BusinessWire India
Bengaluru (Karnataka) [India], November 6: 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 second quarter ended September 30, 2025.
Amit Shetty, Chief Executive Officer of Embassy REIT, said,
"We are pleased to report an outstanding quarter across our business - from strong leasing momentum to record distributions. We leased 1.5 msf this quarter to marquee names, occupancy climbed to 93%, and we delivered our highest quarterly distributions since listing. As we scale our development pipeline and evaluate further growth opportunities, we remain steadfast in our commitment to build enduring value for all our stakeholders."
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. 617 crores or Rs. 6.51 per unit for Q2 FY2026. The record date for the Q2 FY2026 distribution is November 08, 2025, and the distribution will be paid on or before November 14, 2025.
Business Highlights
- Leased 1.5 msf across 20 deals during the quarter, including ~1.0 million square feet of new leases, 0.4 million square feet of renewals, and ~64,000 square feet of pre-leases in Chennai
- Bengaluru led demand, accounting for over 85% of Q2 leases. Chennai also saw strong traction, driven by sustained GCC interest in our recently acquired asset within a key micro-market
- Overall portfolio occupancy rose to 93% by value and 90% by area
- Strong occupancy across markets - Bengaluru at 95% (75% of GAV), Mumbai at 100%, Chennai at 96%, and Noida at 92%
Financial Highlights
- Grew Revenue from Operations by 13% YoY to Rs. 1,124 crores and Net Operating Income (NOI) by 15% YoY to Rs. 927 crores
- Delivered record quarterly distributions of Rs. 617 crores or Rs. 6.51 per unit, up 12% YoY
- Successfully completed India's first-ever 10-year NCD issuance by a REIT, raising Rs. 2,000 crores from marquee institutional investors. Further, raised Rs. 400 crore via commercial paper at ~6.44% p.a., underscoring the REIT's strong credit fundamentals
- Based on independent valuation as of September '25, the REIT's Gross Asset Value increased by 8% YoY to Rs. 63, 980 crores, and Net Asset Value by 7% to Rs. 445.91 per unit
Operational & Growth Highlights
- Delivered 0.9 msf new development in Bengaluru, 100% leased to Fortune 500 retail major
- Launching 2 msf of new development in Chennai, bringing the total development pipeline to 7.2 msf, with 42% pre-leased (including expansion options), offering attractive yields on cost
- Hospitality portfolio EBITDA rose 12% YoY, driven by a 16% increase in ADRs across operating hotels
- Actively evaluating multiple acquisition opportunities from both third parties and Embassy Group
*Occupancy by value refers to occupancy of the commercial offices weighted by the Gross Asset Value (GAV) of completed commercial offices
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) unaudited standalone and consolidated financial results for the quarter, and half year ended September 30, 2025 (ii) an earnings presentation covering Q2 FY2026 results and, (iii) supplemental operating and financial data book that conforms with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at www.embassyofficeparks.com.
Embassy REIT will host a conference call on November 5, 2025 at 18:30 hours Indian Standard Time to discuss the Q2 FY2026 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com.
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