Bengaluru, India, April 25, 2024

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 fourth quarter and full year ended March 31, 2024.

Aravind Maiya, Chief Executive Officer of Embassy REIT, said,

“FY2024 has been a blockbuster year for Embassy REIT. We leased a record 8.1 msf to leading corporates, majority of which were GCCs, we delivered 2.2 msf of new office development, and we recently announced our intent to acquire, demonstrating our commitment to driving growth for all our stakeholders. In our fifth year as India’s first listed REIT, we continue to see our business grow from strength to strength, and we are excited to announce our entry into a new market with our proposed acquisition of Embassy Splendid TechZone in Chennai. Given the sustained robust performance and our positive outlook on Indian office, we’re pleased to provide guidance for FY2025, which includes 5.4 msf of total leasing and distributions guidance in the range of ₹22.40 to ₹23.10 per unit.”

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 ₹495 crores or ₹5.22 per unit for Q4 FY2024. With this, the cumulative distribution for FY2024 totals ₹2,022 crores or ₹21.33 per unit. The record date for the Q4 FY2024 distribution is May 06, 2024, and the distribution will be paid on or before May 10, 2024.

Business Highlights

· Highest-ever leasing of 8.1 msf across 99 deals in FY2024, including record pre-leasing of 2.4 msf across 4 large deals with leading multinationals; achieved occupancy guidance of 85% at year-end

· Global Capability Centres (GCCs) account for more than 65% of the annual leasing activity

· Bengaluru occupancy at 91% and Mumbai at 99%. Both markets represent ~86% of total assets by value

Financial Highlights

· Grew Revenue from Operations and Net Operating Income by 8% YoY to ₹3,685 crores and ₹2,982 crores, respectively

· Delivered distributions of ₹2,022 crores or ₹21.33 per unit for FY2024; cumulative distributions of ~₹9,900 crores since listing

· Refinanced ₹4,100 crores of maturing debentures at an average rate of 8.2% through a combination of listed debentures, first-time commercial paper and bank loans; strong balance sheet with an industry-leading debt cost at 7.8% and dual AAA/Stable credit ratings

Operational & Growth Highlights

· Announced proposed acquisition of Embassy Splendid TechZone (‘ESTZ’) in Chennai for an enterprise value of up to ₹1,269 crores and an institutional placement of up to ₹3,000 crores, subject to unitholder approval and other conditions

· Development pipeline of 6.1 msf in Bengaluru at highly attractive yields of ~20%

· Hotel portfolio continued to perform strongly with YoY 6% increase in occupancy, 14% ADR growth and an annual EBITDA of ₹184 crores

Investor Materials and Quarterly Investor Call Details

Embassy REIT has released a package of information on the quarterly and full year results and performance, that includes (i) audited standalone and audited consolidated financial statements for the year ended March 31, 2024 (ii) audited condensed standalone and audited condensed consolidated financial statements for the quarter and year ended March 31, 2024 (iii) an earnings presentation covering Q4 FY2024 results and FY2024 results, and (iv) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs.

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