Embassy Office Parks net profit falls 8% to Rs 204 cr, sales fall 6% in Q1FY21

New Delhi: Country’s first listed REITs Embassy Office Parks today reported 8 percent fall in net profit at Rs 204 crore for the first quarter of the current fiscal as compared to Rs 222 crore in the corresponding quarter of the previous fiscal.

The revenues of Embassy Office Parks REITs fell 6 percent to Rs 516 crore for the first quarter of the current fiscal as compared to Rs 549 crore in the corresponding quarter of the previous fiscal. 

The rent collections from the office occupiers were at 98.9 percent in the latest quarter. It was at 99.2 percent for April 2020, 99.3 percent for May 2020 and 98.2 percent for June 2020. The portfolio occupancy was at 92.2 percent on the company’s 26.2 million square feet operating office portfolio. The same-store occupancy remained at 94.1 percent, the compnay said in a regulatory filing.

The rental leases signed stood at 5.26 lakh square feet which included 2 lakh square feet of new leases at market rents and 3.25 lakh square feet of renewals at 20 percent spreads to existing rentals

The company achieved increases in rents of 14 percent for 1.8 million square feet from 22 office leases in its portfolio.

The net operating income was Rs 456 crore in the latest quarter, rfegistrering an increase on 1 percent from the year-ago period.

The net operating income margin stood at 88 percent, registering an increase of 4 percentage points from the year-ago period. The distributions by the company stood at Rs 4,49 crore Rs 5.83 per unit in the latest quarter, representing a 100 percent payout ratio.

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