Saturday, July 4, 2020
News
NEWS HOME
»
PRN INDIA
Embassy Office Parks REIT Announces Results for Fourth Quarter and Fiscal Year FY2019-20
  SocialTwist Tell-a-Friend  
   

Distributes ₹18,821 million in first full year since listing

BENGALURU, India, May 19, 2020 /PRNewswire/ -- 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, 2020.

Embassy Office Parks Logo

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 ₹5,317 million or ₹6.89 per unit for 4Q FY2020. The cumulative distribution for FY2020 totals ₹18,821 million or ₹24.39 per unit. The record date for the 4Q FY2020 distribution is May 28, 2020 and the distribution will be paid on or before June 3, 2020.

Michael Holland, Chief Executive Officer  said, "We are very pleased with our strong business performance in fiscal 2019-20. Since Embassy REIT listed in April 2019, we have delivered a total return of c.25%. Our fourth quarter income and distribution payout once again illustrate the stability and resilience of Embassy REIT delivering cash flows that are backed by the covenants of our 160+ largely multinational occupier base.

While the COVID-19 pandemic has resulted in an uncertain near-term outlook for many businesses worldwide, we are uniquely positioned to weather this pandemic-induced storm with our best-in-class office portfolio and strong balance sheet. While demand is likely to moderate considerably through 2020, we believe that in this environment, Grade-A supply will reduce considerably over the medium term, consolidation in the office market will continue and high-quality institutional landlords, such as Embassy REIT, will gain market share."

Financial Highlights for the Fourth Quarter and Fiscal Year

  • Revenue from Operations for 4Q FY2020 grew year-on-year by c.8% to ₹5,434 million and cumulatively grew year-on-year by c.14% for FY2020
  • Net Operating Income for 4Q FY2020 grew year-on-year by c.10% to ₹4,618 million and cumulatively grew year-on-year by c.15% for FY2020
  • Distribution for 4Q FY2020 of ₹5,317 million or ₹6.89 per unit, representing c.100% payout ratio and full year cumulative distribution totals ₹18,821 million or ₹24.39 per unit representing c.99.8% payout ratio
  • Strong balance sheet with ample liquidity and low leverage of c.15% Net Debt to TEV as of March 31, 2020, existing cash and undrawn committed facilities totals ₹13.5 billion and only c.1.3% of total debt matures in the next two years

Business Highlights for the Fourth Quarter and Fiscal Year

  • Achieved overall occupancy of c.92.8% on c.26.2 msf operating office portfolio, with same-store occupancy of c.94.5% considering March 2019 as base year
  • Leased c.389k sf new area during the fourth quarter, with full year lease-up of c.2.4 msf being the highest absorption in previous 5 years
  • Re-leased c.1.1 msf during the year at c.53% releasing spread, renewed an additional c.600k sf at c.19% renewal spread, illustrating the embedded growth in our portfolio
  • Delivered c.1.4 msf new office buildings within existing campuses during the year, c.62% of these new completions already committed

COVID-19 Update

  • Activated our business continuity plan on March 4, 2020, and our centralized taskforce focused on ensuring safe workspaces, on-premise health screenings, and business continuity for occupiers
  • Our properties remained open to support core business functions of our occupiers throughout the national lockdown within the parameters laid out by the government
  • Rent collections from office occupiers remained strong at c.92% for the month of April 2020
  • Halted all construction activity and hotel operations to comply with government directives during the lockdown. We will resume these activities once the government eases lockdown restrictions

Vikaash Khdloya, Deputy CEO and COO  said, "Our fourth quarter operating performance was resilient, led by business continuity support for our occupiers and employee wellness support.  We would like to thank all our employees, the civic authorities, and healthcare professionals who continue to work tirelessly during this challenging period. Our immediate focus remains ensuring the health and safety of all our stakeholders as they return to work in our parks."

Investor Materials and Quarterly Investor Call Details

Embassy REIT has released a package of information on the fourth quarter and annual results and performance, that includes (i) audited condensed standalone and audited condensed consolidated financial statements for the quarter and financial year ended March 31, 2020, (ii) an earnings presentation covering 4Q FY2020 and full year FY2020 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 Investor Relations section of the REIT's website at ir.embassyofficeparks.com  

Embassy REIT will host a conference call on May 19, 2020 at 18:30 hours Indian Standard Time to discuss the 4Q FY2020 results. A replay of the call will be available till June 2, 2020 on the Investor Relations section of the REIT's website at ir.embassyofficeparks.com  

Disclaimer

This 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 the Embassy Office Parks REIT ("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 assessment of the market and the market position of Embassy REIT.

