Announcement • Apr 29
Embassy Office Parks REIT Provides Earnings Guidance for Fiscal Year 2027 Embassy Office Parks REIT provided earnings guidance for Fiscal Year 2027. The company is guiding for double-digit growth in NOI again in FY2027. Declared Dividend • Apr 29
Fourth quarter dividend of ₹6.50 announced Shareholders will receive a dividend of ₹6.50. Ex-date: 30th April 2026 Payment date: 8th May 2026 Dividend yield will be 5.9%, which is about the same as the industry average. Announcement • Mar 05
Embassy Office Parks REIT (NSEI:EMBASSY) completed the acquisition of Eleanor Realty Holdings India Private Limited from Tech Park Holdings Pte. Ltd. and Futura Techpark Private Limited. Embassy Office Parks REIT (NSEI:EMBASSY) agreed to acquire Eleanor Realty Holdings India Private Limited from Tech Park Holdings Pte. Ltd. and Futura Techpark Private Limited for an enterprise value of INR 8.5 billion on December 2, 2025. A cash consideration will be paid by Embassy Office Parks REIT. The enterprise value of INR 8.52 billion is subject to adjustments in relation to net debt, working capital and other adjustments, as agreed among the parties. Upon completion of the Proposed Acquisition, Embassy REIT will hold 100% equity interest in Eleanor Realty Holdings.
For the period ending March 31, 2025, Eleanor Realty Holdings India Private Limited reported total revenue of INR 576.91 million.
The deal has been approved by the board of Embassy Office Parks. The long stop date for completion of the Proposed Acquisition is 45 days from the execution of the Share Purchase Agreement.
Embassy Office Parks REIT (NSEI:EMBASSY) completed the acquisition of Eleanor Realty Holdings India Private Limited from Tech Park Holdings Pte. Ltd. and Futura Techpark Private Limited on March 3, 2026. PricewaterhouseCoopers LLP acted as financial and tax due diligence advisor to Embassy Office Parks REIT. S&R Associates acted as legal advisor to Embassy Office Parks REIT. Buy Or Sell Opportunity • Feb 28
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₹426. The fair value is estimated to be ₹534, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 162% in the next 2 years. Reported Earnings • Feb 09
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹4.02 (up from ₹1.67 in 3Q 2025). Revenue: ₹12.1b (up 16% from 3Q 2025). Net income: ₹3.81b (up 141% from 3Q 2025). Profit margin: 32% (up from 15% in 3Q 2025). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 83%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Dec 26
Rental Yield plus and EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED completed the acquisition of 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park from Embassy Office Parks REIT (NSEI:EMBASSY) Rental Yield plus and EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED agreed to acquire 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park from Embassy Office Parks REIT (NSEI:EMBASSY) for INR 5.3 billion on July 31, 2025. A cash consideration of INR 5.3 billion will be paid by Rental Yield plus and EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED. As part of consideration, INR 5.3 billion is paid towards assets of 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park.
For the period ending March 31, 2025, 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park reported total revenue of INR 269 million. As of March 31, 2025, 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park reported total common equity of INR 2.32 billion.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The expected completion of the transaction is April 1, 2026 to June 30, 2026.
Rental Yield plus and EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED completed the acquisition of 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park from Embassy Office Parks REIT (NSEI:EMBASSY) on December 24, 2025. Announcement • Dec 04
Embassy Office Parks REIT (NSEI:EMBASSY) agreed to acquire Eleanor Realty Holdings India Private Limited from Tech Park Holdings Pte. Ltd. and Futura Techpark Private Limited for an enterprise value of INR 8.5 billion. Embassy Office Parks REIT (NSEI:EMBASSY) agreed to acquire Eleanor Realty Holdings India Private Limited from Tech Park Holdings Pte. Ltd. and Futura Techpark Private Limited for an enterprise value of INR 8.5 billion on December 2, 2025. A cash consideration will be paid by Embassy Office Parks REIT. The enterprise value of INR 8.52 billion is subject to adjustments in relation to net debt, working capital and other adjustments, as agreed among the parties. Upon completion of the Proposed Acquisition, Embassy REIT will hold 100% equity interest in Eleanor Realty Holdings.
