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Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy 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."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 5,308 million or Rs 5.6 per unit for 4Q FY2021.The cumulative distribution for FY2021 totals Rs 18,364 million or Rs 21.48 per unit, which is on target with the guidance issued earlier by management. The record date for the 4Q FY2021 distribution is May 7, 2021 and the distribution will be paid on or before May 14, 2021.Financial Highlights - Full Year FY2021Net Operating Income ('NOI') grew year-on-year by 12 per cent, with operating margins of 86 per centSimplified the holding structure of Embassy Manyata, thereby increasing the tax-free component of distributions to 78 per cent for 4Q FY2021Raised Rs 52 billion debt at attractive 6.9 per cent coupon, refinanced Rs 32.8 billion leading to 336 bps interest savingsFortress balance sheet with liquidity of Rs 15.5 billion and low leverage of 22 per cent; ample headroom to finance on-campus development and new acquisitionsBusiness Highlights - Full Year FY2021Stable occupancy of 88.9 per cent with strong rent collections at 99.8 per cent on 32.3 msf operating portfolioAchieved rent increases of 13 per cent on 8.4 msf across 90+ leasesLeased 1.2 msf across 40+ deals, achieved 15 per cent re-leasing / renewal spreadAchieved top-out of 1.1 msf JP Morgan campus in Mar'21, on track for Sep'21 deliveryContinued construction on additional 4.6 msf new build, targeted completion in 2 to 3 yearsOther InitiativesOur parks remain open with focus on ensuring safe workspaces and business continuity for our occupiersSet up vaccine centers at Embassy Manyata and Embassy TechVillage with vaccination roll out for 4,900 frontline staff underwaySubscribed to WELL Portfolio™ program to create healthier office buildings and thriving business ecosystemsBuilt a second government school in February 2021 in partnership with ANZ, school to benefit 1,200 studentsInvestor Materials and Quarterly Investor Call DetailsEmbassy REIT has released a package of information on the quarterly and full year results and performance, that includes (i) audited standalone and audited consolidated financial statements for the year ended March 31, 2021, (ii) audited condensed standalone and audited condensed consolidated financial statements for the quarter and year ended March 31, 2021, (iii) an earnings presentation covering 4Q FY2021 and FY2021 results, and (iv) supplemental operating and financial data book that is in line with leading reporting practices across global REITs. All these materials are available on our website at under the "Investors" section.Embassy REIT will host a conference call on April 29, 2021 at 18:30 hours Indian Standard Time to discuss the 4Q FY2021 and full year FY2021 results. A replay of the call will be available till May 14, 2021 on our website at under the "Investors" section.DisclaimerThis 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, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, 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, such as COVID-19. 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.This press release also contains certain financial measures 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.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 fourth quarter and full year ended March 31, 2022. ...

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Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy 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. ...