Embassy REIT Q1 results: Net operating income up 3% to Rs 757.5 cr

Embassy Office Parks REIT on Thursday reported a 3 per cent increase in its net operating income to Rs 757.5 crore in the June 2024 quarter and announced distribution of Rs 530.8 crore to unitholders.

The net operating income (NOI) stood at Rs 737.6 crore in the year-ago period.

The board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting, declared a distribution of Rs 531 crore or Rs 5.60 per unit for the first quarter of 2024-25.

"We are delighted to report another excellent quarter of strong leasing across our portfolio. We leased 1.9 million square feet this quarter, marking a 70 per cent YoY (year-on-year) increase, and we have a strong pipeline across Bengaluru, Noida and Chennai," Aravind Maiya, Chief Executive Officer of Embassy REIT, said.

The company has strengthened its partnership with one of its largest occupiers through a new redevelopment project at Embassy Manyata in Bengaluru, he said.

"Our distributions