For the period ending March 31, 2025, Eleanor Realty Holdings India Private Limited reported total revenue of INR 576.91 million.
The deal has been approved by the board of Embassy Office Parks. The long stop date for completion of the Proposed Acquisition is 45 days from the execution of the Share Purchase Agreement. New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.9% Last year net profit margin: 55% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Nov 08
Embassy Office Parks Management Services Private Limited Declares Second Quarter of Fiscal Year 2026, Payable on or Before November 14, 2025 Embassy Office Parks Management Services Private Limited, Manager to Embassy REIT declared a distribution of INR 617 crores or INR 6.51 per unit for Second Quarter FY2026. The record date for the Second Quarter FY2026 distribution is November 08, 2025, and the distribution will be paid on or before November 14, 2025. New Risk • Nov 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.9% Last year net profit margin: 55% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). Declared Dividend • Aug 02
First quarter dividend increased to ₹5.80 Dividend of ₹5.80 is 3.6% higher than last year. Ex-date: 5th August 2025 Payment date: 12th August 2025 Dividend yield will be 5.9%, which is about the same as the industry average. Reported Earnings • Aug 01
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹1.64 (down from ₹1.89 in 1Q 2025). Revenue: ₹10.8b (up 10.0% from 1Q 2025). Net income: ₹1.55b (down 13% from 1Q 2025). Profit margin: 14% (down from 18% in 1Q 2025). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jun 10
Embassy Office Parks REIT, Annual General Meeting, Jul 02, 2025 Embassy Office Parks REIT, Annual General Meeting, Jul 02, 2025, at 11:00 Indian Standard Time. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • May 31
Now 20% undervalued Over the last 90 days, the stock has risen 4.7% to ₹382. The fair value is estimated to be ₹480, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are forecast to decline by 9.0% per annum over the same time period. Announcement • May 30
Embassy Developments Proposes Commercial Project Divestment to Embassy REIT in Bengaluru Realty firm Embassy Developments Limited (NSEI:EMBDL) planned to sell its commercial project in Bengaluru valued at INR 32.00 billion - INR 37.00 billion as part of its strategy to monetise assets. In a regulatory filing, Embassy Developments informed that the Board "considered and noted that the company is in the process of considering a divestment of one of its projects located in Whitefield, Bangalore." Embassy Developments said it will offer an acquisition opportunity to Embassy Office Parks REIT (NSEI:EMBASSY) involving a commercial real estate development project, comprising a potential leasable area of about 3.3 million square feet upon completion, with an estimated gross development value in the range of INR 32.00 billion - INR 37.00 billion. The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders, it said. Buy Or Sell Opportunity • May 02
Now 21% undervalued Over the last 90 days, the stock has risen 2.1% to ₹377. The fair value is estimated to be ₹475, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are forecast to decline by 10% per annum over the same time period. Declared Dividend • May 01
Fourth quarter dividend of ₹5.68 announced Shareholders will receive a dividend of ₹5.68. Ex-date: 2nd May 2025 Payment date: 9th May 2025 Dividend yield will be 6.0%, which is about the same as the industry average. Announcement • Apr 30
Embassy Office Parks REIT Declares Distribution for the Fourth Quarter 2025, Payable on or Before May 9, 2025 The Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to Embassy REIT at its Board Meeting held on April 29, 2025, declared a distribution of INR 5,380 million or INR 5.68 per unit for Fourth Quarter financial year 2025. With this, the cumulative distribution for financial year 2025 totals INR 21,810 million or INR 23.01 per unit. The record date for the Fourth Quarter financial year 2025 distribution is May 3, 2025, and the distribution will be paid on or before May 9, 2025. New Risk • Apr 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 77% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • Feb 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to ₹365. The fair value is estimated to be ₹462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Announcement • Jan 29
