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Embassy REIT Q2 net operating income up 30% at Rs 624 cr; distributes Rs 537 cr to unit holders

Office space leased by the company stands at about 7 lakh sq ft during the second quarter, including renewals and new leases. Its new lease pipeline stands at 5 lakh sq ft

Embassy Office Parks REIT, India's first Real Estate Investment Trust (REIT), on October 29 reported a 30 per cent year-on-year growth in net operating income at Rs 624 crore for the quarter ended September. It also reported significant uptick in deal activity with 713K sq ft of total lease-up, delivering at 20% leasing spread.

The company is hopeful of a strong demand revival by early to mid-2022, with Bengaluru expected to lead India’s office recovery story.

In a regulatory filing, the company said that it will distribute Rs 537 crore to the unit holders.

The distribution comprises Rs 108.06 crore in the form of interest, less applicable taxes, if any, Rs 240.76 crore in the form of dividend and Rs 187.68 crore in the form of proceeds of amortization of SPV (Special Purpose Vehicle) level debt. The record date for the Q2 FY2022 distribution is November 10, 2021, and it will be paid on or before November 13, 2021.