Embassy Office Parks REIT · NSE:EMBASSY.RR
Embassy Office Parks REIT — Q3 FY2024 Earnings Presentation
76 slides from Embassy Office Parks REIT's earnings presentation, Feb 2, 2024
Slide 1: Exchange cover letter, February 2, 2024
February 02, 2024 To, To, The Corporate Relations Department, The Corporate Relations Department, The National Stock Exchange of India Limited, Department of Corporate Services, th Exchange Plaza, 5 Floor, BSE Limited, Plot No. C/1, G-Block, Bandra-Kurla Complex, 25th Floor, Phiroze Jeejeebhoy Tower
Slide 2: Annexure I: Press release
Annexure I Embassy REIT Achieves Full Year Leasing Guidance of 6.5 Million Square Feet in 9 Months; Delivers Best Quarter with 3.5 Million Square Feet of Total Leases • Best leasing quarter achieved with 3.5 msf across 22 deals; 6.5 msf leased year-to-date meeting full year leasing guidance in 9 mon
Slide 3: About Embassy REIT and disclaimer
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 45.4 msf portfolio of nine infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capita
Slide 4: Embassy Office Parks REIT Q3 FY2024 Earnings Materials
Annexure II Embassy Office Parks REIT Q3 FY2024 Earnings Materials February 02, 2024 1
Slide 5: Press Release
Q3 FY2024 Earnings Materials Press Release Embassy REIT Achieves Full Year Leasing Guidance of 6.5 Million Square Feet in 9 Months; Delivers Best Quarter with 3.5 Million Square Feet of Total Leases • Best leasing quarter achieved with 3.5 msf across 22 deals; 6.5 msf leased year-to-date meeting ful
Slide 6: Press Release (Cont'd)
Q3 FY2024 Earnings Materials Press Release (Cont’d) Financial Highlights • Revenue from Operations grew by 8% YoY to ₹936 crores • Delivered distributions of ₹493 crores or ₹5.2 per unit • Refinanced ₹2,600 crores at an average rate of 8.25% including first-time commercial paper issuance of ₹1,000 c
Slide 7: Table of Contents
Q3 FY2024 Earnings Materials Table of Contents I. Key Highlights 5 II. Leasing 14 III. Financials 18 IV. Growth Levers 23 V. Market Outlook 32 VI. ESG and Total Business Ecosystem 35 VII. Appendix 41 4
Slide 8: I. Key Highlights
Q1 FY2022 Earnings Materials I. Key Highlights JP Morgan BTS, Embassy TechVillage, Bangalore
Slide 9: Record Leasing Performance, Strong Growth Outlook
Q3 FY2024 Earnings Materials Record Leasing Performance, Strong Growth Outlook LEASING DEVELOPMENT PROJECT DELIVERY Leased a record 3.5 msf, highest ever quarterly Ongoing 6.9 msf development at highly Delivered 0.4 msf in Embassy Business Hub, leasing; 2.2 msf of large marquee pre-leases attractive
Slide 10: Marquee Pre-Commitment Deals
Q3 FY2024 Earnings Materials Marquee Pre-Commitment Deals Signed three large pre-commitment deals, totaling 2.2 msf in our under-development projects in Bangalore Embassy Manyata – Blocks D1 & D2 Embassy TechVillage – Block 8 Embassy Manyata – Block L4 Perspective Perspective Perspective Asset Detai
Slide 11: Robust Financial Performance
Q3 FY2024 Earnings Materials Robust Financial Performance Revenue and NOI for YTD up 7% and 6% year-on-year respectively. Commercial office margins stood at 85% and hotel margins at 45% YTD FY2024 YTD FY2023 Variance % Remarks (mn) (mn) Revenue from new lease-up at attractive re-leasing spreads Re
Slide 12: Conservative Balance Sheet with Active Debt Management
Q3 FY2024 Earnings Materials Conservative Balance Sheet with Active Debt Management Refinanced ₹26 bn at 8.25% and issued commercial paper for the first time. Given anticipated reduction in rates, tactically focused on raising shorter maturity fixed debt Diversified Debt Composition(2) 30% Leverage(
