Embassy REIT FY26 NOI up 15%, leases 6.4 MSF; Guides 10% FY27 DPU growth

Embassy Office Parks REIT reported strong FY2026 results, with Net Operating Income (NOI) up 15% YoY to ₹3,760 crores and revenue up 13% YoY to ₹4,582 crores. The REIT leased 6.4 million square feet (msf) across 86 deals at 17% higher leasing spreads. Distributions for FY2026 totaled ₹2,396 crores (₹25.28 per unit), a 10% year-on-year increase. The portfolio's Gross Asset Value (GAV) rose 15% YoY to ₹70,540 crores, and Net Asset Value (NAV) increased 16% YoY to ₹491.62 per unit. Embassy REIT also delivered a record 3.3 msf of new office developments. For FY2027, the company guides for distributions in the range of ₹27.00 to ₹28.60 per unit, implying a 10% YoY growth at the midpoint, and expects 95%-96% occupancy by value. The company also launched two Hilton-branded hotels.