Embassy REIT's Strategic Moves Boost Income by 15%

Embassy Office Parks REIT posted a significant 15% rise in its net operating income for the first quarter of the fiscal year, reaching Rs 871.8 crore, as per Thursday's report. This is an increase from the Rs 757.5 crore reported in the same period the previous year.

The company plans to distribute Rs 549.8 crore to its unitholders for the April-June quarter, marking a 4% increase from the same period a year prior, according to a regulatory filing. In the June quarter, Embassy REIT leased 2 million square feet of space, showing a 9% annual increase, which includes 1 million square feet of new leases.

Amid these developments, the board accepted Ritwik Bhattacharjee's resignation as Interim CEO and announced Amit Shetty will step in as CEO starting August 1, 2025. Furthermore, the board approved a slump sale agreement involving 3,76,000 sq ft of office space at Embassy Manyata in Bengaluru for Rs 530 crore.

(With inputs from agencies.)