Embassy Office Parks REIT · NSE:EMBASSY.RR
Embassy Office Parks REIT — Investor Day (February 2024)
40 slides from Embassy Office Parks REIT's investor day presentation, Feb 22, 2024
Slide 1: Embassy Office Parks REIT Analyst Day 2024
Embassy Office Parks REIT Analyst Day 2024 Presentation by Aravind Maiya, CEO February 22-23, 2024 Bangalore
Slide 2: Management Briefing
Embassy REIT | Analyst Day 2024 Management Briefing Embassy TechVillage – Bangalore
Slide 3: Flashback
Embassy REIT | Analyst Day 2024 Flashback Embassy Oxygen, Noida
Slide 4: Key Operational Highlights
Embassy REIT | Analyst Day 2024 Key Operational Highlights Since listing, Embassy REIT has demonstrated strong operational performance, delivering annualized total returns of over 11% 44% 12.0 msf 4.8 msf 18.8 msf Increase in Completed Area Acquisitions(2) New Buildings Delivered(3) Gross Leasing(4)
Slide 5: Key Financial Highlights
Embassy REIT | Analyst Day 2024 Key Financial Highlights In the past 3 years, NOI grew by 52% and DPU (excluding ZCB refinance impact) grew by 7%, primarily driven by acquisitions, rent growth and new hotel launches NOI Walk (₹ bn) Contribution (%) +42% +6% +4% 1.0 0.8 27.7 7.7 18.2 New Lease up, Es
Slide 6: New Buildings Completed Since Listing
Embassy REIT | Analyst Day 2024 New Buildings Completed Since Listing JPM Built-to-Suit in Embassy TechVillage, Bangalore (1.1 msf) Actual Picture 6
Slide 7: New Buildings Completed Since Listing (Cont'd)
Embassy REIT | Analyst Day 2024 New Buildings Completed Since Listing (Cont’d) Philips BTS in Embassy Business Hub, Bangalore (0.4 msf) M3 Block A in Embassy Manyata, Bangalore (1.0 msf) Tower 1 in Embassy Oxygen, Noida (0.7 msf)(2) Hudson & Ganges in Embassy TechZone, Pune (0.9 msf) Notes: (1) Actu
Slide 8: Widening Our Moat
Embassy REIT | Analyst Day 2024 Widening Our Moat 80k sf NXT Retail Plaza launched at Embassy Manyata with multiple high-end dining options and microbreweries Note: (1) Actual pictures 8
Slide 9: Widening Our Moat (Cont'd)
Embassy REIT | Analyst Day 2024 Widening Our Moat (Cont’d) 8-acre Central Garden launched at Embassy TechVillage with an amphitheater, multiple sports zones, F&B and break-out spaces Note: (1) Actual pictures 9
Slide 10: Energizing our Properties
Embassy REIT | Analyst Day 2024 Energizing our Properties Multiple events held under ‘Energize by Embassy REIT’ , our signature occupier engagement program, that engage over 250,000 park users across our portfolio Sports Events across Properties 10
Slide 11: Continued Stakeholder Engagement
Embassy REIT | Analyst Day 2024 Continued Stakeholder Engagement Launched multiple stakeholder engagement initiatives, including broker events for industry interaction, and retail roadshows for investor education Retail Roadshows in 11 Cities, 550+ Investors Broker Events across 3 Markets, 300+ Part
Slide 12: Outlook
Embassy REIT | Analyst Day 2024 Outlook Embassy Manyata, Bangalore
Slide 13: Manyata – Block D1 and D2
Embassy REIT | Analyst Day 2024 Embassy Manyata – Block D1 and D2 Perspective Perspective 1.4 msf 0.8 msf 78% Feb’26 Total Area Pre-leased to Major Pre-leasing Incl. Target Delivery Australian Bank in Q3 Expansion Options(1) Notes: (1) Includes expansion option of 313k sf available with Australian B
Slide 14: Manyata – Block L4
Embassy REIT | Analyst Day 2024 Embassy Manyata – Block L4 Perspective Perspective 0.8 msf 0.8 msf 100% Sep’25 Total Area Pre-leased to American Pre-leasing Target Delivery Retail Major in Q3 Note: (1) LOI signed and ATL underway 14
Slide 15: TechVillage – Block
