Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
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

Other Headlines:

Ambuja Cements Ltd Q4 CY2019 consolidated PAT lower at Rs. 591.54 crore

ICRA revises long term rating of Indiabulls Housing Finance Limited

GMR Infrastructure Limited announces Strategic Partnership with Groupe ADP for Airports Business

Muthoot Finance Ltd announces pricing of USD 550 million 4.40% notes

UFO Moviez India Ltd board to consider interim dividend on Feb 27, 2020

Dr. Reddy's Laboratories Ltd receives EIR for Duvvada Formulations Plant

Dhanlaxmi Bank Ltd receives RBI nod for appointment of MD & CEO

Sharda Cropchem Ltd Board to consider Second Interim Dividend for FY20

Ambuja Cements Ltd Board recommends Dividend of Rs. 1.50 for CY2019

Plastiblends India Ltd board to consider interim dividend on Feb 25, 2020

Cyient Organizes Blood Donation Drive at its Hyderabad Campus

TCS Named as One of the Fortune Best Big Companies to Work For™ in 2020

India Infoline Finance Ltd raises $400 million

Ambuja Cements Limited appoints Mr. Neeraj Akhoury as new MD and CEO

Garware Technical Fibres Ltd to dispose business undertaking in USA

AstraZeneca Pharma India Ltd launches FDC of Dapagliflozin 10mg + Saxagliptin 5mg film coated tablets (QTERN®)

DCW Limited is the biggest beneficiary of the recently announced anti-dumping duty on imported C-PVC

Jubilant FoodWorks Ltd Board to consider interim dividend on Feb 27, 2020

Jubilant Life Sciences Ltd board to consider interim dividend for FY2020

JK Paper Ltd board to consider interim dividend on Feb 27, 2020

Shri N Baijendra Kumar, CMD, NMDC wins Business Leadership Award

Cyril Amarchand Mangaldas Advises Avenue Supermarts Limited on its INR 4098 Cr. QIP

PVR Ltd board to declare interim dividend on Feb 28, 2020

ICRA assigns ratings to KPIT Technologies Ltd

A.M. Best Affirms A-(Excellent) Rating of The New India Assurance Company Limited

Cipla Ltd board to consider interim dividend for FY2020

SBI Cards IPO to open for subscription on March 2, 2020

Axis Bank to explore long-term strategic partnership with Max Life

Genus Power wins 'Innovative Initiative in the Power Sector', 2020 award for its Smart Metering Pilot project in UAE

JK Cement Ltd board to consider interim dividend on Feb 28, 2020

Shoppers Stop Ltd closes stores at Orion East Mall, Bengaluru and Grant Mall, Chennai

KRBL Ltd board to consider interim dividend for FY2020

Future Lifestyle Fashions Ltd board approves issue of securities to IFC

Trident Ltd board declares interim dividend of Rs. 0.18

Century Plyboards India Ltd forms new subsidiary company

Valiant Organics Ltd board to consider 2nd interim dividend on Feb 28, 2020

Sonata Software Ltd board to consider interim dividend on Feb 26, 2020

JB Chemicals & Pharmaceuticals Ltd board declares interim dividend of Rs. 10

Anuh Pharma Ltd receives CEP for Ambroxol Hydrochloride for EU market

TCS Positioned as a Leader in Application Transformation Services by Everest Group

CARE Ratings Limited updates on ratings of Pitti Engineering Ltd

HGS Recognized on IAOP's 'The 2020 Global Outsourcing 100®' List

Shreyas Shipping & Logistics Ltd announces sale of Vessel 'SSL Kutch'

Redington India Ltd board approves 2nd interim dividend of Rs. 2.80

Cholamandalam Investment and Finance Company Ltd board to consider interim dividend for FY20

Tarini International Ltd updates on SEBI AO Order

Sunteck Realty Ltd has sold 1800 apartments at Sunteck MaxXWorld

Thomas Cook India Ltd board to consider buy back on Feb 26, 2020

Delhi International Airport Ltd offers $150 mn senior secured notes

IndiGo to enable faster ground operations and reduce aircraft turn-around time with WheelTug Systems

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

disclaimer copyright © 2005 - 2019