Embassy Office Parks REIT Declares Distribution for the Third Quarter 2025, Payable on or Before February 07, 2025 The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy Office Parks REIT, at its Board Meeting held on January 29, 2025, declared a distribution of INR 5,590 million or INR 5.90 per unit for Third Quarter FY2025. The record date for the Third Quarter FY2025 distribution is February 01, 2025, and the distribution will be paid on or before February 07, 2025. Buy Or Sell Opportunity • Nov 13
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ₹379. The fair value is estimated to be ₹486, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to decline by 42% in the next 2 years. Declared Dividend • Oct 26
Second quarter dividend of ₹5.83 announced Shareholders will receive a dividend of ₹5.83. Ex-date: 29th October 2024 Payment date: 6th November 2024 Dividend yield will be 5.6%, which is about the same as the industry average. Reported Earnings • Oct 25
Second quarter 2025 earnings released: EPS: ₹16.14 (vs ₹2.29 in 2Q 2024) Second quarter 2025 results: EPS: ₹16.14 (up from ₹2.29 in 2Q 2024). Revenue: ₹10.5b (up 12% from 2Q 2024). Net income: ₹15.3b (up ₹13.1b from 2Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 24
Embassy Office Parks Reit Approves Distribution for the Second Quarter Ended September 30, 2024, Payable on or Before November 06, 2024 Embassy Office Parks REIT announced that at its board meeting held on October 24, 2024, the board approved the distribution of INR 55,262.2 million (INR 5.83 per share) for the second quarter ended September 30, 2024. The record date for the Second Quarter FY2025 distribution is October 29, 2024, and the distribution will be paid on or before November 06,
2024. Buy Or Sell Opportunity • Oct 23
Now 20% undervalued Over the last 90 days, the stock has risen 5.3% to ₹390. The fair value is estimated to be ₹489, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Announcement • Oct 04
Embassy Office Parks REIT to Report Q2, 2025 Results on Oct 24, 2024 Embassy Office Parks REIT announced that they will report Q2, 2025 results on Oct 24, 2024 Reported Earnings • Jul 27
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ₹1.89 (down from ₹2.47 in 1Q 2024). Revenue: ₹9.81b (up 3.2% from 1Q 2024). Net income: ₹1.79b (down 24% from 1Q 2024). Profit margin: 18% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Announcement • Jul 05
Embassy Office Parks REIT to Report Q1, 2025 Results on Jul 25, 2024 Embassy Office Parks REIT announced that they will report Q1, 2025 results on Jul 25, 2024 Announcement • Jun 05
Embassy Office Parks REIT, Annual General Meeting, Jun 27, 2024 Embassy Office Parks REIT, Annual General Meeting, Jun 27, 2024, at 11:00 Indian Standard Time. Declared Dividend • Apr 27
Fourth quarter dividend of ₹5.22 announced Shareholders will receive a dividend of ₹5.22. Ex-date: 6th May 2024 Payment date: 10th May 2024 Dividend yield will be 5.9%, which is about the same as the industry average. Announcement • Apr 27
Embassy Office Parks REIT Declares Distribution for the Fourth Quarter of Fiscal Year 2024, Payable on or Before May 10, 2024 The board of directors of Embassy Office Parks Management Services Private Limited (EOPMSPL), Manager to Embassy Office Parks REIT, at its board meeting held April 25, 2024, declared a distribution of INR 4,950 million or INR 5.22 per unit for fourth quarter of fiscal year 2024. With this, the cumulative distribution for fiscal year 2024 totals INR 20,220 million or INR 21.33 per unit. The record date for the fourth quarter fiscal year 2024 distribution is May 6, 2024, and the distribution will be paid on or before May 10, 2024. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₹10.17 (up from ₹5.34 in FY 2023). Revenue: ₹38.9b (up 9.2% from FY 2023). Net income: ₹9.64b (up 91% from FY 2023). Profit margin: 25% (up from 14% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Apr 12
Embassy Office Parks REIT to Report Q4, 2024 Results on Apr 25, 2024 Embassy Office Parks REIT announced that they will report Q4, 2024 results on Apr 25, 2024 Buy Or Sell Opportunity • Feb 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₹379. The fair value is estimated to be ₹313, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 9.0%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Declared Dividend • Feb 05