Embassy REIT | Analyst Day 2024 Embassy TechVillage – Block 8 Perspective Perspective 1.9 msf 0.6 msf 76% Oct’24 Total Area Pre-leased to US-based Pre-leasing Incl. Target Delivery Tech Company in Q3 Expansion Options(1) Notes: (1) Includes expansion option of 275k sf available with US based tech co
Slide 16: Business Hub – Phase 2
Embassy REIT | Analyst Day 2024 Embassy Business Hub – Phase 2 Perspective Perspective 1.0 msf Airport Road 46 acres Sep’27 Total Area(1) High-visibility Location Additional ROFO Target Delivery Opportunity(2) Notes: (1) Embassy Business Hub Phase 2 comprises a total leasable area of 1.4 msf upon co
Slide 17: Major Upcoming Supply in North Bangalore (Bellary Road)
Embassy REIT | Analyst Day 2024 Major Upcoming Supply in North Bangalore (Bellary Road) Major Upcoming Supply Details Location Expected Completion Area (msf) 2024 3.9 Bangalore Airport 2025 1.9 7 2026 0.9 Total 6.7 6 5 Embassy Business Hub – Phase 2 4 2 3 1 Hebbal Junction Representative Map – Not t
Slide 18: Multiple Embedded Growth Levers
Embassy REIT | Analyst Day 2024 Multiple Embedded Growth Levers Embassy REIT’s strategy leverages on multiple growth levers to enhance NOI and deliver long term total return value for Unitholders 1 Vacant area lease-up – occupancy expected to stabilize at pre-Covid 5.7 msf levels of mid-90s in the
Slide 19: Organic Growth – Potential NOI Upside
Embassy REIT | Analyst Day 2024 Organic Growth – Potential NOI Upside Embedded growth inbuilt into the current portfolio, led by area expansion and occupancy stabilization, providing over ₹12 bn or over 40%(4) NOI upside in the next few years Growth Levers Details NOI Upside 5.7 msf ₹73 psf ₹3.7 bn(
Slide 20: Inorganic Growth Pipeline
Embassy REIT | Analyst Day 2024 Inorganic Growth Pipeline ROFO pipeline of approx. 9 msf in attractive micro-markets of Chennai and Bangalore. Inorganic expansion is key to growing our distributions Embassy Splendid TechZone, Chennai Embassy Whitefield (ETV Backland), Bangalore(3) ► Location: Pallav
Slide 21: Active Debt Management
Embassy REIT | Analyst Day 2024 Active Debt Management Strong balance sheet with an industry-leading in-place debt cost of 7.8%, significantly lower than our average debt cost at listing Significant Reduction in Our Cost of Debt Since Listing 30% 3.1% Leverage(1) 2.2% 1.5% 1.5% 1.2% 41 37 34 41 7.8%
Slide 22: Foundation for Success – Our Team
Embassy REIT | Analyst Day 2024 Foundation for Success – Our Team Ritwik Bhattacharjee Abhishek Agrawal Amit Shetty Rishad Pandole CIO CFO Co-Head, Leasing Co-Head, Leasing Rajendran S Ray Vargis Kallimel Donnie George Raghu Sapra Head, Projects Head, Asset Mgmt. General Counsel Head, Hospitality Sa
Slide 23: Q&A Session
Q&A Session Embassy Manyata, Bangalore
Slide 24: Asset Tours
Embassy REIT | Analyst Day 2024 Asset Tours Embassy Manyata, Bangalore
Slide 25: Bangalore – Key Micro-markets
Embassy REIT | Analyst Day 2024 Bangalore – Key Micro-markets NH4-Pune Yelahanka 3 NH-7-Hyderabad NH4-Chennai Hebbal 2 NBD Yeshwanthpur 5 Whitefield PBD CBD EBD ORR 4 NH-7-Hosur 1 SB Electronics City Representative Map NICE Ring Road Metro Phase 1 Peripheral Ring Road Metro Phase 2 Outer Ring Road B
Slide 26: Embassy TechVillage Overview
Embassy REIT | Analyst Day 2024 Embassy TechVillage Overview Embassy TechVillage Outer Ring Road (Marathalli – Sarjapur) Total Area 9.6 msf Completed Area 7.3 msf % of total GAV(2) 23% Development Campus style Type Occupancy 94% In-place Rent ₹78 psf MTM Potential 20% WALE 8.7 yrs Notes: (1) All dat
Slide 27: Embassy Manyata Overview
Embassy REIT | Analyst Day 2024 Embassy Manyata Overview Embassy Manyata Nagawara (North Bangalore District) Total Area 15.6 msf Completed Area 12.4 msf % of total GAV(2) 36% Development Campus style Type Occupancy 82% In-place Rent ₹80 psf MTM Potential 18% WALE 7.0 yrs Notes: (1) All data as of De
