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New Delhi: Embassy Office Park REIT ,Embassy REIT) has reported a 27.34 per cent increase in its net profit during the quarter ended March 31, 2023. Its profit after tax (PAT) stood at Rs 35.54 crore in Q4 FY23 as against Rs 27.91 crore reported in the same quarter of FY23. in the last financial year, the company said in a BSE filing.
The company’s consolidated total income in Q4 FY23 was Rs 900.59 crore, a growth of 15.04 per cent over Rs 782.85 crore reported in the same quarter last year.
board of directors of Embassy Office Park Management Servicesembassy manager REITaccepted the resignation of Vikas Khadloya As Chief Executive Officer (CEO) with effect from June 30, 2023. Khadaloya intends to pursue other interests.
Jitu Virwani, chairman and managing director of Embassy Group, said, ‘Arvind was a key member of REITEstablished the management team and has been instrumental in driving its success since listing. We are very grateful for his leadership of the development Embassy REIT In the past few years, especially during the two years of the pandemic. We wish him success in his future endeavours.”
approved the appointment of Arvind Maiya As the new CEO with effect from July 01, 2023. Maiya previously joined as the Chief Financial Officer of Embassy REIT.
Tuhin Parikh, Head of Real Estate India, Blackstone, said, “Vikas has played a key role in the growth of this portfolio since 2011, and we thank him for his contribution to the success of Embassy REIT. Under Arvind’s leadership, we look forward to taking Embassy REIT to greater heights.”
The board declared a distribution of 5,317.68 million / Rs 5.61 per unit for the quarter ending March 31, 2023. The distribution includes Rs 815.19 million / Rs 0.86 per unit as interest, less applicable taxes, if any, of Rs 2,663.58 million / Rs. Rs 2.81 per unit as dividend and Rs 1,838.91 million/ Rs 1.94 per unit as repayment of SPV level loan.
It also declared a net asset value of Rs 394.88 per unit for Embassy REIT as on March 31, 2023.
The company leased out 5.1 million sq ft in 100 deals at 16% spread, added 44 new occupiers across sectors, refinanced debt of Rs 5,340 crore at 101 bps positive spread, maintained a balance sheet with a low 28% leverage, 7.2% cost of debt and AAA/Stable credit rating during the said quarter.
It launched a 1.2 million sq ft redevelopment at Embassy Recognition at a 22% yield on cost, the company said in an investor presentation. The company leased 712,000 square feet across 26 deals in Q4, including 505,000 square feet of new lease-up at 18% re-leasing spread and 45,000 square feet of renewal at 2% MTM spread. It achieved 14% rental growth on 8.2 million sq ft and 16% expansion on 1.8 million sq ft renewed. 2.2 million sq ft of exits provide significant 25% MTM capacity
During Q4 FY23, Volkswagen leased 43,000 sq ft at Embassy Techzone, Tata Telecommunications leased 37,000 sq ft at Embassy Golflinks, Epirock Mining leased 37,000 sq ft at Embassy Manyata and ICICI-Lombard leased 29,000 sq ft at Embassy 247 But took
Embassy REIT completed the acquisition of Embassy Business Hub with a total leasable area of 1.4 million sq ft for a total enterprise value of Rs 3.3 billion. The Grade-A office property is located in North Bengaluru. The transaction is to be financed primarily through secured debt at 8.1% cost of debt. Phase 1 of Embassy Business Hub comprises 0.4 million sq ft of leasable area, of which 93% is already committed to Philips, while Phase 2 comprises 1 million sq ft of leasable area and is currently under development. It is in the nascent stage, providing scope for further development. at a 12% yield, the company said in an investor presentation.
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