Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy REIT') updates on taxation impact in budget.
While the recent announcements in the Budget have created some uncertainties in the market regarding the taxation of one of the distribution components, the announcement impacts around 40% of our current distributions. Plus, REITs are a total return product combining steady distributions with upside on account of capital appreciation driven by growth levers. We, along with other Industry participants, are currently evaluating next steps, including suitable representations given the to-date attractiveness and success of the product, especially to retail investors.
As demonstrated by our recent 3QFY2023 performance, our results are strong, our business model is growth-oriented, and we paid out our 15th consecutive quarter of 100% distributions, now totalling Rs.7,300 crores. At 27% leverage and a 7.2% cost of capital with AAA rating, we are proud to have the best credit in the real estate industry. Our best-in-class unitholder register comprises sovereign wealth funds, global mutual funds, domestic mutual funds, life insurers, family offices, High net worth individuals and retail investors. We will continue to serve the interests of all our stakeholders by doing what we've done before we listed and since we've listed: providing the best office solutions to the world's best companies.
Shares of Embassy Office Parks REIT was last trading in BSE at Rs. 301.67 as compared to the previous close of Rs. 306.44. The total number of shares traded during the day was 79863 in over 2378 trades.
The stock hit an intraday high of Rs. 312.50 and intraday low of 300.25. The net turnover during the day was Rs. 24255946.00.