Slide 13: India: The Office to the World
Q3 FY2024 Earnings Materials India: The Office to the World India remains optimally positioned to drive global offshoring demand, led by favorable demographics, skilled talent availability and cost-efficient high-quality spaces offered in India’s gateway cities India’s Dual Structural Advantage Cont
Slide 14: Bangalore is Asia's and India's Leading Office Market
Q3 FY2024 Earnings Materials Bangalore is Asia’s and India’s Leading Office Market Embassy REIT’s portfolio concentration in Bangalore remains a key competitive advantage, as the city continues to lead India’s office absorption on the back of sustained interest from GCCs Largest Tech, Innovation and
Slide 15: Full Year FY2024 Guidance
Q3 FY2024 Earnings Materials Full Year FY2024 Guidance On track with FY24 NOI guidance of ₹29 to ₹31 bn and distributions guidance of ₹20.5 to ₹22.0 per unit Delivered on Guidance Even in Challenging Markets Key Assumptions for FY24 Guidance Distributions (₹ mn) Leasing Guidance (msf) Pre-commitment
Slide 16: Expanding Unitholder Base
Q3 FY2024 Earnings Materials Expanding Unitholder Base Unitholder base continues to expand and diversify since listing; public float of 92% well distributed among foreign and domestic institutions and retail unitholders Well-diversified Investor Base Increasing Acceptance of REIT as an Investment Cl
Slide 17: II. Leasing
Q1 FY2022 Earnings Materials II. Leasing Embassy Manyata, Bangalore
Slide 18: Highest Ever Quarterly Leasing
Q3 FY2024 Earnings Materials Highest Ever Quarterly Leasing Leased a record 3.5 msf in Q3, met FY2024 annual leasing guidance in 9 months. Occupancy increased by over 100 bps to 84% at quarter-end Area (msf) 3.5 msf 6.5 Total Lease-up across 22 deals(1) 5.1 1.1 msf New Leases across 3.9 3.8 16 deals
Slide 19: Leasing Highlights for the Quarter
Q3 FY2024 Earnings Materials Leasing Highlights for the Quarter Around 80% leasing by GCCs, spanning multiple sectors such as BFSI, Retail and Technology Area Q3 leasing driven by GCCs Occupier Property Sector ('000 sf) Pre – Commitments 2,240 American Retail Major Embassy Manyata Retail 831 Others
Slide 20: High Quality, Diversified Occupier Base
Q3 FY2024 Earnings Materials High Quality, Diversified Occupier Base Global Captives and Tech occupiers constitute over 70% of our total occupier base, which now boasts of 244 marquee names Industry Diversification Top 5 Occupiers Sector % of Rentals Financial Services JP Morgan Financial Services 6
Slide 21: III. Financials
Q1 FY2022 Earnings Materials III. Financials Embassy TechVillage, Bangalore
Slide 22: Financial Performance during Q3 FY2024
Q3 FY2024 Earnings Materials Financial Performance during Q3 FY2024 Revenue and NOI for Q3 up 8% each year-on-year. Commercial office margins stood at 85% and hotel margins at 50%, both continue to be best-in-class Q3 FY2024 Q3 FY2023 Variance % Remarks (mn) (mn) Revenue Revenue from new lease-up
Slide 23: Delivering on Distributions
Q3 FY2024 Earnings Materials Delivering on Distributions Delivered distributions of ₹4,929 mn or ₹5.20 per unit, marking 19th quarter of 100% distribution payout. Cumulative distributions of over ₹93 bn since listing Distribution Highlights Distribution Mix – Q3 Particulars Q3 FY2024 YTD FY2024 Dist
Slide 24: Prudent Capital Management
Q3 FY2024 Earnings Materials Prudent Capital Management Option 1: ₹30 bn Bond at REIT Level and ₹15 bn LRD at Manyata to refinance ZCB at an average Debt book well-balanced across diverse investor pools, debt instruments and tenures coupon rate of 7%, average maturity period of 4 years, with potenti
