Embassy Office Parks REIT on Wednesday reported 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 677.3 crore in the year-ago period.

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Revenue from operations increased 10 per cent to Rs 913.6 crore in the quarter from Rs 829.4 crore in the year-ago period, according to a regulatory filing.

Embassy Office Parks REIT declared distribution of Rs 509.96 crore or Rs 5.38 per unit for the quarter under review.

The distribution comprises Rs 65.40 crore in the form of interest, Rs 225.59 crore in the form of dividend and Rs 218.01 crore in the form of repayment of SPV (special purposed vehicle) level debt.

On operational front, the company gave on lease 1.1 million square feet of space across 22 deals.

The Board of Directors of Embassy Office Parks Management Services Pvt Ltd (EOPMSPL), manager to Embassy Office Parks REIT, approved the appointment of Anoop Kumar Mittal as an independent director for a term of five years commencing from August 6, 2023.

It also approved raising of debt of up to Rs 1,600 crore.

The company said it has raised Non-Convertible Debentures (NCDs) totalling Rs 2,075 crore at an average rate of 7.8 per cent and added that Rs 15,350 crore debt book remains highly competitive at 7.28 per cent average cost.

"Our ability to raise capital to fund our growth initiatives is demonstrated by our repeated debt raises at industry-leading rates. Given our strong leasing pipeline of 2 million square feet comprised mainly of GCCs (global capability centres), a clearer interest rate outlook, and our consistent focus on optimizing our operational and development portfolio, we are pleased to provide guidance for FY2024, which includes 6 million square feet of total leasing and distributions guidance in the range of Rs 20.50 to Rs 22 per unit," said Aravind Maiya, Chief Executive Officer of Embassy REIT.

Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 45 million square feet portfolio of nine infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).

Its portfolio comprises 34.3 million square feet of completed operating area.