Embassy REIT Grows Distributions by 13% YoY and Delivers Highest-Ever Quarterly Revenues and NOI for 3Q FY2025

• Leases 1.1 msf in Q3 and 5.0 msf YTD FY2025; On track to achieve FY2025 guidance
• GCC demand continues to dominate, accounting for ~70% of leasing activity
• Grows Revenue and Net Operating Income by 9% YoY to a quarterly record of ₹1,022 crores and ₹829 crores, respectively
• Delivers a quarterly record of ₹559 crores in gross distributions, up 13% YoY

Bengaluru, India, January 29, 2025

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the third quarter ended December 31, 2024.

Ritwik Bhattacharjee, Chief Executive Officer* of Embassy REIT, said,

“We are delighted to report another strong quarter, with a robust 13% increase in distributions, record quarterly NOI and revenue, amidst very strong demand for office space in our gateway markets. Embassy REIT’s portfolio remains the first port of call for GCCs and other leading companies in arguably the world’s most dynamic market for talent and innovation. CY2024 was a record year of absorption in India, and we are perfectly poised to capitalize on these leasing tailwinds in CY2025.”

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 ₹559 crores or ₹5.90 per unit for Q3 FY2025. The record date for the Q3 FY2025 distribution is February 01, 2025, and the distribution will be paid on or before February 07, 2025.

Business Highlights

• Leased 1.1 msf across 21 deals including 0.7 msf of new leases and 0.4 msf of renewals
• Global Capability Centers (GCCs) from technology, financial services, engineering, and manufacturing sectors accounted for ~70% of leasing
• Portfolio occupancy at 90% by value*, with key markets Bengaluru, Mumbai, and Chennai achieving occupancy levels of over 90%

Financial Highlights

• Grew Revenue from Operations and Net Operating Income (NOI) by 9% YoY to ₹1,022 crores and ₹829 crores, respectively
• Distributed ₹559 crores or ₹5.90 per unit, up 13% YoY; 9-month distributions stand at record ₹1,643 crores
• Raised ₹1,000 crores of debt at ~7.73%, and secured c.70 basis points savings in interest cost

Operational & Growth Highlights

• Delivered 0.6 msf office block to global banking major at Embassy TechVillage in Bengaluru
• Development pipeline of 7.4 msf in Bengaluru and Chennai with an expected 19% yield on cost
• Hotel portfolio continues to perform strongly with 20% YoY EBITDA growth and occupancy rising to 59%, up from 55% last year

Investor Materials and Quarterly Investor Call Details

Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the quarter and nine months ended December 31, 2024 (ii) an earnings presentation covering Q3 FY2025 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 Investors section of our website at www.embassyofficeparks.com.

Embassy REIT will host a conference call on January 30, 2025 at 08:15 hours Indian Standard Time to discuss the Q3 FY2025 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com.