Third quarter dividend of ₹5.20 announced Shareholders will receive a dividend of ₹5.20. Ex-date: 12th February 2024 Payment date: 17th February 2024 Dividend yield will be 5.9%, which is about the same as the industry average. Reported Earnings • Feb 03
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ₹2.43 (up from ₹1.72 in 3Q 2023). Revenue: ₹9.89b (up 9.1% from 3Q 2023). Net income: ₹2.30b (up 41% from 3Q 2023). Profit margin: 23% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 02
Embassy Office Parks REIT Declares Distribution for Third Quarter of Fiscal Year 2024, Payable on or Before February 17, 2024 Embassy Office Parks REIT declared a distribution of INR 4,930 million or INR 5.2 per unit for third quarter of fiscal year 2024. The record date for the third quarter of 2024 distribution is February 12, 2024, and the distribution will be paid on or before February 17, 2024. Announcement • Jan 19
Embassy Office Parks REIT to Report Q3, 2024 Results on Feb 02, 2024 Embassy Office Parks REIT announced that they will report Q3, 2024 results on Feb 02, 2024 Announcement • Jan 12
Embassy Office Parks REIT Announces Board Resignation Embassy Office Parks REIT announced that Mr. Tuhin Parikh has tendered his resignation as a Non-Executive Non-Independent Director of the Company with effect from January 11, 2024; Mr. Robert Christopher Heady has tendered his resignation as a Non-Executive Non-Independent Director of the Company with effect from January 11, 2024; and Mr. Asheesh Mohta has tendered his resignation as an Alternate Director of the Company (Alternate Director to Mr. Robert Christopher Heady) with effect from January 10, 2024. Announcement • Dec 22
Blackstone Reportedly Likely to Exit Embassy Office Parks REIT via Block Deal on December 20, 2023 Global private equity firm Blackstone Inc. (NYSE:BX) plans to sell its entire stake in Embassy Office Parks REIT (NSEI:EMBASSY) through a mega block deal on December 20, 2023, according to news reports. Blackstone intends to sell its entire 23.6% stake in a deal worth around $830 million, the reports said. The floor price for the sale has been set at INR 310 a share, and Kotak Mahindra Capital and IIFL Capital are the advisors to the mega deal. The floor price is at a discount of nearly 8% to the current market price. The units of Embassy Parks REIT ended 3.4% higher on the BSE at INR 335.54. If the deal goes through on December 20, 2023, it will be the fourth time that the global PE firm will be trimming its exposure to the REIT through block deals. In June 2020, it had raised over $300 million by selling an 8.7% stake in the listed entity. Then in December 2020, Blackstone and Embassy sold Embassy TechVillage, an integrated office park in Bengaluru, to Embassy Office Parks REIT. Apart from this, a fundraising exercise by the REIT through a QIP had lowered Blackstone's holding in the REIT to 38% from over 46%. In September last year, Blackstone sold a partial stake in the listed entity through the open market. Announcement • Oct 28
Embassy Office Parks RIT Declares Distribution, Payable on or Before November 10, 2023 Embassy Office Parks REIT declared a distribution of INR 524 crores or INR 5.53 per unit for Second Quarter FY2024. The record date for the Second Quarter FY2024 distribution is November 03, 2023, and the distribution will be paid on or before November 10, 2023. Reported Earnings • Oct 27
Second quarter 2024 earnings: EPS in line with expectations, revenues disappoint Second quarter 2024 results: EPS: ₹2.29 (up from ₹1.36 in 2Q 2023). Revenue: ₹9.39b (up 4.8% from 2Q 2023). Net income: ₹2.17b (up 69% from 2Q 2023). Profit margin: 23% (up from 14% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Oct 07
Embassy Office Parks REIT to Report Q2, 2024 Results on Oct 26, 2023 Embassy Office Parks REIT announced that they will report Q2, 2024 results on Oct 26, 2023 Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: ₹2.47 (vs ₹1.89 in 1Q 2023) First quarter 2024 results: EPS: ₹2.47 (up from ₹1.89 in 1Q 2023). Revenue: ₹9.68b (up 13% from 1Q 2023). Net income: ₹2.34b (up 31% from 1Q 2023). Profit margin: 24% (up from 21% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jun 20