Slide 25: Walkdown of Key Financial Metrics
Q3 FY2024 Earnings Materials Walkdown of Key Financial Metrics Particulars (₹ mn) Q3 FY2024 Q3 FY2023 YoY Var (%) YTD FY2024 YTD FY2023 YoY Var (%) Revenue from Operations 9,364 8,654 8% 27,393 25,519 7% NOI Property Taxes and Insurance (342) (318) 8% (1,011) (940) 8% Direct Operating Expenses (1,42
Slide 26: IV. Growth Levers
Q1 FY2022 Earnings Materials IV. Growth Levers Embassy Oxygen, Noida
Slide 27: Multiple Embedded Growth Levers
Q3 FY2024 Earnings Materials Multiple Embedded Growth Levers Embassy REIT’s strategy leverages on multiple levers to enhance NOI and delivering long term total return value for Unitholders Vacant area lease-up – occupancy expected to stabilize at pre-Covid 5.7 msf levels of mid-90s in the next few
Slide 28: Embedded Rent Growth
Q3 FY2024 Earnings Materials Embedded Rent Growth Secured 14% rent escalations on 1.3 msf and 29% spreads on 0.2 msf renewals in Q3. Of the 2.9 msf exits in YTD, 1.5 msf already backfilled at market rents and the remainder offers 46% MTM potential Embedded Rent Escalations of ~15% aids NOI Growth 19
Slide 29: Active Development Pipeline
Q3 FY2024 Earnings Materials Active Development Pipeline 6.9 msf active developments at highly attractive yields with 90% concentrated in Bangalore, India’s best office market Development Pipeline(1) (msf) Area (msf) 38% 81% 87% - - 2.5 2.2 2.2 0.7 1.4 2.5 1.0 0.9 1.4 0.4 0.9 1.0 0.8 0.4 FY2023 FY20
Slide 30: Embassy Business Hub Phase 1 – Delivered in Nov'23
Q3 FY2024 Earnings Materials Embassy Business Hub Phase 1 – Delivered in Nov’23 Received occupancy certificate for the 0.4 msf Phase 1 in Embassy Business Hub in Bangalore, which is 92% leased to the Dutch major Philips Actual Picture Note: (1) Jan’24 Picture 27
Slide 31: Project Progress at Site
Q3 FY2024 Earnings Materials Project Progress at Site Embassy Oxygen – Tower 1 (0.7 msf) Embassy Manyata – F2 Block (Refurbishment) Design Perspective Perspective Perspective Completed, Awaiting OC Targeting Sep’24 delivery Actual Progress at Site(1) Actual Picture Actual Picture Note: (1) Jan’24 Pi
Slide 32: Project Progress at Site
Q3 FY2024 Earnings Materials Project Progress at Site Embassy Manyata – M3 Block B (0.6 msf) Embassy Manyata – D1/D2 Redevelopment (1.4 msf) Design Perspective Perspective Perspective Targeting Mar’25 delivery Targeting Feb’26 delivery Actual Progress at Site(1) Actual Picture Actual Picture Note: (
Slide 33: Project Progress at Site (Cont'd)
Q3 FY2024 Earnings Materials Project Progress at Site (Cont’d) Embassy TechVillage – Block 8 (1.9 msf) Embassy Manyata – L4 Block (0.8 msf) Design Perspective Perspective Perspective Perspective On-track for Oct’24 delivery On-track for Sep’25 delivery Actual Progress at Site(1) Actual Picture Actua
Slide 34: Inorganic Growth Pipeline
Q3 FY2024 Earnings Materials 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) Actual Image Actual I
Slide 35: V. Market Outlook
Q1 FY2022 Earnings Materials V. Market Outlook Embassy Manyata, Bangalore
Slide 36: Market Fundamentals – Update
Q3 FY2024 Earnings Materials Market Fundamentals – Update Indian office real estate rebounded in CY2023 with annual gross absorption within striking distance of an all-time high of 60 msf Annual Demand and Supply Trends City-wise Performance (Jan’23 – Dec’23) 70.0 32% City Gross Supply Vacancy 60.8
Slide 37: Demand and Supply Outlook