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 the 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 the 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 you should not consider them in isolation or as substitutes for analysis of the Embassy REIT's financial position or results of operations as reported under Ind-AS.

Investors should also take note that Embassy REIT was listed on April 1, 2019 and the Embassy REIT assets were acquired between March 22, 2019 to March 25, 2019. Accordingly, the comparative quarterly and financial year financial information has been prepared by comparing unaudited combined financial statements for the quarter ended March 31 2019 and audited combined financial statements for the financial year ended March 31, 2019 (assuming that the Embassy REIT held the REIT assets in its present form as of April 1, 2018) as against audited condensed consolidated financial statements for the quarter and financial year ended March 31, 2020.

About Embassy REIT

Embassy Office Parks is India's first and only listed REIT. Embassy REIT comprises c.26.2 msf of completed and operational commercial properties across India. With approximately 7.1 msf of on-campus development in the pipeline, the total portfolio spans c.33.3 msf across seven Grade A office parks and four city-center office buildings in India's best performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The portfolio is home to over 160 blue chip corporate occupiers, and comprises 78 buildings with strategic amenities, including two completed hotels, two under-construction hotels, and a 100MW(AC) solar park that supplies renewable energy to park occupiers.

For more information please contact:

Ritwik Bhattacharjee
Head of Investor Relations
Email: ir@embassyofficeparks.com  
Phone: +91-80-3322-2222

Logo: https://mma.prnewswire.com/media/959202/Embassy_Office_Parks_Logo.jpg

More News by PR Newswire India

Burns & McDonnell India Ranks No. 6 on the Great Place to Work® List of 'India's Great Mid-Size Workplaces'

The Equitable Education Fund and 60 Educational Reformers Partner to Hold an Interntional Conference on Equity Education: ALL FOR EDUCATION

Apollo Proton Cancer Centre Receives Prestigious JCI Accreditation

OneWeb Announces HMG and Bharti Global Limited Consortium as Winning Bidders in Court-supervised Sale Process

OKEx-Adopted Global Utility Token OKB Reaches Cooperation With Coinrule and 5 Other New Ecosystem Partners

Afiniti Names Dame Jennifer Smith and Peter Riepenhausen to Its Board of Directors

OKEx Launches Latin American Fiat Gateway With Settle Network

'O Teacher Shukriya' Aims to Reach 10 million Views; EuroKids Dedicates Tribute to Teachers

World's Leading Multinationals are Preparing Engineering Professionals as per Industry Demand at Chandigarh University

Profectus Capital Partners With LeadSquared to Revolutionize SME Lending

BetBarter Signs Title Sponsorship Deal for Zambia Cricket League

Triller Hits 50M Monthly Active Users Surpassing TikTok's Reach At ByteDance Sale For 1 Billion

International Alliance for Responsible Drinking: CEOs of Leading Beer, Wine, and Spirits Producers Unite to Support the Rebuilding of the Thriving Cafe, Bar, and Restaurant Culture Missed by Communities

Godrej Security Solutions Launches UV Case; Expands Health Security Portfolio in India

Frost & Sullivan: Intelligent Pumps with Analytics Capabilities are Expected to be the New Norm

CoinPayments Selects Goodwin Procter LLP as Law Firm of Record, Targets Regulated Markets for Expansion & Increased Transparency

Xovis Multiplies Your Options in One Fell Swoop

Avaya Acclaimed by Frost & Sullivan for Elevating Contact Center Workforce Engagement Management with its OneCloudâ„¢ Portfolio

A Treat to Millions of Cricket Fans as Canada T20 Niagara Fest Comes Back on 16th July 2020 in Canada

The 127th Canton Fair Concludes, Establishing A New Trade Mechanism Online

Nitin Gadkari Inaugurates VVDN's Global Innovation Park (Technology Innovation, Engineering and Manufacturing Hub) at Manesar in India; PM Narendra Modi Sent his Best Wishes

Big Data Analytics Among Top Three Deployment Priorities for Enterprises, Says Frost & Sullivan

CEO of C Media Discusses Entrepreneurship And Disruptive AI & Automation Tools

Kotak & Innoviti in Pact to Offer EMIs on Kotak Debit Cards Swiped on Innoviti POS Terminals

Despite Global Pandemic and Recession - 4ARTechnologies is the First Start-up to Fulfil Its ICO Promises With Innovative Product Release and Exchange Listing

