Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Embassy Office Parks REIT Announces Third Quarter FY 2019-20 Results and Quarterly Distributions of Rs. 4,707 million

Posted On: 2020-02-14 22:37:24


Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy REIT'), India's first listed REIT and the largest in Asia by area, reported results today for the fiscal third quarter ended December 31, 2019.

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. 4,707 million or Rs. 6.1 per unit for 3Q FY2020. The cumulative distribution for YTD FY2020 totals Rs.13,504 million or Rs.17.5 per unit. The record date for the 3Q FY2020 distribution is February 24, 2020 and the distribution will be paid on or before February 29, 2020.

Commenting on the quarterly results, Michael Holland, Chief Executive Officer of Embassy REIT said, "Our office portfolio continues to deliver. In 2019, leasing across the Indian markets crossed a record 60 million square feet ("msf"), again underlining the strength of India's office sector as the leading office absorption market globally. We continue to capitalize on this occupier demand, driven by international corporations, through consistent leasing, early delivery of our accretive development pipeline, commencement of additional on-campus office developments and the acquisition of additional area to support further growth at our largest business park."

Financial Highlights

- Revenue from Operations for 3Q FY2020 grew year-on-year by 14% to Rs. 5,459 million and cumulatively grew year-on-year by 16% for YTD FY2020

- Net Operating Income for 3Q FY2020 grew year-on-year by 16% to Rs. 4,639 million and cumulatively grew year-on-year by 17% for YTD FY2020

- Net Operating Income margin for 3Q FY2020 and YTD FY2020 was 85% reflecting scale efficiencies and low manager fees

- Raised Rs.16,400 million debt at 9.03%; balance sheet continues to be conservatively levered with Net Debt to TEV (Total Enterprise Value) at 12% as of December 31, 2019

Business Highlights

- Portfolio occupancy increased to 95.1% as on December 31, 2019, an increase of 220 bps year-on-year and 40 bps quarter-on-quarter

- New leasing for 3Q FY2020 was c.527k sf with a strong forward pipeline of c.500k sf

- Cumulative new leasing for YTD FY2020 stood at record c.1.7 msf delivering on embedded growth with a 56% mark-to-market spread on c.1.1 msf of re-leasing

Growth Initiatives

- Delivered c.1.4 msf of office space ahead of schedule with 44% pre-committed to occupiers

- Launched next phase of growth with an additional c.2.6 msf of on-campus projects

- Acquired 0.6 msf leasable area within the overall Embassy Manyata business park in Bengaluru, at 9.25% initial yield on development completion in 4Q FY2023


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

MT Educare Limited reports earnings for FY2020

HCL Technologies Ltd board to consider Q2, H1FY21 results and interim dividend on Oct 16, 2020

SBI to consider raising of Rs. 5000 crores

Reliance Retail Ventures Ltd receives subscription of ₹. 7500 crore from Silver Lake

Ujjivan Small Finance Bank makes a foray into Small Commercial Vehicle Finance

Escorts - Kubota JV starts commercial production of Kubota Tractors

NALCO and NRL sign MOU for long term supply of CP Coke

Ugro Capital Ltd receives Corporate Agency License from IRDAI

NCL Industries Ltd terminates JV agreement with Qingdao Xinguangzheng Steel Structure Company Ltd

Equitas Small Finance Bank Ltd reduces size of equity issue

Narendra Investments (Delhi) Ltd to foray into speciality and fine chemicals business, change name

This festive season, be ready to ruffle up some feathers with Fastrack x Ananya Panday

Tata Chemicals wins 'ICC Acharya P.C Ray Award for Development of Indigenous Technology'

Make your kitchen plastic-free with Glass Storage containers

CRISIL upgrades ratings of Solara Active Pharma Sciences Ltd

Canara Bank board to raise Rs. 2000 crore through QIP

SBI Card launches new brand campaign 'Contactless Connections'

RBI grants in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit to Vakrangee Ltd

Asian Granito India Ltd eyes robust sales growth from 'Bharat' markets

United Drilling Tools Limited's Equity share to list on National Stock Exchange of India Limited

Dr. Reddy's announces the launch of Dexmedetomidine Hydrochloride in 0.9% Sodium Chloride Injection in the U.S. Market

Granules India Limited announces US FDA approval of Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC)

Hitachi ABB Power Grids energizes first stage of Raigarh-Pugalur 800 kV UHVDC transmission link

Zydus Cadila receives final approval from USFDA for Dimethyl Fumarate Delayed-Release Capsules

Meera Industries Ltd receives export order of $140,000

Pritish Nandy Communications's show for Amazon gets International Emmy Nomination

Cipla receives final approval for generic version of Biogen IDEC Inc.'s Tecfidera®

GMR Infrastructure Ltd announces divestment of Group's entire stake in Kakinada SEZ Limited

Yedeshi Aurangabad BOT Project receives completion certificate

ONGC to soon resume operations in Hazira Plant after fire

CRISIL reaffirms rating of BASF India Limited's NCDs

Gayatri Projects Limited receives contract from OMC

RITES Limited secures contracts for Rs. 205.85 crore

Kotak Partners Delhi Capitals, Launches MyTeam Card - Special Cricket Edition Debit & Credit Cards

GAIL maintains CNG and D-PNG supplies despite upstream disruptions

Nestle India Ltd board to consider Q3 results on Oct 23, 2020

The Ramco Cements Ltd enters into MoU with Government of Tamil Nadu for establishment of an Apex Skill Development Centre at Ariyalur

Marico Limited divests stake in Revofit

maurices Partners with TCS to Build Greenfield IT Ecosystem for its Growth and Transformation

Mahindra & Mahindra increases its stake to 74.97% in Sampo Rosenlew

Ramco Systems signs agreement with United Arab Shipping Company Limited

Dynamatic receives contract with Boeing in support of T-7A Red Hawk

J. Kumar Infraprojects Ltd receives LOA from MMRDA, DMRC

Kotak Partners Mumbai Indians, Launches MyTeam Card - Special Cricket Edition Debit & Credit Cards

Edelweiss Tokio Life to focus on 'Impacting Lives'

Mindspace Business Parks REIT first real estate entity from India to pledge commitment to the Climate Group's EV100 initiative

Panacea Biotec announces successful completion of Phase I / II study of its novel, Tetravalent recombinant chimeric Dengue candidate vaccine, DengiAll

Tata Elxsi Opens Global Engineering Center (GEC) for Schaeffler's mobility solutions

Jindal Stainless Limited clarifies on pledged shares with SBICAP

Jindal Stainless Limited clarifies on pledged shares







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019