Q3 FY2024 Earnings Materials Demand and Supply Outlook Gross office absorption projected to continue this year’s highs, driven by resilient offshoring demand. Supply remains balanced in our micro-markets, with only 22% comparable and competing supply Demand Outlook Supply Outlook Gross Absorption (m
Slide 38: VI. ESG & Total Business Ecosystem
Q1 FY2022 Earnings Materials VI. ESG & Total Business Ecosystem Embassy GolfLinks, Bangalore
Slide 39: Hospitality Business Continued its Growth Trajectory
Q3 FY2024 Earnings Materials Hospitality Business Continued its Growth Trajectory Operating hotel portfolio continued to grow strongly with 53% occupancy, 24% YoY ADR growth and YTD EBITDA of ₹1,277 mn RevPAR (₹) and Occupancy (%) Revenue (₹ mn) and EBITDA (₹ mn) 3,394 42% 10% 26% 50% 53% Revenue EB
Slide 40: Certifications and Awards
Q3 FY2024 Earnings Materials 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 Rati
Slide 41: ESG Roadmap – Progress Report
Q3 FY2024 Earnings Materials ESG Roadmap – Progress Report Continued progress on our 3-year sustainability targets, which are defined and monitored across 19 ESG programs and aligned to our broader 2040 net zero commitment Pillar Metric Target(1) YTD FY24 Update Status ► Renewable energy consumption
Slide 42: Energizing our Properties
Q3 FY2024 Earnings Materials 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 39
Slide 43: Continued Stakeholder Engagement
Q3 FY2024 Earnings Materials 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+ Partici
Slide 44: VII. Appendix
Q1 FY2022 Earnings Materials VII. Appendix Embassy Manyata, Bangalore
Slide 45: Who We Are: Quick Facts
Q3 FY2024 Earnings Materials 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) 100
Slide 46: Portfolio Summary
Q3 FY2024 Earnings Materials 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 47: Embassy REIT Structure
Q3 FY2024 Earnings Materials Embassy REIT Structure Blackstone Embassy Sponsor Group Sponsor Entity Public Unitholders Acts on behalf Management of Unitholders Embassy Services Trustee Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100% 100%
Slide 48: Nine Infrastructure-like Office Parks
Q3 FY2024 Earnings Materials 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) Emba
Slide 49: Four Prime City-center Offices
Q3 FY2024 Earnings Materials 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) 46
Slide 50: Key Terms & Definitions
Q3 FY2024 Earnings Materials Key Terms & Definitions Notes: 37. NAV – Net Asset Value ► All figures in this presentation are as of Dec 31, 2023 unless otherwise specified 38. NCD – Non-Convertible Debentures ► All figures corresponding to year denoted with “FY” are as of or for the one-year period e
Slide 51: Disclaimer
Q3 FY2024 Earnings Materials 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 obj
Slide 52: Investor Contact
Q1 FY2022 Earnings Materials Investor Contact: Website: www.embassyofficeparks.com | Email: ir@embassyofficeparks.com | Office: +91 80 4722 2222
Slide 53: Annexure III: Supplemental Operating and Financial Data
Annexure III EMBASSY OFFICE PARKS REIT ('Embassy REIT') Supplemental Operating and Financial Data for the Quarter and YTD Period Ended December 31, 2023 ('Supplementary Databook') Published on February 2, 2024 Principal Place of Business Investor Contact NSE/BSE Ticker Royal Oaks Sakshi Garg EMBASSY
Slide 54: General Disclaimer
General Disclaimer This Supplementary Databook 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 objectives, fi
Slide 55: Table of Contents
TABLE OF CONTENTS OVERVIEW Page Reference Snapshot 4 Strategy and Management 5 BUSINESS INFORMATION Business Highlights 6 Portfolio Overview 7 Leasing Highlights 8 Lease Expiry Schedule 9 Hospitality and Others 10 FINANCIAL INFORMATION Financial Highlights 11 - 13 Guidance 14 Balance Sheet Highlight