Embassy Office Parks REIT, Annual General Meeting, Jul 12, 2023 Embassy Office Parks REIT, Annual General Meeting, Jul 12, 2023, at 09:30 Indian Standard Time. Location: Grand Ballroom - 1, Hilton Convention Centre Embassy Manyata Business Park, Hebbal, Outer Ring Road, Nagawara Bengaluru India Agenda: To consider, approve and adopt the audited standalone financial statements and audited consolidated financial statements of Embassy REIT as at and for the financial year ended March 31, 2023 together with the report of the auditors thereon and the report on performance of Embassy REIT; to consider, approve and adopt the valuation report issued by IVAS Partners, represented by Mr. Manish Gupta, partner, independent valuer for the valuation of Embassy REIT's portfolio as at March 31, 2023; and to consider and approve the appointment of the valuer and value assessment service provider for the financial years 2023-24 to 2026-27. Recent Insider Transactions • Jun 16
Key Executive recently sold ₹22m worth of stock On the 13th of June, Vikaash Khdloya sold around 72k shares on-market at roughly ₹298 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Vikaash has been a net seller over the last 12 months, reducing personal holdings by ₹110m. Announcement • May 05
Blackstone Puts Embassy REIT Exit on the Backburner for Now Blackstone Inc. (NYSE:BX) has put its plans to offload stake in Embassy Office Parks REIT (NSEI:EMBASSY) on the backburner and wait for a better exit pricing. “We will eventually exit, but not right away," Senior Managing Director and Head of Real Estate Acquisitions in India for Blackstone, Asheesh Mohta, said. He added that the exit price and valuation had to be right for the company to make a profitable exit. The last time it sold stake in the REIT was in September 2022 when it offloaded 8% in block deals raising about INR 27 billion. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: ₹5.28 (vs ₹9.37 in FY 2022) Full year 2023 results: EPS: ₹5.28 (down from ₹9.37 in FY 2022). Revenue: ₹35.6b (up 16% from FY 2022). Net income: ₹5.06b (down 43% from FY 2022). Profit margin: 14% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Feb 08
Board Member recently bought ₹1.2m worth of stock On the 2nd of February, Aditya Virwani bought around 4k shares on-market at roughly ₹308 per share. This transaction amounted to 72% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹87m more in shares than they bought in the last 12 months. Reported Earnings • Jan 26
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ₹1.72 (down from ₹2.20 in 3Q 2022). Revenue: ₹9.07b (up 18% from 3Q 2022). Net income: ₹1.63b (down 22% from 3Q 2022). Profit margin: 18% (down from 27% in 3Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the REITs industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 26
Embassy Office Parks REIT Declares Quarterly Dividend, Payable on or Before 09 February, 2023 The Board of Directors of Embassy Office Parks Management Services Private Limited (EOPMSPL), Manager to Embassy Office Parks REIT, at its Board Meeting held earlier on January 25, 2023, declared a distribution of INR 5,033 million or INR 5.31 per unit for third quarter of fiscal year 2023. The record date for the third quarter of fiscal year 2023 distribution is 03 February, 2023, and the distribution will be paid on or before 09 February, 2023. Announcement • Jan 24
Blackstone Reportedly in Talks with Bain to Sell Stake in Embassy Office Parks Blackstone Inc. (NYSE:BX) is in talks to sell around half of its stake in Embassy Office Parks REIT (NSEI:EMBASSY) to Bain Capital, LP, two sources said, in a deal worth up to $480 million at current prices. A deal would mark Bain's first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the COVID-19 pandemic. For Blackstone, it would mean a further sell down of its Embassy stake as it adjusts its portfolio. The talks are still at a preliminary stage, the sources told Reuters. The plan is to execute the transaction via block deals on Indian stock exchanges in the coming weeks, though a timeline or pricing has not been finalized, said the first source who had direct knowledge of the matter. A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. The sources did not wish to be named as the discussions are private. Announcement • Jan 21
