Embassy REIT Reports Strong Leasing and Distribution Growth in Q1 FY2025
Embassy REIT leases 1.9 million square feet, up 70% YoY, and grows distributions by 4% YoY.
Embassy ReitReitReal Estate Investment TrustOffice ReitAsiaIndiaCommercial Office SegmentReal Estate MumbaiJul 25, 2024
The company's distributions also grew 4% YoY and 7% quarter-over-quarter (QoQ) to Rs 531 crores or Rs 5.6 per unit. The Board of Directors declared a distribution of Rs 531 crores or Rs 5.60 per unit for Q1 FY2025.
Three office parks are at 100% occupancy, with Bengaluru, Mumbai, and Chennai properties at ~90%, 99%, and 95% occupancy, respectively. The company's operational and growth highlights include the completion of the acquisition of Embassy Splendid TechZone, a ~5 million square feet premium business park in Chennai, and the launch of a 0.9 million square feet office block redevelopment at Embassy Manyata in Bengaluru.
Embassy REIT's industry-leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. The company was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognized for its sustainability initiatives by a leading global benchmark.
In a statement, Aravind Maiya, Chief Executive Officer of Embassy REIT, said, 'We are delighted to report another excellent quarter of strong leasing across our portfolio. We are excited to strengthen our partnership with one of our largest occupiers through a new redevelopment project at Embassy Manyata, a testament to our best-in-class office solutions. We're seeing a lot of tailwinds in our business, and we are focused on sustaining this momentum and delivering value to all our stakeholders.'
Embassy REIT will host a conference call on July 25, 2024, at 18 00 hours Indian Standard Time to discuss the Q1 FY2025 results. A replay of the call will be available in the Investors section of the company's website.
Frequently Asked Questions
What is Embassy REIT's leasing growth in Q1 FY2025?
Embassy REIT leased 1.9 million square feet across 22 deals, marking a 70% year-over-year (YoY) increase.
What is the distribution growth of Embassy REIT in Q1 FY2025?
The company's distributions grew 4% YoY and 7% quarter-over-quarter (QoQ) to Rs 531 crores or Rs 5.6 per unit.
What is Embassy REIT's occupancy rate in Q1 FY2025?
Three office parks are at 100% occupancy, with Bengaluru, Mumbai, and Chennai properties at ~90%, 99%, and 95% occupancy, respectively.
What is Embassy REIT's operational and growth highlight in Q1 FY2025?
The company completed the acquisition of Embassy Splendid TechZone, a ~5 million square feet premium business park in Chennai, and launched a 0.9 million square feet office block redevelopment at Embassy Manyata in Bengaluru.
What is Embassy REIT's industry recognition in sustainability initiatives?
The company was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognized for its sustainability initiatives by a leading global benchmark.
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