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Mr. Rohan Ganapathy, Co-Chairman, CII National Committee on Space; Mr. Mallavarapu Apparao, Chairman, CII National Committee on Space; Ms. Jaya Choraria, Deputy Trade Commissioner for South Asia, UK; H.E. Mr. Antonio Bartoli, Ambassador of Italy to India; Dr. Pawan Goenka, Chairman, IN-SPACe; Dr V. Narayanan, Secretary, Department of Space; Chairman, Space Commission; and Chairman, ISRO; Mr. Shashwat Goenka, Vice President, CII; H.E. Mr. Philip Green OAM, High Commissioner of Australia to India; Mr. ISHII Yasuo, Senior Vice President, JAXA; Mr. Radha Krishnan A, Chairman and Managing Director, NSIL](https://24x7newsworld.com/wp-content/uploads/2026/09/Screenshot-2026-09-08-at-20-52-52-DSC_6125.JPG-JPEG-Image-6048-%C3%97-4024-pixels-%E2%80%94-Scaled-14_-360x180.avif){kind=tracking}
Bengaluru, Karnataka, India: Thursday, April 27, 2023
- Leased 5.1 msf across 100 deals at 16% leasing spreads, highest deal activity over last 7 years
- Grew NOI by 11% YoY to Rs. 2,766 crores, delivered on annual guidance with Rs. 21.71 per unit distributions
- Accelerated growth with 7.9 msf under active development, Rs. 4,000 crores capital investment expected to add Rs. 900 crores to NOI upon stabilization
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 fourth quarter and full year ended March 31, 2023.
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said,
“Despite global macro volatility, we’re very pleased to achieve our highest ever leasing of 5.1 msf across a record 100 deals. India remains the world’s preferred offshoring destination and continues to attract global businesses looking for skilled talent and low costs, and we’re well positioned to benefit from this secular trend. Backed by our clear strategy to create long-term value for our investors and our fortress balance sheet, we continue to make significant growth investments to our now 45 msf world-class portfolio.”
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. 532 crores or Rs. 5.61 per unit for Q4 FY2023. With this, the cumulative distribution for FY2023 totals Rs. 2,058 crores or Rs. 21.71 per unit. The record date for the Q4 FY2023 distribution is 6 May, 2023, and the distribution will be paid on or before 12 May, 2023.
Business Highlights
- Leased 5.1 msf across 100 deals at 16% spreads, surpassing annual leasing guidance
- Added 44 new occupiers across sectors like insurance, healthcare, retail, and cybersecurity; increased occupier base to 230 marquee corporates
- Awarded global recognition by leading ESG institutions – GRESB, USGBC LEED, British Safety Council and WELL/ IWBI(1)
- Grew Net Operating Income (NOI) by 11% YoY to Rs. 2,766 crores
- Delivered distributions of Rs. 2,058 crores or Rs. 21.71 per unit, marking the 16th consecutive quarter of 100% payout
- Refinanced Rs. 5,340 crores debt at 101 bps positive spreads, maintained best-in-class balance sheet with low 28% leverage, attractive 7.2% debt cost and AAA/Stable credit ratings
- Launched 2.3 msf new development in Bengaluru at attractive 23% yields, including first-of-its-kind 1.2 msf redevelopment project at Embassy Manyata
- Acquired 1.4 msf Embassy Business Hub in North Bengaluru for Rs. 335 crores, NOI and NAV accretive tuck-in acquisition financed with attractive 8.1% debt
- Accelerated active development to 7.9 msf at committed capital investment of Rs. 4,000 crores, expected to add Rs. 900 crores to NOI upon stabilization
