On Wednesday, the Embassy Office Parks, Real Estate Investment Trusts (REIT) told the media that it saw a 36% rise in the Net Operating Income (NOI) to Rs 621.30 crore in the first quarter (Q1) of FY22. It also declared a dividend distribution of Rs 534.61 crore to the unitholders. The NOI was at Rs 456.9 crore a year ago during the same period. Over 99% of office rents have been collected on a 32.3 million sq ft operating portfolio, the REIT said. It has declared a distribution of Rs 5,346.12 million at Rs 5.64 per unit for Q1 FY22. The distribution consists of a dividend of Rs 2,379.21 million per Rs 2.51 per unit, Rs 1,895.79 million per Rs 2 per unit as proceeds of amortisation of special purpose vehicles (SPV) level debt, and Rs 1,071.12 million per Rs 1.13 per unit as interest or less applicable taxes. From the total, 80% distributions or Rs 4.51 per unit is tax-free for unitholders. The record date for Q1 FY22 is on 5th August, and the distribution is to be paid on or before 12th August. The board has approved fundraising by rupee-denominated listed, rated, secured or unsecured redeemable, transferrable, non-convertible debentures aggregating to Rs 4,600 crore in one or more tranches. The REIT has achieved a stable portfolio, occupying 89% with a successful increase of 13% rent on 2.2 million sq ft of leases. Regarding the financial status, the net operating income of the company grew year-on-year by 36%, with operating margins of 84%. The REIT has raised Rs 1,200 crore debt at 7.4% interest and refinanced Rs 520 crore, leading to savings of 80 basis points. Image Source Also read: Embassy REIT raises funds for IT park acquisition in Bengaluru Also read: More REITs in India to be listed in 2021: JLL