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Embassy Office Parks REIT posted a 15% year-on-year jump in net operating income, reaching INR 871.8 crore in Q1 of the current financial year. It announced a distribution of INR 549.8 crore to unitholders for the April-June quarter, up 4% from last year. Leasing activity was strong, with 2 million sq ft leased-comprising new deals, renewals, and pre-leased space-marking a 9% annual rise. On the leadership front, Ritwik Bhattacharjee stepped down as interim CEO but will stay on as Senior Advisor. Amit Shetty has been named the new CEO and will assume the role from August 2025.
Embassy Office Parks REIT reported a 15% year-on-year rise in its net operating income, which stood at INR 871.8 crore for the first quarter of the current financial year. This marked an increase from INR 757.5 crore recorded during the same period last year. Advertisement
The company announced a distribution of INR 549.8 crore to its unitholders for the April to June quarter, representing a 4% increase from the distribution declared in the corresponding quarter of the previous year. The announcement was made through a regulatory filing.
Leasing momentum remained strong during the quarter ending in June, with the company leasing 2 million square feet of office space, reflecting a 9% annual increase. This figure comprised nearly 1 million square feet of new leasing, approximately 3,60,000 square feet of renewals, and around 6,65,000 square feet of pre-leased space.
In terms of leadership changes, the board accepted the resignation of Ritwik Bhattacharjee from his position as interim Chief Executive Officer. He will continue to be associated with Embassy REIT in the capacity of a Senior Advisor. The board has approved the appointment of Amit Shetty as the new Chief Executive Officer, who is set to take over from the beginning of August 2025.
Source - PTI
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