Embassy Office Parks REIT's net operating income jumps to Rs 621 cr for Q1FY22
New Delhi: Embassy Office Parks REIT has recorded a 36 percent jump in net operating income at Rs 621 crore in the first quarter of the current fiscal as compared to Rs 457 crore in the year-ago period.
It has also declared distribution, including dividend, of Rs 535 crore to the unit holders for the first quarter.
Embassy Office Parks REIT collected over 99 percent of the office rents on 32.3 million sq.ft. operating portfolio. "Declared distribution of Rs 5,346.12 million/ Rs 5.64 per unit for the quarter ended June 30, 2021," the company said in a regulatory filing.
Embassy REIT CEO Michael Holland commented, "Having delivered to guidance in FY21, Embassy REIT continued its strong performance through Q1 despite the challenges of the recent lockdown. Notwithstanding that, the global mega trends towards technology growth will benefit us as we see record hiring and investments in technology and captives housed in India".
There is some vaccine roll-outs and also a desire among business leaders to get employees back to good workplaces. With these two factors, Holland said the company is optimistic for the future.
The company said it achieved stable portfolio occupancy (89 percent) with healthy rent increases of 13 percent on its 2.2 million sq.ft. leases.