Slide 56: Snapshot
Snapshot as of 31-Dec-2023 Key Portfolio Information Commercial Offices1 Number of Completed Office buildings 98 Leasable Area (msf) 45.4 Completed Area (msf) 35.8 Under Construction Area (msf) 6.9 Proposed Development Area (msf) 2.8 Hospitality Number of Completed Hotels 4 Number of Hotel keys 1,61
Slide 57: Strategy, Management and Manager Fees
Strategy Embassy REIT aims to maximize the total return for Unitholders by targeting growth in distributions and in NAV per Unit. The operating and investment strategies we intend to execute to achieve this goal include: (1) Capitalizing on our Portfolio’s embedded organic growth and new development
Slide 58: Business Highlights
Business Highlights1,2 As of 31-Dec-23 31-Dec-22 30-Sep-23 Commercial Offices Completed Area (msf) 35.8 34.3 35.3 Occupancy 84% 86% 83% Same-Store Occupancy3 85% 88% 85% No. of Occupiers 244 230 240 WALE (yrs) 6.9 6.9 6.9 Average in-place rents (Rs psf pm) 85 80 85 Average Market rents (Rs psf pm)4
Slide 59: Portfolio Overview
Portfolio Overview as of 31-Dec-2023 Commercial Offices Leasable Area (msf) Rent (Rs psf pm) 5 GAV as of Sep-23 (Rs mn) Under Proposed WALE Under 1 Asset Location Completed Construction Development Total (yrs) Occupancy (%) In-place Market MTM (%) Completed Construction % of total Embassy Manyata Ba
Slide 60: Leasing Highlights for the three months ended December 31, 2023
Leasing Highlights for the three months ended December 31, 20231,2 Change in Expired New Completed Area Occupancy Area or Vacated Lease-up3 Occupancy Vacant Area Asset at Sep-23 (msf) at Sep-23 (msf) (msf) (msf) at Dec-23 (msf) Embassy Manyata 12.4 81% - (0.1) 0.1 82% 2.3 Embassy TechVillage 7.3 97%
Slide 61: Lease Expiry Schedule
Lease Expiry Schedule1,2 as of 31-Dec-2023 Quarter ending FY2024 FY2025 FY2026 FY2027 In-place Rent In-place Rent In-place Rent In-place Rent Area ('000 sf) / (Rs psf pm)/ Area ('000 sf) / (Rs psf pm)/ Area ('000 sf) / (Rs psf pm)/ Area ('000 sf) / (Rs psf pm)/ 3 3 3 3 % of Gross Rentals MTM (%) % o
Slide 62: Hospitality Highlights
Hospitality Highlights as of 31-Dec-2023 Three months ended Hilton at Embassy GolfLinks Four Seasons at Embassy One Hilton at Embassy Manyata Total 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Keys 247 247 230 230 619 619 1,096 1,096 Occupancy 56% 58% 45% 31% 59% 4
Slide 63: Financial Highlights
Financial Highlights as of 31-Dec-2023 Three months ended YTD period ended Selected Items 31-Dec-23 31-Dec-22 Variance (%) 31-Dec-23 31-Dec-22 Variance (%) (in Rs. mn except for Distribution per unit which is in Rs.) REIT Consolidated1 Revenue 9,364 8,654 8% 27,393 25,519 7% NOI 7,599 7,049 8% 22,16
Slide 64: Selected Items (Portfolio Assets and Portfolio Investment)
Selected Items (Portfolio Assets and Portfolio Investment) as of 31-Dec-2023 Three months ended YTD period ended (in Rs. mn) 31-Dec-23 31-Dec-22 Variance (%) 31-Dec-23 31-Dec-22 Variance (%) Revenue from Operations Portfolio Assets Embassy Manyata 3,218 2,939 9% 9,216 8,801 5% Hilton at Embassy Many
Slide 65: Selected Items (Portfolio Assets and Portfolio Investment)
Selected Items (Portfolio Assets and Portfolio Investment) as of 31-Dec-2023 Three months ended YTD period ended (in Rs. mn) 31-Dec-23 31-Dec-22 Variance (%) 31-Dec-23 31-Dec-22 Variance (%) NDCF (SPV Level) Portfolio Assets Embassy Manyata1,2 2,435 1,856 31% 7,025 5,574 26% Embassy TechVillage 1,23
Slide 66: FY2024 Guidance
