Embassy Annual Report 2019-20

EMBASSY REIT AT A GLANCE

Pioneering REITs in India

Embassy Office Parks is India’s first publicly listed Real Estate Investment Trust (REIT). We own and operate a 33.3 million square feet (msf) portfolio of seven Grade A office parks and four city-center office buildings in India’s best performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). Embassy Office Parks’ portfolio has 26.2 msf completed by area, runs at 92.8% occupancy as of March 31, 2020 and hosts many of the world’s leading companies as occupiers. The portfolio also comprises strategic amenities, including two operational business Hotels (including the Four Seasons hotel at Embassy One), two under‑construction hotels, and a 100MW solar park supplying renewable energy to park occupiers.

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Embassy REIT: Quick facts

78World-class office buildings

11Commercial offices

160+Blue-chip occupiers

100MWSolar park

1,096¹Hotel keys

ICRA AAA (Stable)Embassy Office Parks REIT (Issuer Rating)

CRISIL AAA/StableEmbassy Office Parks REIT Series I NCD (Tranche I & II)

¹ Includes completed and under construction hotels

Key highlights FY2020

Where the world comes
to work

33.3^*msf Portfolio

160+ Blue-chip occupiers

92.8% Occupancy

30% Mark-to-Market Upside

42% Gross rents from Fortune 500 occupiers

7.0 YEARSWeighted average lease expiry (WALE)

`21,449 million Revenue from operations 14%^

`18,170 million Net operating income 15%^

`17,647 million EBITDA 17%^

`18,821 million Distributions 15%

99.8% Payout ratio

15% Net Debt/TEV

^ Growth over FY2019
^* Includes completed, under construction & proposed future development

Chairman’s message

“As India’s first and only REIT, Embassy REIT is the new standard bearer for the commercial real estate sector in India.”

Dear Unitholders,

While the events we are living through today would have seemed inconceivable few months ago, here we are in the middle of a global pandemic that has inflicted a very real cost on society and businesses globally. I hope that each one of you and your families are safe.

JITENDRA VIRWANI

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CEO’s message

“Regular distributions to our Unitholders are the REIT’s foremost priority and our quarterly payouts through FY2020 speaks to the financial discipline that we employ to maintain and grow operating income, control costs and pass on value to Unitholders.”

Dear Unitholders,

These are challenging times globally and wherever you are, we sincerely hope that you, your family, and colleagues are healthy and safe.

MICHAEL D HOLLAND

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Chairman’s message

COMMERCIAL OFFICES UPDATES

Building on time- tested relationships

Occupiers are the core of our universe. Our high occupier retention rates demonstrate the bond we share with our existing occupier base.

Bhhavesh Kamdar,

President, Leasing

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HOSPITALITY UPDATES

Complementing the office portfolio

Our hotels serve as a strategic amenity for our office occupiers in the business parks.

Raghu Sapra,

Assistant Vice President, Hospitality

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INVESTOR RELATIONS UPDATES

Building trust among our stakeholders

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...

Ritwik Bhattacharjee,

Head, Investor Relations

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Management Discussion and Analysis

The discussion and analysis of our financial condition and results of operations that follows are based on our Audited Consolidated Financial Statements for the year ended March 31, 2020 prepared in accordance with Ind AS standards and applicable REIT regulations whereas the comparative numbers for the year ended March 31, 2019 are Audited Combined Financial Statements.

Where the world comes to work

Where the world
comes to work