Business Wire India
  • 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
  • Raises Rs 4,600 crores debt at 6.5% to refinance existing zero-coupon bond, c.300 bps interest savings
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the quarter and half-year ended September 30, 2021.

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 4,600 crores 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.”

The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs 537 crores or Rs 5.66 per unit for Q2 FY2022. Of this, Rs 4.52 per unit or 80% of distributions are tax-free for Unitholders. The record date for the Q2 FY2022 distribution is November 10, 2021 and the distribution will be paid on or before November 13, 2021.

Business Highlights
  • Total lease-up of 713k square feet across 7 deals, achieved 20% leasing spreads
  • Achieved stable portfolio occupancy of 89%, with 15% rent increases on 1.4 million square feet (‘msf’) across 22 leases
  • Construction in full swing on 5.7 msf projects, with 1.1 msf JP Morgan campus on track for handover by year-end
Financial Highlights
  • Net Operating Income (‘NOI’) for Q2 grew year-on-year by 30% to Rs 624 crores, with 85% NOI margin
  • Raised Rs 4,600 crores debt at 6.5% to refinance existing zero-coupon bond, delivering significant c.300 bps interest savings
  • Maintained fortress balance sheet with low leverage of 24% and Rs 12,000 crores debt headroom to finance growth
Operations Highlights
  • Collected over 99% of office rents on 32.3 msf operating portfolio
  • Increased number of employees operating from our parks (21k in Sep’21); labor at construction sites now at peak strength
  • Awarded 4-star and Green star ratings by GRESB, the global ESG benchmark
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) reviewed condensed consolidated financial statements for the quarter and half-year ended September 30, 2021, (ii) an earnings presentation covering Q2 FY2022 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at

Embassy REIT will host a conference call on October 29, 2021 at 17:30 hours Indian Standard Time to discuss the Q2 FY2022 results. A replay of the call will be available in the Investors section of our website at


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