Embassy Office Parks REIT
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MURALI KUMAR K
Embassy Office Parks REIT has reported a 15 per cent year-on-year (y-o-y) rise in quarterly revenue for Q4FY25, driven by 1.6 million square feet (msft) of leases in the quarter.
The company announced distributions of ₹538 crore (₹5.68 per unit) for the quarter, up by 13 per cent from the previous fiscal. The cumulative distributions for FY25 stood at ₹2,181 crore and 8 per cent increase from FY24.
Commenting on yearly performance, Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, “In FY2025, Embassy REIT leased 6.6 msf, delivered 2.5 msf of new development, and acquired a 5.0 msf high-quality asset. The distributions increased by 8 per cent and guide to double-digit distribution growth in FY2026.
The REIT also reported a 17 per cent increase y-o-y in the net operating income (NOI), which stood at ₹892 crore in the corresponding period last fiscal. EBITDA grew 11 per cent to ₹843 crore during the same period.
The consolidated revenue for FY25 stood at ₹4038 crore up by 10 per cent from FY24. The consolidated net income stood at ₹3,283 crore which was also a 10 per cent increase from FY24.” The portfolio occupancy for the year stands at 91 per cent by value, with Bengaluru at 92 per cent, Mumbai at 100 per cent, and Chennai at 95 per cent. The company also refinanced ₹6,300 crores debt at an average rate of 7.98 per cent. The company has also completed the acquisition of a 5 msft office park in Chennai at a reduced enterprise value of ₹1,185.3 crore.
GCC lead the leasing
Embassy noted that 61 per cent of the leasing in the current fiscal was driven by GCC’s. Some of its GCC clients include JP Morgan, Ford, Warner Bros Discovery, Bain Capital, Mercedes Benz, Volkswagen, and Astra Zeneca, among others.
The shares closed at ₹382.19, down by 0.18 per cent on the BSE.
(With inputs from BL intern Rohan Das)
Published on April 29, 2025