Embassy REIT Reports 12% y-o-y Increase in Net Operating Income for FY 2021
April 30, 2021– Embassy Office Parks REIT, India’s first listed REIT and the largest in Asia by area, reported results today for the fourth quarter and full year ended March 31, 2021.
Michael Holland, Chief Executive Officer of Embassy REIT said, “Despite the significant challenges caused by the Covid-19 pandemic, Embassy REIT has again performed strongly and delivered on its financial guidance. We continue to provide safe work environments for our occupiers and we are working with local authorities to support the response to the second wave of the pandemic, including initiating vaccination programmes at our parks. Despite second wave headwinds, our global occupiers continue to report strong earnings and hiring growth which we believe will translate into demand for quality offices in due course. With our leading presence in India’s highest absorption markets, our low leverage levels and our access to capital markets, we are well positioned to capitalize on the fundamental global demand for Indian office space that will long outlast this pandemic.”
Financial Highlights – Full Year FY2021
- Net Operating Income (‘NOI’) grew year-on-year by 12%, with operating margins of 86%
- Simplified the holding structure of Embassy Manyata, thereby increasing the tax free component of distributions to 78% for 4Q FY2021
- Raised ₹52 billion debt at attractive 6.9% coupon, refinanced ₹32.8 billion leading to 336 bps interest savings
- Fortress balance sheet with liquidity of ₹15.5 billion and low leverage of 22%; ample headroom to finance oncampus development and new acquisitions