Embassy Office Parks REITs clocks 97% rental collections in the lockdown quarter
New Delhi: Even as lockdown hurt a number of businesses in the April-June period for the current year, the Embassy Office Parks REITs clocked rental collections of 97 percent in the quarter.
The rental collections from office occupiers were to the tune of 98 percent in the months of April and May. It was 95 percent in June, the company said in a statement. Interestingly, there was an increase of 14 percent on the rents on 1.8 million square feet in as many as 22 office leases.
The office premises opened as per the directives of the government in these three months. About 90 percent of its 160 corporate occupiers of office spaces continued to run their business in the month of June.
The company claims to have robust liquidity position with existing cash totalling Rs 1,260 crore as on 30 June. There are some undrawn committed facilities also in this amount.