Latest news with #EmbassyOfficeParksREIT
Time of India
30-05-2025
- Business
- Time of India
Embassy Developments posts ₹123.04 crore profit in Q4 FY25
NEW DELHI: Embassy Developments (EDL) has reported net consolidated profit after tax of ₹123.04 crore during the quarter ended March 31, 2025. It had registered loss after tax ₹90.05 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹1,182.61 crore in Q4 FY25 as against ₹401.54 crore it recorded in the similar quarter last year. The board of directors have appointed Parag Saraiya, as chief operating officer (North and West), Reeza Sebastian Karimpanal as chief revenue officer (Residential) and Hriday Desai as chief development officer. The company is in the process of considering a divestment of one of its projects located in Whitefield, Bengaluru . Accordingly, EDL will offer an acquisition opportunity to Embassy Office Parks REIT involving a commercial real estate development project, comprising a potential leasable area of approximately 3.3 million sq ft upon completion with an estimated gross development value in the range of ₹3,200 – ₹3,700 crore. During the quarter the company has purchased investments in Summit Developments, Embassy East Business Parks and Embassy One Developers for consideration other than cash. The company is targeting 10 project launches in FY26 with gross development value (GDV) in excess of ₹22,000 crore, pre-sales of ₹5,000 crore and collections of ₹2,200 crore. It reported pre-sales of ₹2,000 crore in FY25, registering a growth of 11 per cent year-on-year from ₹1,800 crore. Collections stood at ₹1,900 crore in FY25. It launched three new residential projects in FY25 with a topline of ₹1,700 crore & 1.6 million sq ft of saleable area. The company acquired six new projects during FY25 with an estimated GDV of ₹9,200 crore & five million sq ft of saleable area. EDL's gross debt stood at ₹2,756 crore, with 0.3x debt to equity, total equity was at ₹9,327 crore, cash & cash equivalents was at ₹483 crore and net debt stood at ₹2,273 crore in FY25.
Time of India
20-05-2025
- Business
- Time of India
Embassy REIT raises ₹2,000 crore debt at 7.21%
NEW DELHI: Embassy Office Parks REIT ( Embassy REIT ) has raised ₹2,000 crore of coupon-bearing debt at an interest rate of 7.21% for a three year-tenor. The proceeds will be used to refinance certain existing debt and will save 77 basis points (bps) in interest costs compared to the current rate. Ritwik Bhattacharjee , chief executive officer of the company said, ""We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalize on future growth opportunities." The company witnessed a robust demand from institutional investors with 11 different investors participating in the issue of non-convertible debentures (NCDs). The REIT has opted to exercise the call option on its Series IX NCDs of ₹500 crores, carrying a coupon of 8.03%, for early repayment on June 4, 2025, ahead of the original maturity date of September 4, 2025. CRISIL has assigned "AAA/Stable" rating to the NCDs issued. Talwar Thakore & Associates served as the legal counsel to Embassy REIT.
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Business Standard
20-05-2025
- Business
- Business Standard
Embassy Office Parks REIT raises Rs 2K cr via debt issuance at 7.21%
Debt raised for three-year tenor to refinance existing obligations, saving 77 basis points; REIT targets FY26 growth with Rs 24.5-26 distributions per unit Bengaluru Bengaluru-based Embassy Office Parks REIT said on Tuesday that it had raised Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.21 per cent for a three-year tenor. The funds will be used to refinance existing debt, resulting in an estimated interest cost saving of around 77 basis points. 'We are pleased to announce this fundraise. This transaction showcases Embassy REIT's fortress balance sheet and reinforces our standing as the leading credit in India's commercial real estate sector. We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalise on future growth opportunities,' said Ritwik Bhattacharjee, chief executive officer, Embassy REIT. The NCD issuance of Embassy REIT Series XIII NCDs (2025) was priced at an effective interest rate, fuelled by demand from institutional investors, with participation from 11 entities. Bhattacharjee said that Embassy REIT has chosen to exercise the call option on its Rs 500 crore Series IX NCDs, which carry a coupon of 8.03 per cent. The early repayment is scheduled for 4 June 2025, three months ahead of the original maturity date of 4 September 2025. For FY26, Bhattacharjee acknowledged current socio-economic challenges but expressed confidence in sustained demand driven by Global Capability Centres (GCCs). He emphasised Embassy REIT's commitment to execution, cost optimisation, and meeting its FY26 targets. The REIT projects distributions of Rs 24.50 to Rs 26 per unit — a 10 per cent year-on-year growth at the midpoint — alongside 93–94 per cent occupancy by value and net operating income (NOI) between Rs 35.9 billion and Rs 38.1 billion, reflecting a 13 per cent increase. Embassy REIT is India's first publicly listed real estate investment trust and the largest office REIT in Asia, by area. The company owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
Business Standard
30-04-2025
- Business
- Business Standard
Embassy Office Parks REIT reports consolidated net loss of Rs 242.88 crore in the March 2025 quarter