STEM Learning - Empowering the Teachers to Enable Better Learning Experience for the Students

HeiQ Viroblock Certified as Cosmetic Grade and Bio-based Renewable

CIIE: Cambodia Firms Believe Import Expo to Boost Trade and Investment

IIIT Hyderabad's Virtual Labs Hits 4 Million Page Views

Dome Entertainment Unveils New Interactive Fitness Platform - DFITZY

GCL SI Supports Floating Solar Power Plant in Persian Gulf

Edelweiss Tokio Life - Simply Protect: A Plan to Protect During Uncertainties

Affinity discovers potent SARS-CoV-2 antibodies

Cloud4C, World's Leading Cloud Managed Services Provider Launches its Operations in South Korea

Lear Recognized by General Motors as 2019 Supplier of the Year Winner

CF PharmTech, Inc. Closes a US $50M Series F Financing to Accelerate the Commercialization of its Inhalation Products.

Körber Unveils Next-Generation Sorter for Supply Chain Automation

Cyient Launches Empowering Tomorrow Together

TUMI Builds On Legacy Of Innovation Through Sustainability

NCCN: What People with Cancer and their Caregivers Need to Know about CAR T-Cell Therapy

REC Group Wins Prestigious Intersolar Award 2020 for its Powerful Alpha Solar Panels

LED High-beam Technology is the Future of Automotive Headlights in Europe

Thermo Fisher Scientific Launches New MAS Omni Infectious Disease Quality Controls

Svatantra's Home Insurance Helping Amphan Affected Rebuild Their Houses

Awards USD$1 Million Prize, HUAWEI HMS App Innovation Contest Goes Global

Zhejiang Export Online Fair Launches Business Matchmaking Program on Ball Bearings & Textile Machinery

Compuware Mainframe DevOps Integrations Further Automate Shift-left Testing

Exotel Helps Over 15,000 Agents Switch to Remote Work During the Pandemic, Powers Enterprises

Singapore Business Agency: Companies Eager to Attend CIIE

Marg ERP Launches 'My Shop QRID' to Maintain Social Distancing Between Buyer & Seller in COVID-19 Period

Clarivate Introduces Next Generation Insights Platform with Cortellis Generics Intelligence

CoinPayments Announces New Branding as Part of 2020 Growth Plans

Handheld Announces Major Upgrades to its Popular NAUTIZ X2 All-in-one Android Rugged Computer

Dr. Cipto Mangunkusumo Hospital Treats Indonesia's First Patient on Varian's Halcyon System

Skyscanner Reveals Five Tips for Travel Insurance Post COVID-19

Next Story Group Launches Safe With Us

How to Build Back a Low-Carbon Economy Globally: RMI Stimulus Series

Far East Hospitality Makes Bold Move with Official Opening of Far East Village Hotel Ariake

SecurityHQ, Formerly Known as Si Consult, Reveals New Brand Identity

INEOS Automotive Reveals the Design of Its Upcoming 4x4, the Grenadier

Almost Half of Children Are Not Always Using Soap When Washing Hands at School, New Survey by the Global Hygiene Council Finds

Small Businesses May Be Image Thieves Without Even Knowing It

Agora Announces Closing of Initial Public Offering and Full Exercise of the Underwriters' Overallotment Option

Frost & Sullivan Best Practices Awards Recognize the Asia-Pacific 2020 Leading Companies

SkyFoundry Commended by Frost & Sullivan for Its Groundbreaking Energy Management Platform, SkySpark®

Manipal Hospitals Performs Quadruple Valve Procedure for the First Time in Karnataka Amidst Pandemic

IMG Begins Fourth Annual 'Leave Your Mark' Global Outreach Essay Contest

ImageWare® Launches IP Licensing Monetization Program And Engages ipCapital Group

UNWTO and Sommet Education Offer 30 Scholarships Through "Hospitality Challenge"

SmartenApps Integrates Smarten Augmented Analytics With Shopify eCommerce for Data Analytics and Reporting

Shoolini University Gets QS Certification

Edelweiss Decodes Sustainability for MSMEs as Part of International MSME Day

One Drop Commended by Frost & Sullivan for Its Industry-leading Connected Glucose Meter and Smartphone Application

Pitamber Shivnani Appointed Managing Director & Chief Executive Officer of GE T&D India Limited

Zhejiang Hisun Pharmaceutical: COVID-19 Pandemic Brought Under Control in China With Favipiravir Showing Excellent Clinical Results