Embassy Office Parks REIT to Report Q3, 2023 Results on Jan 25, 2023 Embassy Office Parks REIT announced that they will report Q3, 2023 results on Jan 25, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Alternate Director Asheesh Mohta was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Oct 24
Upcoming dividend of ₹5.46 per share Eligible shareholders must have bought the stock before 31 October 2022. Payment date: 04 November 2022. Trailing yield: 6.3%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (5.2%). Reported Earnings • Oct 21
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹1.36 (down from ₹2.07 in 2Q 2022). Revenue: ₹8.96b (up 18% from 2Q 2022). Net income: ₹1.28b (down 35% from 2Q 2022). Profit margin: 14% (down from 26% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 21
Embassy Office Parks REIT Declares Distribution for the Quarter Ended September 30, 2022, Payable on or Before November 4, 2022 Embassy Office Parks REIT announced that at its board meeting held on October 20, 2022, declared distribution of INR 5,175.50 million /INR 5.46 per Unit for the quarter ended September 30, 2022. The record date for the distributions to Unitholders for the quarter ended September 30, 2022 will be November 1, 2022 and the payment of distribution will be made on or before November 4, 2022. Announcement • Oct 14
Embassy Office Parks REIT to Report Q2, 2023 Results on Oct 20, 2022 Embassy Office Parks REIT announced that they will report Q2, 2023 results on Oct 20, 2022 Announcement • Sep 24
Blackstone Reportedly Plans to Sell Up to $400 Million Stake in Embassy Blackstone Inc. (NYSE:BX) plans to sell up to $400M stake in Embassy Office Parks REIT (NSEI:EMBASSY), Reuters says - Blackstone intends to sell a stake worth up to $400 M in Indian real estate investment trust Embassy Office Parks REIT through Indian stock exchange block deals, Reuters' M. Sriram, Aditya Kalra, and Aditi Shah report, citing three sources familiar with the matter. Abu Dhabi's sovereign wealth fund will likely acquire at least half of the interest that Blackstone seeks to sell, the authors note. Announcement • Sep 23
Embassy Office Parks REIT Announces Management Changes Subject: Outcome of the Meeting of the Board of Directors of the Embassy Office Parks Management Services Private Limited, Manager to Embassy Office Parks REIT held on September 22, 2022. Accepted the resignation of Ms. Deepika Srivastava, Company Secretary and Compliance Officer of the Manager, with effect from the close of business on September 29, 2022. Ms. Srivastava plans to pursue other professional opportunities and the Members of the Board have placed on record their appreciation for the contributions made by Ms. Srivastava as the Company Secretary and Compliance Officer and as one of the key managerial personnel of the Company; and Appointed Ms. Namitha Kutnikar as the interim Compliance Officer of the Manager with effect from September 30, 2022, to hold office until the appointment of a new Company Secretary and Compliance Officer of the Manager. Buying Opportunity • Sep 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₹451, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Aug 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be ₹457, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be ₹458, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Alternate Director Asheesh Mohta was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 22
Embassy Office Parks REIT Declares Distribution for the Quarter Ended June 30, 2022 Embassy Office Parks REIT announced that at its Board of Directors meeting held on July 21, 2022, declared distribution of INR 5,052.27 million /INR 5.33 per Unit for the quarter ended June 30, 2022. The distribution comprises INR 616.13 million /INR 0.65 per Unit in the form of interest, less applicable taxes, if any, INR 2,682.54 million /INR 2.83 per Unit in the form of dividend and INR 1,753.60 million /INR 1.85 per Unit in the form of proceeds of amortization of SPV level debt. Reported Earnings • Jul 22
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ₹1.89 (down from ₹2.16 in 1Q 2022). Revenue: ₹8.60b (up 12% from 1Q 2022). Net income: ₹1.79b (down 13% from 1Q 2022). Profit margin: 21% (down from 27% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 12%, compared to a 9.9% growth forecast for the industry in India. Announcement • Jul 09
