Embassy Office Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Embassy Office Parks REIT shared its Q4 FY25 earnings call transcript, reporting highest-ever annual revenue from operations of ₹4,039 crores and NOI of ₹3,283 crores, both up 10% YoY. FY25 distributions grew 8% to ₹2,181 crores (₹23.01 per unit), with 6.6 msf of leasing beating guidance of 5.4 msf by 22%, driven largely by GCCs (97 GCCs in roster). For FY26, management guided NOI of ₹3,589-3,811 crores (~13% growth at midpoint) and distributions of ₹24.50-26.00 per unit (~10% growth), but flagged a 10-12% YoY rise in interest costs and noncash NOI drag that will keep DPU growth below NOI growth. Portfolio occupancy stood at 87% (91% by value), expected to reach 90-91% by FY26 end (93-94% excluding the soft Embassy Quadron asset); NAV rose 5% YoY to ₹423.22/unit and Gross Asset Value hit ₹61,200 crores after ₹6,300 crores of debt was refinanced at 7.98%.
Generally positive for unitholders: distribution guidance is double-digit, leasing beat targets, and NAV continued to grow. However, higher interest costs and noncash drag mean DPU growth (~10%) will lag NOI growth (~13%), which may moderate the near-term upside for the stock.