Manorama Industries YoY PAT up by 22%

Naver, Leading Online Search Platform in South Korea and Creator of the LINE Messenger App, Deploys Bright Pattern Contact Center Software

FarEye Partners With Blue Yonder to Enhance Logistics Execution, Collaboration, and Visibility

WeBank, Huawei and KPMG Share Insights on Fighting COVID - 19 with FinTech

Car Makers Ramp Up Electric Vehicle Production Capacity in Thailand, Investment Board Says

Averna Releases New Smart Data Management Solution

SAMSUNG SDI obtains a license from CAMX for its GEMXâ„¢ advanced battery cathode material platform

XCMG Foundation Machinery Completes Challenging Public Transportation Work, Aiding Regional Economical and Industrial Development

Chandigarh University Comes to Rescue of Indian Students Who Have the Dream of Studying Abroad

Sweeping Workplace Changes Expected in a Post-pandemic World, Says Research From The Adecco Group

Santen and Singapore's Health-tech Start-up, Plano Form a Strategic Alliance to Tackle the Global Burden of Myopia

The 2nd Edition of the Global Business Barometer Improves but Executives Still See the Economy and Their Businesses in the Survival Phase

Arman Financial Reports Highest Ever Annual Profit After Tax of ₹ 41.5 Crores in FY20

Clean Energy Can Support India's Economic Recovery post-COVID-19

Thrombosis Research Institute (TRI) Announce ETHIC Trial to Evaluate the Potential Benefits of Early Administration of LMWH in Patients with COVID-19

AOBiome Reports Successful Clinical Trials (Phase 2a in Adults and Phase 1b in Pediatrics) in Pruritus (Itch) Associated with Atopic Dermatitis: Initiates Phase 2b Clinical Trial in Adults

Bajaj Financial Securities Offers Equity F&O Trade at Flat Rs. 5 Per Order

Pantum Wins Bid to Supply Printers and Ensures After-Sales Services for Mahanadi Coalfields Limited

The Alliance to End Plastic Waste and China Petroleum and Chemical Industry Federation Partner to Jointly Tackle Plastic Waste in China

D-Link PoE Unmanaged Surveillance Switch Series Offers Solution that is Simple, Scalable, and Resilient

AVOXI Integrates Salesforce, Dynamics and Zoho Into Their Cloud Communications Platform

HighJump Named to SDCE 100 Top Supply Chain Projects for 2020

Wilbur-Ellis Kicks Off 100th Anniversary Celebration With New Website and Giving Program That Benefits the Red Cross

Clarivate Releases Web of Science Journal Citation Reports to Identify the World's Leading Journals

RevImmune Announces Phase II Trial of the T-Cell Growth Factor CYT107 for COVID-19

Acronis Lauded by Frost & Sullivan for its Breakthrough Integrated Data Protection Solution, Acronis Cyber Protect

How to Recognize Side-Effects from Immunotherapy? New NCCN Guidelines for Patients can Help

Viviana Mall Honours Excellence in Retail

Rajshri Entertainment's Bollywood Now is the 3rd Most Viewed Page on Facebook

RAGC - Helping Students to Keep Their Dreams Alive

Sunando Banerjee, The Gastronomic Engineering Cartoonist, Shares Insights on Future of Supply Chain

OKEx Lists COMP Governance Token From DeFi's Largest Platform Compound

Innoviti Enhances ESOP Pool to US $10 Million

Asia's First-ever Continuous Galvanized Rebar Manufacturing Facility Launched by Madhav KRG Group in Association With International Zinc Association, Initiative Supported by Hindustan Zinc Limited

But We Pray - The New E-book by AiR Helps Discover the True Meaning of Prayer

Home-hair Colouring Picks up Among Celebrities; Actress Neha Dhupia Gets Hair #ColourAtHome With Godrej Expert Rich Crème

Enjoy a Grape Escape to the Hunter Valley, New South Wales

ElcomSoft Certified: Digital Forensics Trainings and Trainer Certification Programs

D-Link 5G Solutions Revolutionize Mobile Connectivity

Xinhua Silk Road: online special feature on investment in south China's Hainan Jiangdong New Area launched

AsiaOne Recognizes Waaree as 'India's Greatest Brand' in Solar Industry

Invest Monthly in the Bajaj Finance Fixed Deposit to Grow Savings

Yuvraj Singh and OctaFX Help the Most Vulnerable Fight COVID-19

Hisense Air Conditioner Getting World's First JQA's Fresh Air Certification

Xinhua Silk Road: S. China's Guilin hosts events to celebrate Cultural and Natural Heritage Day