Slide 28: Embassy Business Hub Overview
Embassy REIT | Analyst Day 2024 Embassy Business Hub Overview Embassy Business Hub (North Bangalore District) Total Area(2) 1.4 msf Completed Area 0.4 msf % of total GAV 1% Development Campus style Type Occupancy 92% In-place Rent ₹57 psf Phase 2 (1.0 msf) Phase 1 (0.4 msf) MTM Potential 14% Phase 1
Slide 29: Embassy GolfLinks Overview
Embassy REIT | Analyst Day 2024 Embassy GolfLinks Overview Embassy GolfLinks Off Inner Ring Road (Extended Business District) Total Area 3.1 msf Completed Area 3.1 msf % of total GAV 7% Development Campus style Type Occupancy 97% In-place Rent ₹147 psf MTM Potential 5% Non-Embassy Office Parks Block
Slide 30: Embassy One Overview
Embassy REIT | Analyst Day 2024 Embassy One Overview Embassy One Bellary Road (North Bangalore District) Total Area 0.3 msf Completed Area 0.3 msf % of total GAV 1% Development Mixed Use Type Occupancy 78% In-place Rent ₹149 psf MTM Potential (1%) WALE 8.6 yrs Note: (1) All data as of Dec 31, 2023 3
Slide 31: Appendix
Appendix Embassy GolfLinks, Bangalore
Slide 32: Major Upcoming Supply in North Bangalore (ORR – North)
Embassy REIT | Analyst Day 2024 Major Upcoming Supply in North Bangalore (ORR – North) Major Upcoming Supply Details Location Expected Completion Area (msf) 2024 - 2025 1.2 2026 3.1 Bellary Road Total 4.3 5 4 1 3 6 2 Embassy Manyata Representative Map – Not to scale Notes: Source: CBRE 32 (1) Refers
Slide 33: Major Upcoming Supply in Outer Ring Road
Embassy REIT | Analyst Day 2024 Major Upcoming Supply in Outer Ring Road Major Upcoming Supply Details Location Expected Completion Area (msf) 2024 3.1 4 2 2025 4.1 3 2026 3.8 Total 11.0 5 7 6 Embassy REIT ETV Block 8 1 Representative Map – Not to scale Notes: Source: CBRE 33 (1) Refers to upcoming
Slide 34: Who We Are: Quick Facts
Embassy REIT | Analyst Day 2024 Who We Are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area. It owns and operates a commercial office portfolio across 4 major cities in India 45.4 msf(1)(2) 244 84% Portfolio Blue-chip Occupancy occupiers 13 1,614(2)
Slide 35: Portfolio Summary
Embassy REIT | Analyst Day 2024 Portfolio Summary 35.8 msf completed Grade A office assets (84% occupied, 6.9 years WALE, 10% MTM opportunity) (2) (2) (3) (3) Leasable Area (msf)/Keys/MW WALE Occupancy Rent (₹ psf / mth) GAV Property Completed Development Total (yrs) (%) In-place Market MTM (%) ₹ mn
Slide 36: Certifications and Awards
Embassy REIT | Analyst Day 2024 Certifications and Awards ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications World’s Largest USGBC LEED ‘Well at Scale’ Score of 56; ‘WELL Health Safety Rating’ for 5-star R
Slide 37: Nine Infrastructure-like Office Parks
Embassy REIT | Analyst Day 2024 Nine Infrastructure-like Office Parks Embassy Manyata Embassy TechVillage Embassy Business Hub Bangalore (15.6 msf) Bangalore (9.6 msf) Bangalore (1.4 msf) Embassy GolfLinks Embassy Quadron Embassy TechZone Bangalore (2.7 msf) (3.1 msf) Pune (1.9 msf) Pune (5.5 msf) E
Slide 38: Four Prime City-center Offices
Embassy REIT | Analyst Day 2024 Four Prime City-center Offices Express Towers FIFC Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Bangalore (0.3 msf) Embassy 247 Mumbai (1.2 msf) 38
Slide 39: Disclaimer
Embassy REIT | Analyst Day 2024 Disclaimer This presentation is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific
Slide 40: Investor Contact
Investor Contact: Website: www.embassyofficeparks.com | Email: ir@embassyofficeparks.com | Office: +91 80 4722 2222
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