Sales rise 11.85% to Rs 1097.74 crore Net loss of Embassy Office Parks REIT reported to Rs 242.88 crore in the quarter ended March 2025 as against net profit of Rs 283.41 crore during the previous quarter ended March 2024. Sales rose 11.85% to Rs 1097.74 crore in the quarter ended March 2025 as against Rs 981.42 crore during the previous quarter ended March 2024. For the full year,net profit rose 68.51% to Rs 1624.44 crore in the year ended March 2025 as against Rs 964.03 crore during the previous year ended March 2024. Sales rose 8.15% to Rs 4126.62 crore in the year ended March 2025 as against Rs 3815.74 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 1097.74981.42 12 4126.623815.74 8 OPM % 29.3276.14 - 60.4176.00 - PBDT 6.83496.77 -99 1334.561974.39 -32 PBT -295.36328.28 PL 193.041089.07 -82 NP -242.88283.41 PL 1624.44964.03 69 First Published: Apr 30 2025 | 7:37 AM IST
Mint
30-04-2025
- Business
- Mint
Embassy REIT Grows Distributions by 8% in FY2025 and Projects Double-Digit Distribution Growth in FY2026
Delivers distributions of Rs. 2,181 crores (Rs. 23.01 per unit), exceeds mid-point distribution guidance by 1.1% Leases 6.6 msf across 98 deals; exceeds full year initial leasing guidance of 5.4 msf by 22% Grows Revenue and Net Operating Income by 10% YoY to annual record of Rs. 4,039 crores and Rs. 3,283 crores, respectively Provides FY2026 guidance with distributions in the range of Rs. 24.50 to Rs. 26.00 per unit, implying a 10% YoY growth in distributions at midpoint and occupancy in the range of 93%-94% by value Evaluating potential acquisition opportunities through both the Embassy Sponsor and third parties 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, 2025. Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, 'We're delighted to report another excellent year for Embassy REIT as we mark six years since our listing in April 2019. In FY2025, we leased 6.6 msf, delivered 2.5 msf of new development and acquired a 5.0 msf high-quality asset. Notably, we increased distributions by 8% and are pleased to guide to double-digit distribution growth in FY2026. Our business is in excellent shape and our world-class office portfolio continues to see strong demand from leading companies across the globe.' 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. 538 crores or Rs. 5.68 per unit for Q4 FY2025. With this, the cumulative distribution for FY2025 totals Rs. 2,181 crores or Rs. 23.01 per unit. The record date for the Q4 FY2025 distribution is May 3, 2025, and the distribution will be paid on or before May 9, 2025. Business Highlights Leased 6.6 msf across 98 deals in FY2025 including 4.0 msf of new leases, 1.6 msf of renewals and ~1 msf of pre-leases Global Capability Centers (GCCs) across sectors accounted for ~60% of the annual leasing activity Portfolio occupancy stands at 91% by value* —Bengaluru at 92%, Mumbai at 100%, and Chennai at 95% Grew Revenue from Operations and Net Operating Income (NOI) by 10% YoY to a record Rs. 4,039 crores and Rs. 3,283 crores, respectively Delivered Distributions of Rs. 2,181 crores or Rs. 23.01 per unit, up 8% YoY for FY2025; Cumulative distributions of over Rs. 12,000 crores since listing Refinanced ~Rs. 6,300 crores debt at an average rate of 7.98%; Continue to maintain a strong balance sheet with dual AAA/Stable credit ratings Operational & Growth Highlights Delivered 2.5 msf new development in Bengaluru; Current development pipeline of 6.1 msf in Bengaluru & Chennai at 18% yield on cost Acquired 5.0 msf premium business park in Chennai; Actively evaluating inorganic growth opportunities including ROFO assets from the Embassy Sponsor as well as other assets from third parties Hotel portfolio performed strongly with 63% occupancy up 7% YoY, 12% ADR growth and growth in annual EBITDA by 25% Investor Materials and Quarterly Investor Call Details Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the year ended March 31, 2025 (ii) an earnings presentation covering Q4 FY2025 results and FY2025 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at Embassy REIT will host a conference call on April 29, 2025 at 18:30 hours Indian Standard Time to discuss the Q4 FY2025 and full year FY2025 results. A replay of the call will be available in the Investors section of our website at About Embassy REIT Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 51.1 msf portfolio of 14 office parks in India's best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region ('NCR') and Chennai. Embassy REIT's portfolio comprises 40.3 msf completed operating area and is home to 272 of the world's leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT's industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit Disclaimer This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited ('the Manager') in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units. This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained. In addition to statements which are forward looking by reason of context, the words 'may', 'will', 'should', 'expects', 'plans', 'intends', 'anticipates', 'believes', 'estimates', 'predicts', 'potential' or 'continue' and similar expressions identify forward-looking statements. There can be no assurance that any potential opportunities will result in definitive transactions. This press release also contains certain financial measures (including guidance and proforma information) which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT's financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments. Actual legal entity name of occupiers may differ. *Occupancy by value refers to occupancy of the commercial offices weighted by the Gross Asset Value (GAV) of completed commercial offices Shwetha Reddy (Head - Marketing and Communications), Embassy REIT, shwetha.r@ +91-8867845915; Amit Kharche (Head – Corporate Finance), Embassy REIT, ir@ +91 (80) 69354864 First Published: 30 Apr 2025, 11:04 AM IST