Chandigarh University Launches Financial Aid Program for the Meritorious and Deserving Students to Overcome Financial Crisis During COVID-19

Digital Health EMI Network Card - A Fully-digital Card by Bajaj Finance With Instant Activation

TAICCA Shares Taiwan's Immersive Content Innovation at Cannes XR Keynote Forum

Glenmark's Consolidated Revenue Rises 7.96% to Rs. 27,674.89 Mn. for Q4 FY 2019-20, Consolidated Net Profit Rises 36.28% to Rs. 2203.08 Mn. for Q4 FY 2019-20

Xinhua Silk Road: Nanjing Jiangbei New Area presents fruitful achievements after 5 years of establishment

Holisol Takes a Step Further in Enabling Omnichannel E-commerce

Detailed Benefits on how one can Grow Their Enterprise With a Business Loan From Bajaj Finserv

Philogen Received Clinical Trial Authorisation With Nidlegy in Nonmelanoma Skin Cancer

NSW to Host FIFA Women's Football World Cup 2023(TM) Matches

Darwinbox Unveils 'Evolve' - WorkTech to Help Organizations Facilitate a Safe Return to Work

Convergent Finance LLP Announces Upto USD23.8 mn Investment in Camlin Fine Science Limited

John Abraham Along With Guardian GNC Urges People to 'Live Well' Through Their New Campaign #IamPositive

An Insider's Guide to Sydney

Agora Announces Pricing of Initial Public Offering

Ekalavya Hansaj's 8 pieces of advice every entrepreneur must know about Social media and growing revenues

/C O R R E C T I O N from Source -- AMD Medicom Inc./

GA-ASI Demonstrates Automatic Takeoff and Landing Enhancements

Medicom Announces UK Mask Manufacturing Facility in Alliance with British Government

Rogers International Commodity Index® (RICI®): The Crude Oil (CL) Contract Will Hold at October (V) Until Its Anticipated Roll to November (X) With the August 2020 Roll

Manulife makes $3.5 million investment in diversity, equity and inclusion

Divide Treatment Expenses by Availing the 'Digital Health EMI Network Card ' from Bajaj Finance

Cyient Collaborates with Microsoft to Accelerate Internet of Things Solutions for Industry 4.0

AuraPortal Announces Move Beyond RPA to Deliver Hyperautomation

The Fourth World Intelligence Congress Kicked Off Online in Tianjin

Phoenix Contact, Quectel and Ericsson jointly develop the first industrial 5G router for private networks

ABB's Integrated, Predictive Analytics-Capable TruONE ATS Wins Frost & Sullivan Innovation Award

Mumbai Police Fundraiser Press Note - Mumbai Entrepreneur Launches Crowdfunding Campaign to Provide Protective Masks to Every Police of Mumbai

Manipal Hospitals Bangalore Collaborates With its Patient Faisal to Spread Awareness About Kyphoscoliosis Through 'SCOLIOSIS INDIA' Campaign

Global Security Industry Shifts to Service-based Solution Offerings Post-Pandemic

Zhejiang Export Online Fair Presents Virtual Expo on Consumer Goods

IIoT and 3D Printing Propel Growth for North American Industrial Valve Makers amid Volatile Market

IBM unveils free digital learning platform 'SkillsBuild Reignite' to reach more job seekers & provide new resources to business owners in India

IDE Technologies and Chem Process Systems are Partnering

Godrej Aerospace Develops and Delivers to DRDO, the First Batch of 1000 Proportional Solenoid Valves, a Critical Component for Making COVID-19 Ventilators

UMITRON in cooperation with Tokyo Tech was selected for the JAXA Innovative Satellite Demonstration program to launch a satellite with the mission to gather ocean data for aquaculture

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Priyanka Gandhi calls meeting of UP Cong...
BJP state units to give presentation to ...
MPs seating in galleries, RS gets ready ...
COVID-19: 8,800 booth level task force c...
Why PM did not name China, again: Chidam...
Want permanent flood solution in Bihar, ...
More...    
 
 Top Stories
Donate old phones, laptops to poor ... 
PM extends greetings to all on Asha... 
PM performed Sindhu Darshan puja at... 
Security guard shoots fruit vendor ... 
EU authorises remdesivir for Covid-... 
IYC held 'shirtless' protest agains... 
Lady Gaga flaunts 'Chromatica' them... 
3 new COVID-19 cases in Andaman and...