Realty company Embassy Office Parks REIT announced Q4FY22 results: Grew Net Operating Income by 23% to Rs 2,491 crores, 5% higher than initial guidance, with operating margin of 84% Raised Rs 4,600 crores at 6.5% to refinance legacy zero-coupon bond, c.300 bps or Rs 130 crores proforma annual savings Locked-in two-thirds of debt at attractive fixed interest rates, secured Rs 2,170 crores green loans Maintained strong balance sheet with low leverage of 24% and over Rs 12,000 crores debt headroom to finance growth Delivered 1.1 msf state-of-the-art JP Morgan campus, ramped-up new growth cycle with 4.6 msf office development Launched one of India’s largest mixed-use hotel complex with 619 keys dual-branded Hilton hotels and 60k sf convention center at Embassy Manyata, already signed over 110 corporate contracts Completed Rs 932 crores add-on acquisition at Embassy GolfLinks (‘EGL’) through REIT’s 50%-owned investment entity, comprising additional 0.4 msf area and property management business of the entire EGL campus Received Right of First Offer (‘ROFO’) invitation for 5 msf Embassy Splendid TechZone, Chennai from Embassy Sponsor, currently under evaluation Michael Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to report on another successful year, the third year since our listing. We delivered on our business and our enhanced financial guidance and are set on a clear growth path for the future. The office leasing momentum continues to grow backed by very encouraging return to workplace trajectory, coupled with robust hiring by technology and global captive players and record tech investments. We remain focused on delivering growth to our Unitholders and scaling up our industry-leading portfolio.” Result PDF
Realty company Embassy Office Parks REIT declares Q3FY22 result: Executes 428k square feet leases, raises full year leasing guidance to 1 msf Grows Net Operating Income by 30% YoY, distributing Rs 493 crores to Unitholders, 83% tax-free Delivers 1.1 msf JP Morgan campus at ETV, kick-starts next growth cycle with 1.9 msf new development Raises full year NOI and DPU guidance, reflecting pick-up in new leasing Grew Net Operating Income (‘NOI’) by 30% to Rs 621 crores, with operating margin of 84% Raised FY2022 full year guidance for both NOI and Distribution per Unit (‘DPU’); NOI estimate now up by 3% to Rs 2,450 crores Raised Rs 4,600 crores at 6.5% to refinance existing zero-coupon bond, delivered significant 300 bps or Rs 130 crores proforma annual interest savings Maintained strong balance sheet with low leverage of 24% and Rs 11,600 crores debt headroom to finance growth Michael Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to announce another great set of results despite Covid disruptions, once again underscoring the resilience and growth potential of Embassy REIT. We continue to see multiple positive indicators for our business – the uptick in new leasing, our delivery of the 1.1 million square feet (‘msf’) JP Morgan campus, our 4.6 msf of development pipeline, and a 5 msf potential acquisition opportunity in Chennai. Positive leasing momentum gives us the confidence to increase our guidance for the full year FY2022 as we look beyond the external challenges of the past two years. We are excited for the next phase of growth and value creation for our Unitholders through our focused investments in developing, enhancing, and expanding our world-class portfolio.” Result PDF
Highlights: Significant uptick in deal activity with 713k square feet total lease-up, delivering 20% leasing spreads Grows Net Operating Income by 30% YoY, to distribute Rs. 537 crores to Unitholders with 80% tax-free Net Operating Income (‘NOI’) for Q2 grew to Rs. 6,236 million, with 85% NOI margin Raises Rs. 46 billion debt at 6.5% to refinance existing zero-coupon bond, c.300 bps interest savings Maintained fortress balance sheet with low leverage of 24% and Rs. 120 billion debt headroom to finance growth Michael Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to announce yet another strong quarter of continued robust business performance. We delivered our strongest leasing activity since the start of the pandemic, we successfully completed a significant Rs. 46 billion debt raise at an impressive 6.5% interest rate and we received global recognition for our continuing commitment to sustainability. We have reconfirmed our full year guidance as we see multiple tailwinds for our business – India’s stabilizing Covid situation, a reviving office leasing market especially in our core Bangalore market, and occupiers’ business-expansion driven by global tech mega-trends. These positive trends are clear to our expanding investor base which has tripled in the last twelve months.” Result PDF