Embassy Office Parks REIT Q3 net income up 16% at Rs 464 crore

MUMBAI: Embassy Office Parks REIT has reported 16% on-year rise in net operating income for the quarter ended December to Rs 463.9 crore. India’s first listed Real Estate Investment Trust (REIT) and the largest in Asia in terms of area reported 14% growth in revenue to Rs 545.9 crore, the company said in a release.

Embassy Office Parks Management Services, manager to Embassy REIT, has declared a distribution of Rs 470.7 crore or Rs. 6.1 per unit for the quarter. The cumulative distribution for the financial year so far totals Rs 1,350.4 crore or Rs.17.5 per unit. The record date for the quarter’s distribution is February 24, 2020 and the distribution will be paid on or before February 29, the company added.

“Our office portfolio continues to deliver. In 2019, leasing across the Indian markets crossed a record 60 million sq ft, again underlining the strength of India’s office sector as the leading office absorption market globally,” said Michael Holland, Chief Executive Officer of Embassy REIT.

Embassy Office Parks REIT’s portfolio occupancy increased to 95.1% as on December end, an increase of 220 basis points from a year ago. Cumulative new leasing for the year so far stood at record 1.7 million sq ft.

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