EMBASSY REIT BUILDING RELATIONSHIPS ENRICHING LIVES
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EMBASSY REIT BUILDING RELATIONSHIPS ENRICHING LIVES
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(1) Seven Infrastructure-like Office Parks (31 msf) Embassy Manyata Embassy Quadron Bengaluru (14.2 msf) Pune (1.9 msf) Embassy Golflinks Embassy Techzone Bengaluru (2.7 msf)(2) Pune (5.5 msf) Embassy Oxygen Embassy Galaxy Embassy Qubix Noida (3.3 msf) Noida (1.4 msf) Pune (1.5 msf) Note: For additional detail, please see notes at the end of the Presentation. 3
Four Prime City-center Offices (2.4 msf)
Express Towers FIFC
Mumbai (0.5 msf) Mumbai (0.4 msf)
Embassy 247 Embassy One
Mumbai (1.2 msf) Bengaluru (0.3 msf)
4
Pan-India Best-in-class Office Portfolio
33 msf
Leasable Area(1)
Noida (8.9%)
75
High Quality Office Buildings
across 11 Commercial
Offices
Mumbai (16.2%)
4
Pune (14.4%)
Gateway Cities
Bengaluru (60.5%)
160+
Marquee Tenant Base
Note: City wise split by % of Market Value.
(1) Includes 24.8 msf sf of Completed Area, 2.5 msf of Under Construction Area and 5.4 msf of Proposed Development Area 5
Compelling Business Opportunity
High quality office portfolio, serving as essential corporate infrastructure to multinational tenants, with
significant embedded growth aspects
India has become a global hub for corporates services over the last 20 years leading to 15% annual
Compelling Industry employment growth in the technology services sector
Fundamentals Outsized services sector growth has in turn resulted in key Indian cities having amongst the highest
office absorption globally(1)
Embassy REIT provides infrastructure-like office parks with best-in-class amenities at competitive
rents to multinationals
Best-in-class
Portfolio with 95% leased to marquee tenants with 81% of rents from multinational corporations
Multinational Tenants Located in India’s key office markets with our assets outperforming the market
Asia’s largest office REIT(2) – 33 msf portfolio of office parks and prime city-center offices
7 year WALE(3) with contractual escalations
34% mark-to-market growth potential(4); 48% re-leasing spreads on 2.7 msf over last three years and
Simple Business nine months
Model with Strong
Embedded Growth 7.9 msf on-campus development pipeline to accommodate tenant expansion and potential ROFO
assets to enhance growth
Low leverage(5) provides flexibility for growth through value accretive acquisitions
Experienced Seasoned management team with 20 years average experience
Management Team
Active asset management driving stable occupancy and strong rent growth
and Renowned
Sponsors Backed by renowned sponsors – Embassy Group and Blackstone
Note: For additional detail, please see notes at the end of the Presentation. 6
Multinational Tenant Base of Blue-chip Companies
81% of Rents from 43% of Rents from
Multinational Corporations Fortune 500 Tenants
(as of December 31, 2018) (as of December 31, 2018)
Technology
Google Microsoft IBM Cognizant
Financial
Services
Indian Goldman JP Morgan Wells
Corporates Sachs Fargo
19%
Consulting
PwC Accenture
Rolls-
E&M
Volkswagen NOKIA Royce
Multinational
Healthcare
Corporate
Tenants Legato
81%
Others
Maersk Target Lowe’s
7
Capital Values Significantly Below Peers
Real estate capital values in Embassy REIT’s markets are significantly below other global peers
Capital Values
(USD psf)
Embassy REIT’s $3,100 - $3,100 -
Markets 3,150 3,150
$2,100 -
2,150
$1,450 -
1,500
$1,000 -
1,100 $850 - $900 -
$800 - 1,000
950 900
$600 -
700 $400 - $350 -
$275 - 500 450
$150 - $160 - 325 $175 -
210 220 225
Bengaluru NCR Mumbai Pune Shanghai Beijing Hong Tokyo Munich Central New Los San Singapore Sydney
Kong London York Angeles Francisco
Note: CBRE Research, 2018.
Note: For additional detail, please see notes at the end of the Presentation. 8
Considerable Cost Arbitrage in Terms of Office Rents
Embassy REIT’s markets offer significantly cheaper rentals compared to global commercial hubs
Market Rents in Major Global Cities
Q1 CY 2018 (USD psf /year)
Embassy REIT’s
Markets
$147.9
$120.0
$108.0 $108.0
$85.0 $89.0
$61.9
$56.7
$50.3
$44.0
$35.9
$24.9
$14.4 $14.9 $15.6
Bengaluru NCR Mumbai Pune Shanghai Beijing Hong Tokyo Munich Central New Los San Singapore Sydney
Kong London York Angeles Francisco
Note: CBRE Research, 2018.
Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation. 9
Strong U.S. Labour Market Driving Indian Technology Services Growth
Low unemployment and strong wage growth in the U.S. improves attractiveness of Indian technology
services
Decadal Low Unemployment in the U.S. Resulting Strong U.S. Wage Growth Driving
in 2.5m STEM Employee Shortage Technology Sector Employment in India
(% unemployment) (Rebased to 100 in 2011)
(3)
159
10.0%
5.6% (2)
4.0% 117
(1)
100
Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 2011 2012 2013 2014 2015 2016 2017 2018
U.S. Private Sector Wages India Technology Employment
Note: CBRE Research, US Bureau of Labor Statistics.
Note: STEM denotes employees engaged in the fields of science, technology, engineering and mathematics. For additional detail, please see notes at the end of the Presentation. 10Abundant Talent and Cost Savings Driving Economic Growth and Office Absorption
Availability of skilled English speaking talent and a low cost base continues to attract global
companies to use India for large services operations leading to high office absorption
India’s Competitive Advantages Space Occupied by Technology Sector
(msf)
318
Large 6.4 million
Talent Pool Graduates annually
Cost 85%
Advantage Lower cost structure than US Tier
37
II cities
2000 2018F
Technology 15% CAGR High Value,
Sector Technology sector employee Cost Arbitrage Less Cost
Growth growth from 2000 to 2018F Services(1) Sensitive
(call centers, BPOs, Services
testing)
(R&D, Healthcare)
Note: CBRE Research, 2018.
Note: Years refer to the calendar year ending December 31 respectively. 11
(1) For pre-2000 period.Our Markets Continue to Witness Strong Fundamentals
Embassy REIT’s markets have witnessed strong absorption growth (up 26% from 2013 to 2018F) with
forecast supply remaining constrained and expected to be below historical average absorption
Absorption(1) Supply(1)
(msf) (msf)
30.1
24.6
23.8 24.1
2013 2018F Avg. from Avg. from
2013–2017 2018F–2019F
Note: CBRE Research, 2018.
Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation. 12Key Indian Cities Have amongst the Highest Office Absorption Globally
Our four markets have experienced total absorption of 136 msf from CY 2013 to Q1 2018, more than 11
global cities combined
Absorption
CY 2013–Q1 2018 (msf)
135.8 msf
128.4 msf
Embassy REIT’s
Other Global Cities
Markets
56.7
31.1
29.1 28.6
18.9 19.0
17.2
14.6
10.0 9.6 9.1
5.4 5.6 6.3
3.1
Bengaluru NCR Mumbai Pune Shanghai Beijing Hong Tokyo Munich Central New Los San Singapore Sydney
Kong London York Angeles Francisco
Note: CBRE Research, 2018.
Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation. 13Portfolio Overview
In-fill Locations with Strategically located in India’s key office markets of Mumbai, Bengaluru, Pune and Noida
Significant Scale Our assets outperform their markets: 940 bps higher occupancy, 270 bps higher rent CAGR(1)
7 infrastructure-like office parks and 4 prime city-center offices
World-Class Assets
with Outstanding Complete business ecosystem with landscaped environments and amenities such as 1,096 on-
Amenities
campus hotel keys(2), food courts, gymnasiums, childcare and employee transportation
Stable tenant base with 95% committed occupancy and 81% tenant retention over the last three
years and nine months
Highly Occupied by
72% of our tenant base is from the services sector (key driver of India’s growth)
Marquee Tenant Base
6.8 msf of new leasing over the last three years and nine months without incurring material
Tenant Improvements (“TI”) capex
Attractive Yield 175 bps–575 bps premium to capitalization rates for assets of similar quality and tenant profile
Spreads in United States, Japan and China
Note: For additional detail, please see notes at the end of the Presentation. 14Embassy REIT’s Assets Are Well Positioned in India’s Four Key Office Markets
Embassy REIT’s Markets Represent 77% of
India’s Office Absorption
72% 2013–Q1 2018 (% of absorption for Top 7 Indian Cities)
Of India’s Grade A office stock
concentrated in Embassy REIT’s markets(1)
Others
23% Bengaluru
26% 32%
Absorption growth since 2013 for
Embassy REIT’s markets(2)
Pune
11%
NCR
Mumbai
18%
780 bps 17%
Increase in occupancy since 2013 for
Embassy REIT’s markets(3)
Source: CBRE Research, 2018. India’s top 7 cities include Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad and Kolkata.
Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation. 15Infrastructure-like Office Parks with Best-in-class Amenities
Embassy Quadron
Pune (1.9 msf | 25 acres)
Hilton at Embassy Golflinks Food Court at Embassy Galaxy
Bengaluru (247 Keys) Noida
16Our Assets Provide a Complete Business Ecosystem
Alfresco Dining Gymnasium Tenant Engagement
Amphitheatre Childcare Facilities
Sports Facilities Public Transport Social Responsibility
17Sustainability Initiatives
Our focus on energy sustainability and environment conservation is a key differentiator
100 MW Solar Plant
100MW Solar Plant supplying green power to
Sustainable Bengaluru assets and hotels
Energy
Many LEED Platinum / Gold rated assets
Awards and Certifications
2 British Safety Council Sword of Honour winning
Environment, parks (2017) for select assets
Health and Safety Environmental, Health and Safety Certifications such
as ISO / OHSAS for select assets
Cycling Event
Create a sense of community by organizing cultural,
Community lifestyle and corporate social responsibility events
Engagement Undertaken environment friendly green initiatives such
as employee transportation facilities
18Embassy REIT’s Assets Have Outperformed Their Markets
High quality assets with robust infrastructure and amenities backed by professional asset
management has resulted in strong outperformance by our Portfolio
(1) (2)
Occupancy Rents
(%) 2013 – Q1 2018 (Indexed Rents 2013 = 100)
150
94.3% 94.7% 95.0%
92.8% 93.4% 93.4%
CAGR: 6.9%
940 bps 130
270 bps
85.5% 85.6%
84.5%
CAGR: 4.2%
81.4% 110
80.8%
77.8%
90
2013 2014 2015 2016 2017 1Q 2018 2013 2014 2015 2016 2017 1Q 2018
Embassy REIT’s Markets Embassy REIT’s Assets
Note: CBRE Research, 2018.
Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation. 19Deep Tenant Relationships and Asset Quality Driving Strong Leasing Traction
Scale and quality of our assets have resulted in 6.8 msf of new leasing over the last three years and
nine months without incurring material TI CapEx
6.8 msf of New Leasing Typical TI Capex
(% of Rental Revenue)(1)
over the Last Three Years and nine months
Area Leased (msf)
15%–20%
New
Tenants
38%
Existing
Tenants 2%–5%
62%
US real estate Indian real estate
companies companies
(1) Source: CBRE Research. 20Embedded Mark-to-market Growth Potential
Market Rents Are 34% above 29% of Occupied Area Expiring
In-place Rents between Q4 2019 – FY 2023
Rents (INR psf/month)(1) Area Expiring (msf)
3.2
83
1.4
62
0.9
0.8
0.5
Q4-FY FY 2020 FY 2021 FY 2022 FY 2023
2019
Mark-to-
Market 8.3% 37.3% 59.3%
Opportunity
Rents
In-place Rents Market Rents Expiring 1.8% 4.9% 3.8% 6.1% 9.4%
(%)
(1) Based on management's estimates 21Strong Track Record in Re-leasing to Market with High Value Tenants
Achieved 48% Average Re-leasing Spreads Re-leasing to High-Value
on 2.7 msf Area over last three years and nine Services Tenants
months (Rents INR psf/month)
(% Increase in Base Rents)
Embassy Golflinks
(145k, 9mFY19) 133
60.7%
48.0% Average 46
49.3%
Before
Leading Retail After
Leading
35.3% Store Technology Tenant
Embassy Manyata
26.6% (56k sf, 9mFY19)
77
51
FY 2016 FY 2017 FY 2018 9mFY19
Area
Re-
leased 0.3 1.1 0.5 0.8
LeadingBefore
Software Leading
After
(msf)
Developer Technology Tenant
22Complete On-campus Development Pipeline
Demonstrated development capability with 4.1 msf delivered over the last five years and nine months
Development Experience & Future Potential De-risked Development
(msf)(1) (High Pre-leasing)
Perspective Actual
3.0
3.6 msf & 0.5 msf
added in Manyata & Oxygen
Embassy Oxygen | 0.5 msf
0.3
respectively (Tower 3)
0.6
0.7
1.4
1.8
1.5
92%
1.3 Pre-leased
0.9
0.5 (Nov-18 completion)
FY 2014 FY 2016 FY 2018 FY 2019 FY 2021 Post FY 2021
Manyata Oxygen Techzone
(1) Excludes 619 hotel keys across Hilton and Hilton Garden Inn in Manyata 23Strong Embedded Growth
Contracted NOI growth drives approximately 50% of projected NOI growth (FY 2019 – FY 2021)
NOI Bridge
(INR in millions)
1,209
1,469
2,629
21,447
16,141
FY 2019 Contracted Vacancy Lease-up & Re-leasing at Market, FY 2021
(1)
NOI Growth Development Hotel Stabilization &
Others (2)
% of Total
50% 27% 23%
Growth
