latest leasing and 0.5 msf pre-commitment by ANZ (1) at Embassy Manyata
- Added 15 new high-growth occupiers; achieved 22% constructive leasing spreads on 1.6 msf and 14% hire escalations on 2.7 msf
- Received 5-star scores for complete portfolio from GRESB and the British Safety Council, each globally famend ESG and wellness certifications
Financial Highlights
- Grew Net Operating Income by 13% YoY to Rs. 7,038 million with working margin of 82%
- Grew Net Asset Value by 3% YoY to Rs. 400.71 per unit; introduced distributions of Rs. 5,175 million or Rs. 5.46 per unit
- Maintained sturdy steadiness sheet with low leverage of 26% and Rs. 112 billion proforma debt headroom
- Refinanced Rs. 7.5 billion debt leading to 7.1% curiosity price for Rs. 136 billion debt ebook, with 66% at mounted charge for two.3 years
Growth Highlights
- Launched 1.2 msf workplace block redevelopment at Embassy Manyata, Bangalore, at enticing 22% yield on price
- Kickstarted 1.3 msf new workplace developments at Embassy Manyata, taking our energetic growth pipeline to 7.1 msf with complete capital investments of Rs. 32 billion and over 80% in Bangalore, India’s top-performing workplace market
- Signed non-binding provide letters for the potential acquisition of two high-quality workplace properties in Bangalore and Chennai from Embassy Sponsor and its associates; properties complete 7.1 msf of leasable space, of which 3.7 msf is accomplished or nearing completion
Embassy REIT has launched a package deal of knowledge on the quarterly outcomes and efficiency, that features (i) reviewed condensed consolidated and reviewed condensed standalone monetary statements for the quarter and half ended September 30, 2022, (ii) an earnings presentation masking Q2 FY2023 outcomes, and (iii) supplemental working and monetary information ebook that’s in-line with main reporting practices throughout international REITs. All these supplies can be found within the Investors part of our web site at www.embassyofficeparks.com.
Embassy REIT will host a convention name on October 21, 2022, at 11:30 hours Indian Standard Time to debate the Q2 FY2023 outcomes. A replay of the decision might be out there within the Investors part of our web site at www.embassyofficeparks.com.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 43.2 msf portfolio of eight infrastructure-like workplace parks and 4 metropolis‑centre workplace buildings in India’s best-performing workplace markets of Bangalore, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio contains 33.4 msf accomplished working space and is dwelling to over 200 of the world’s main corporations. The portfolio additionally contains strategic facilities, together with 4 operational business resorts, two beneath‑development resorts, and a 100 MW photo voltaic park supplying renewable power to tenants. For extra data, please go to www.embassyofficeparks.com.
Disclaimer
This press launch is ready for normal data functions solely. The data contained herein relies on administration data and estimates. It is simply present as of its date, has not been independently verified and could also be topic to vary with out discover. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capability because the Manager of Embassy REIT, and Embassy REIT make no illustration or guarantee, specific or implied, as to, and don’t settle for any duty or legal responsibility with respect to, the equity and completeness of the content material hereof. Each recipient might be solely chargeable for its personal investigation, evaluation and evaluation of the market and the market place of Embassy REIT. Embassy REIT doesn’t present any assure or assurance with respect to any distribution or the buying and selling worth of its models.
This press launch comprises forward-looking statements based mostly on the at present held beliefs, opinions and assumptions of the Manager. Forward-looking statements contain recognized and unknown dangers, uncertainties and different components, which can trigger the precise outcomes, monetary situation, efficiency, or achievements of Embassy REIT or trade outcomes, to vary materially from the outcomes, monetary situation, efficiency or achievements expressed or implied by such forward-looking statements. Given these dangers, recipients of this press launch are cautioned to not place undue reliance on these forward-looking statements. The Manager disclaims any obligation to replace these forward-looking statements to mirror future occasions or developments or the affect of occasions which can’t at present be ascertained, resembling COVID-19. In addition to statements that are ahead wanting by cause of context, the phrases ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and comparable expressions determine forward-looking statements.
This press launch additionally comprises sure monetary measures which aren’t measures decided based mostly on GAAP, Ind-AS or some other internationally accepted accounting rules, and the recipient mustn’t think about such objects as an alternative choice to the historic monetary outcomes or different indicators of Embassy REIT’s money movement based mostly on Ind-AS or IFRS. These non-GAAP monetary measures, as outlined by the Manager, might not be akin to equally titled measures as offered by different REITs on account of variations in the best way non-GAAP monetary measures are calculated. Even although the non-GAAP monetary measures are utilized by administration to evaluate Embassy REIT’s monetary place, monetary outcomes and liquidity and a majority of these measures are generally utilized by buyers, they’ve essential limitations as analytical instruments, and the recipient mustn’t think about them in isolation or as substitutes for evaluation of Embassy REIT’s monetary place or outcomes of operations as reported beneath Ind-AS or IFRS. Certain figures on this press launch have been topic to rounding off changes. Actual authorized entity title of occupiers might differ. The non-binding provide letters are topic to diligence, entry into definitive agreements and acquire approvals, together with from third events, unitholders and regulatory authorities to the extent relevant. There is not any assurance that any transactions might be entered pursuant to the provide letters or the phrases and timing of any such transactions.
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