Embassy Office Parks REIT to Report Q1, 2023 Results on Jul 21, 2022 Embassy Office Parks REIT announced that they will report Q1, 2023 results on Jul 21, 2022 Buying Opportunity • Jul 07
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹473, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Alternate Director Asheesh Mohta was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Jun 28
Key Executive recently sold ₹38m worth of stock On the 24th of June, Vikaash Khdloya sold around 104k shares on-market at roughly ₹371 per share. In the last 3 months, they made an even bigger sale worth ₹50m. Vikaash has been a seller over the last 12 months, reducing personal holdings by ₹88m. Recent Insider Transactions • Jun 19
Key Executive recently sold ₹50m worth of stock On the 17th of June, Vikaash Khdloya sold around 129k shares on-market at roughly ₹385 per share. This was the largest sale by an insider in the last 3 months. This was Vikaash's only on-market trade for the last 12 months. Announcement • May 18
Embassy Office Parks REIT, Annual General Meeting, Jun 13, 2022 Embassy Office Parks REIT, Annual General Meeting, Jun 13, 2022, at 12:00 Indian Standard Time. Location: Ballroom - 1, Hilton Convention Centre, Embassy Manyata Business Park, Hebbal Outer Ring Road, Nagawara, 560 045, Bengaluru India Agenda: To consider, approve and adopt the audited standalone financial statements and audited consolidated financial statements of embassy reit as at and for the financial year ended March 31, 2022 together with the report of the statutory auditors thereon, and the report on performance of embassy reit; and to to consider, approve and adopt the valuation report issued by IVAS partners, represented by Mr. Manish Gupta, partner, independent valuer for the valuation of the portfolio as at March 31, 2022. Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: ₹9.37 (up from ₹8.52 in FY 2021). Revenue: ₹30.9b (up 25% from FY 2021). Net income: ₹8.88b (up 27% from FY 2021). Profit margin: 29% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 12%, compared to a 12% growth forecast for the reits industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Embassy Office Parks REIT to Report Q4, 2022 Results on Apr 28, 2022 Embassy Office Parks REIT announced that they will report Q4, 2022 results on Apr 28, 2022 Buying Opportunity • Mar 17
Now 22% undervalued Over the last 90 days, the stock is up 3.5%. The fair value is estimated to be ₹465, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Buying Opportunity • Feb 14
Now 21% undervalued Over the last 90 days, the stock is up 3.7%. The fair value is estimated to be ₹486, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ₹2.20 (down from ₹2.72 in 3Q 2021). Revenue: ₹7.70b (up 29% from 3Q 2021). Net income: ₹2.08b (down 3.1% from 3Q 2021). Profit margin: 27% (down from 36% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 10%, compared to a 12% growth forecast for the industry in India. Announcement • Jan 30
Embassy Office Parks REIT Declares Distribution for the Third Quarter of 2022, Payable on or Before February 12, 2022 The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier January 28, 2022, declared a distribution of INR 4,930 million or INR 5.20 per unit for Third Quarter FY2022. Of this, INR 4.32 per unit or 83% of distributions are tax-free for Unitholders. The record date for the Third Quarter FY2022 distribution is February 07, 2022 and the distribution will be paid on or before February 12, 2022. Upcoming Dividend • Nov 02
Upcoming dividend of ₹5.66 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 13 November 2021. Trailing yield: 2.9%. Within top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (4.1%). Reported Earnings • Oct 30
Second quarter 2022 earnings released: EPS ₹2.07 (vs ₹3.01 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹7.70b (up 37% from 2Q 2021). Net income: ₹1.96b (down 16% from 2Q 2021). Profit margin: 26% (down from 41% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Jul 29
First quarter 2022 earnings released: EPS ₹2.16 (vs ₹2.65 in 1Q 2021) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2022 results: Revenue: ₹7.67b (up 40% from 1Q 2021). Net income: ₹2.05b (flat on 1Q 2021). Profit margin: 27% (down from 37% in 1Q 2021). The decrease in margin was driven by higher expenses. 
