As India’s first listed REIT, Embassy REIT strives to maintain a best‑in-class investor relations programme that focuses on the highest levels of disclosure, transparency and communications with all our stakeholders.

Ritwik Bhattacharjee,
Head, Investor Relations

FY2020 highlights


Total returns


Institutional investors
engaged with globally


Non-deal roadshows
and conferences

$1+ billion

Free float


Retail Unitholders

FTSE Russell

Index inclusion

Since listing, we have interacted with over 200 investors across geographies, including Bengaluru, Mumbai, New Delhi, Chennai, London, New York, Singapore, Hong Kong and Tokyo.

In particular, we focus on

  • Engaging proactively with our Unitholders
  • Embracing quality disclosure standards
  • Addressing Unitholders’ grievances and queries swiftly and accurately

Proactive investor relations and media management

We regularly host investors and analysts for site visits, and we actively encourage Unitholders to visit our sites to understand our portfolio and our business proposition better.

We have also conducted multiple non-deal roadshows, site visits and investor conferences since listing. In these events, we engage with institutional investors, such as global institutional fund managers, domestic mutual fund managers, life insurance companies, alternative investment funds, and high net worth individuals.

Event highlights

  1. For retail Unitholders, we hosted our first annual meeting in Bengaluru in July 2019
  2. We hosted analysts from different brokerage houses at the Four Seasons Hotel in Bengaluru in December 2019

Broader stakeholder management and review

We also interact extensively with our regulators and exchanges to inform them of developments in the market. The reduction of trading lot sizes in September, for instance, was an important collaborative exercise to ensure that liquidity remains of paramount importance to Unitholders and to create a healthy trading environment for REITs.

Investor and analyst engagement calendar FY2020

Date Event Venue
April 1 Listing of REIT on Indian Stock Exchanges (NSE, BSE) Mumbai
April 24 Analyst Engagement Meeting Mumbai
June 7 & 10 International Non-deal Roadshow London
June 11 Morgan Stanley 21st Annual India Summit Mumbai
June 19 International Non-deal Roadshow Singapore
June 20-21 International Non-deal Roadshow Hong Kong
July 25 First Annual General Meeting Bengaluru
Aug 13-14 Domestic Non-deal Roadshow Mumbai
Sep 5-6 International Non-deal Roadshow Tokyo
Sep 10-11 Bank of America Merrill Lynch Global Real Estate Conference, 2019 New York
Sep 19 JP Morgan India Investor Summit New Delhi
Sep 30 International Non-deal Roadshow Singapore
Nov 20-21 Morgan Stanley Summit Singapore
Nov 22 International Non-deal Roadshow Singapore
Feb 18 Kotak Annual India Conference Mumbai

Analyst coverage

Embassy REIT is covered by following brokerage houses:

  • Ambit Capital
  • Axis Capital
  • Axis Securities
  • Bank of America
  • Credit Suisse
  • CLSA
  • Goldman Sachs
  • IIFL Securities
  • ICICI Securities
  • J.P. Morgan
  • Kotak Institutional Equities
  • Macquarie Research
  • Morgan Stanley
  • UBS Securities


Sell-side analysts cover Embassy REIT

Committed to highest standards of disclosure and transparency

Embassy REIT adheres to the highest standards of corporate disclosure and transparency. We comply with all SEBI and exchange regulations to ensure that we fulfil our listing and notification requirement obligations.

We also place all notifications on our website to ensure that our Unitholders can easily access them. We have created a reporting package that mirrors the reporting standards of global REITs.

Every quarter, we deliver a consolidated set of information that includes:

  • Audited financial statements
  • Earnings presentation
  • Supplementary data book providing an in-depth look at our business
  • Valuation report (semi-annually)
  • Unitholders report (semi-annually)

Financial and distributions calendar FY2021

Date Event
Aug 2020 1Q FY2021 Results and Earnings Call
Payment of 1Q FY2021 Distribution
Oct 2020 2Q FY2021 Result and Earnings Call
Payment of 2Q FY2021 Distribution
Feb 2021 3Q FY2021 Results and Earnings Call
Payment of 3Q FY2021 Distribution
Apr 2021 4Q FY2021 Result and Earnings Call
Payment of 4Q FY2021 Distribution

Note: Above timelines and distribution are tentative based on past trends

Rewarding Unitholders

Comparative trading performance since listing

Source: NSE (Designated stock exchange), BSE and Factset as of March 31, 2020 since listing


Total returns since listing


Capital appreciation


Distribution yield

Trading snapshot

Unit Price
Apr 1, 2019
300.00 300.00
Apr 1, 2019 (`)
308.00 300.00
Mar 31, 2020 (`)
350.74 351.51
52-week High (`) 512.00 518.00
52-week Low (`) 301.35 300.00
Market Capitalisation
` Billion 270.65 271.25
Average Daily Trading Volume
Units 398,951 60,856
` million 154.99 24.06

Source: NSE (Designated stock exchange) and BSE as of March 31, 2020 since listing

On September 20, 2019 Embassy REIT was included in the FTSE Russell Global Equity Index series. The inclusion of Embassy REIT into the indices enables new pools of capital to invest in the REIT.

Unitholding pattern

Particulars Units
Sponsor & Sponsor Group
Blackstone 426.76 55.30
Embassy 115.48 14.97
Total Sponsors 542.25 70.27
Foreign Portfolio Investors 126.32 16.37
Body Corporates 5.09 0.66
Mutual Funds 2.16 0.28
Insurance Companies 1.83 0.24
NBFCs 1.29 0.17
Alternative Investment Funds 0.60 0.08
Trusts 0.25 0.03
Clearing Members 0.08 0.01
Sub-total Institutions 137.61 17.83
Individuals 90.77 11.76
NRIs - Non-Repatriable 0.68 0.09
Hindu Undivided Family 0.19 0.03
Non-resident Indians (NRIs) 0.16 0.02
Sub-total Non-Institutions 91.80 11.90
Total Units Outstanding 771.67 100%

Note: As of March 31, 2020