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.”
