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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

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