FY2024 Guidance (Unless otherwise mentioned, all figures in Rs. mn except for distribution per unit which is in Rs.) FY2024 Guidance FY2023 Units Low High Actuals NOI Rs. mn 29,240 31,361 27,663 NDCF Rs. mn 19,432 20,854 20,608 Distributions1 Rs. mn 19,432 20,854 20,579 No. of Units mn 948 948 948 D
Slide 67: Balance Sheet Highlights
Balance Sheet Highlights as of 31-Dec-2023 As on (in Rs. mn) 31-Dec-23 31-Dec-22 Variance (%) ASSETS Property, plant and equipment 28,453 29,483 (3%) Investment property 296,686 281,387 5% Capital work-in-progress/Investment property under development 15,338 7,470 105% Intangible assets (including G
Slide 68: Walkdown of Financial Metrics
Walkdown of Financial Metrics Three months ended YTD period ended (in Rs. mn) 31-Dec-23 31-Dec-22 Variance (%) 31-Dec-23 31-Dec-22 Variance (%) SPV Level Facility Rentals 6,485 6,001 8% 18,790 17,815 5% Income from Hotels 1,148 902 27% 3,162 2,373 33% Income from Generation of Renewable Energy 365 3
Slide 69: Debt Analysis
Debt Analysis as of 31-Dec-2023 Debt Maturity Schedule (Rs. mn) Principal Repayment Schedule Fixed/ Total Balance Outstanding Amortized Interest Maturity FY29 & Description Rating Floating Facility Facility Principal Cost Rate Date FY24 FY25 FY26 FY27 FY28 Beyond Total At REIT Embassy Office Parks R
Slide 70: Debt Analysis (Cont'd)
Debt Analysis (Cont'd) as of 31-Dec-2023 Leverage Ratios Particulars 31-Dec-23 31-Dec-22 Gross Debt to GAV 30% 27% Net Debt to GAV12 30% 27% Net Debt to TEV 34% 30% Proforma Debt Headroom (Rs. mn) 96,014 108,082 Net Debt to GAV12 Fixed v/s Floating interest rate13 Floating Interest Rate Net Debt 36%
Slide 71: Development in Progress
1 Development in Progress as of 31-Dec-2023 Pre-committed/ 2 Development Leased Estimated Balance cost 3 Asset Projects Area (msf) Keys Area (%) Occupier Completion Date to be spent (Rs. mn) Base-Build Projects (Completed) Embassy Business Hub Phase 1 - Philips BTS 0.4 NA 92% Philips Completed in No
Slide 72: Development in Progress (Cont'd)
Development in Progress (Cont'd) Notes: 1 Excludes GolfLinks as it is a portfolio investment 2 Excludes all expansion options available to the occupier 3 Actual legal entity name may differ 4 During the financial year ended 31 March 2020, to consolidate the M3 land parcel within Embassy Manyata camp
Slide 73: Potential ROFO Assets
Potential ROFO Assets1 as of 31-Dec-2023 Embassy Sponsor ROFO assets Embassy Splendid Embassy Embassy Concord TechZone Knowledge Park Thoraipakkam- Whitefield, Bellary Road, Location Pallavaram Radial Bangalore Bangalore Road, Chennai Land area (in acres) Approx 27 Approx 60.6 Approx 202.1 Operation
Slide 74: ESG Snapshot
ESG Snapshot ESG Strategic Framework Resilient Planet Revitalised Communities Responsible Business Resource Sustainable Supply Human Community Responsible Investment Ethics and Responsibility Efficiency Chain Capital Connect - Employee practices - Energy and emissions - ESG perform
Slide 75: Equity Research Coverage
Equity Research Coverage Firm Analyst Contact Ambit Capital Karan Khanna karan.khanna@ambit.co Axis Capital Samar Sarda samar.sarda@axiscap.in Bank of America Kunal Tayal kunal.tayal@bofa.com CLSA Kunal Lakhan kunal.lakhan@clsa.com Goldman Sachs Pulkit Patni pulkit.patni@gs.com HSBC Securities Punee
Slide 76: Notes
NOTES 1. All figures in this Supplementary Databook are as of or for the period ended December 31, 2023 unless specified otherwise 2. All figures corresponding to year denoted with “FY” are as of or for the one-year period ended (as may be relevant) 31st March of the respective year 3. Some of the f
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