Embassy Office Parks REIT Reports Strong Growth in Q1
Embassy Office Parks REIT reported a 15% increase in net operating income for the first quarter to Rs 871.8 crore. The company will distribute Rs 549.8 crore to unitholders, and it also leased 2 million sq ft of space. Ritwik Bhattacharjee resigned, and Amit Shetty will assume the CEO role in 2025.
- Country:
- India
Embassy Office Parks REIT announced a significant 15% rise in net operating income to Rs 871.8 crore for the first quarter of this fiscal year, surpassing last year's Rs 757.5 crore earnings for the same period.
The company plans to distribute Rs 549.8 crore to its unitholders, marking a 4% increase from the previous year's April-June quarter distribution, as reported in a recent regulatory filing. In addition, Embassy leased 2 million square feet of area, reflecting a 9% annual growth, which includes new leases, renewals, and pre-leases.
Furthermore, the company's board accepted the resignation of Ritwik Bhattacharjee as the Interim CEO, although he will remain a Senior Advisor. Amit Shetty is slated to take over as CEO beginning August 1, 2025.
(With inputs from agencies.)
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