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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 third quarter ended December 31, 2021.Michael Holland, Chief Executive Officer of Embassy REIT, said,"We are delighted to announce another great set of results despite Covid disruptions, once again underscoring the resilience and growth potential of Embassy REIT. We continue to see multiple positive indicators for our business - the uptick in new leasing, our delivery of the 1.1 million square feet ('msf') JP Morgan campus, our 4.6 msf of development pipeline, and a 5 msf potential acquisition opportunity in Chennai. Positive leasing momentum gives us the confidence to increase our guidance for the full year FY2022 as we look beyond the external challenges of the past two years. We are excited for the next phase of growth and value creation for our Unitholders through our focused investments in developing, enhancing, and expanding our world-class portfolio."Business HighlightsLeased 428k square feet ('sf') at 24% spreads across 15 deals, achieved 14% rent increases on 1.8 msfRaised FY2022 full year guidance for new leasing from 400k sf to 1 msf, already achieved ~700k sf YTDAdded 8 new occupiers including from high-growth sectors such as SaaS, logistics and e-commerce; occupier roster now over 200Successfully integrated Rs 9,782 crores Embassy TechVillage ('ETV') property within a year of acquisition, delivered better than underwriting on a number of metricsFinancial HighlightsGrew Net Operating Income ('NOI') by 30% to Rs 621 crores, with operating margin of 84%Raised FY2022 full year guidance for both NOI and Distribution per Unit ('DPU'); NOI estimate now up by 3% to Rs 2,450 croresRaised Rs 4,600 crores at 6.5% to refinance existing zero-coupon bond, delivered significant 300 bps or Rs 130 crores proforma annual interest savingsMaintained strong balance sheet with low leverage of 24% and Rs 11,600 crores debt headroom to finance growthGrowth InitiativesDelivered 1.1 msf JP Morgan campus at ETV within budget, commenced new growth cycle with 1.9 msf new office developmentContinued construction in full swing on 4.6 msf on-campus development projects, labor at sites at peak strengthReceived Right of First Offer ('ROFO') notice for 5 msf Embassy Splendid TechZone, Chennai from Embassy SponsorLaunched one of Asia's largest solar rooftop projects, with over 20 MW scale and over 30% projected IRR; committed to 75% renewable energy by FY2025The 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 493 crores or Rs 5.20 per unit for Q3 FY2022. Of this, Rs 4.32 per unit or 83% of distributions are tax-free for Unitholders. The record date for the Q3 FY2022 distribution is February 07, 2022 and the distribution will be paid on or before February 12, 2022.Investor Materials and Quarterly Investor Call DetailsEmbassy REIT has released a package of information on the quarterly results and performance, that includes (i) reviewed condensed consolidated financial statements for the quarter and nine month period ended December 31, 2021, (ii) an earnings presentation covering Q3 FY2022 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 January 28, 2022 at 18:00 hours Indian Standard Time to discuss the Q3 FY2022 results. A replay of the call will be available in the Investors section of our website at .This story is provided by BusinessWire India.will not be responsible in any way for the content of this article. (ANI/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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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 third quarter ended December 31, 2021. ...