Note: For additional detail, please see notes at the end of the Presentation. 24Embassy Sponsor’s Potential ROFO Assets to Drive Growth
Embassy REIT will have a ROFO on certain assets owned by the Embassy sponsor potentially
expanding our presence to Chennai which is other key Indian office market
Embassy TechVillage
(Bengaluru | 12.2 msf)
42.8 msf | 4 assets
Being developed by Embassy across strong markets such
as Bengaluru & Chennai
ROFO Mechanism
Embassy Splendid TechZone Market value not less than INR 7.5
Asset Size
(Chennai | 5.0 msf) billion
Compliant with REIT regulations
Specifications
At least 50% area developed
Controlling interest of Embassy Group
Applicability Triggered upon any change in
controlling interest by Embassy
25Flexible Capital Structure for Disciplined Acquisition Strategy
Conservative balance sheet, post utilization of IPO proceeds, provides significant flexibility for growth
through value accretive ROFO and third-party acquisitions
Net Debt to GAV
Less than 15%
(Post utilization of IPO
proceeds)
Hong Kong 18 - 22%
based REITs
Singapore
30 - 40%
based REITs
(1) Source: CBRE Research. 26Simple Business Model
Stable, long-term contracted rents with 10%–15% contractual escalations every 3–5 years
Stable Cash Flows
81% of rents from multinationals with 43% from Fortune 500 companies
Near-Term Lease-up of existing 5% vacancy – largely transitional and concentrated in select assets
Leasing Upside to Drive
Growth Significant mark-to-market opportunity – market rents are 34% above in-place rents(1)
2.5 msf currently under construction on entitled land within Embassy REIT’s assets
On-campus
Hilton branded hotels totaling 619 keys currently under construction within our assets
Development Potential
Further 5.4 msf of Proposed Development Area to accommodate tenant expansion
Lowly leveraged initially with less than 15% loan-to-value post utilization of IPO proceeds
Strong Balance Sheet
Significant flexibility enables growth through ROFO asset and third-party acquisitions
(1) Based on management's estimates 27Embassy REIT Manager
Highly experienced senior management team with over 20 years of average experience
Ritwik
Michael
Vikaash Khdloya Rajesh Kaimal Sachin Shah Bhhavesh Kamdar Bhattacharjee
Holland
Deputy CEO / COO 1 CFO CIO Head, Leasing Head, Investor
CEO
Relations
20+ Years 11+ Years 23+ Years 17+ Years 26+ Years 12+ Years
Experience Experience Experience Experience Experience Experience
Former Former MD, Worked in various Key person of Former Deputy Former ED at
Country Manager Blackstone Real positions with the Samsara Fund General Manager Nomura
Experience
and Managing Estate Manipal Group Advisors Private – Leasing and Singapore Limited
Director of JLL Limited Marketing and Director at
Former VP at
India (Commercial) at UBS AG
Piramal Fund Former VP of
Larsen & Toubro Singapore Branch
Former CEO of Management Acquisitions at
Limited
Assetz Property (erstwhile Starwood Capital
Group IndiaREIT) Group
The Manager and the Asset SPVs together have over 60 employees
Management
Hands on expertise in asset management, leasing, development, acquisitions and financing
Summary
Strong relationships with tenants, lenders and capital providers
(1) Will be deputy CEO/COO on the date of listing 28Active Asset Management Driving Strong Performance
6.8 msf of new leasing over the past three years and nine months
Leasing
7.7 msf of renewals over the past three years and nine months
7.1% Same-Store Rental CAGR across portfolio assets & investment from FY
Rental Growth 2016 to FY 2018
48% re-leasing spreads on 2.7 msf over the past three years and nine months
Development
Completed 4.1 msf of development over the last five years and nine months
Expertise
Asset Upgrades / Upgraded 7 food courts and 33 office lobbies across assets over the last three
Refurbishments years and nine months
Tenant Initiatives Pioneered tenant engagement programs such as “Energize” and “Q-Life”
29Strong Corporate Governance Framework
Embassy REIT has incorporated adequate corporate governance standards to protect unitholder value
50% independent directors on the Board, with 50% representation on all committees
Manager can be removed with 60% approval of unrelated unitholders
Manager
Alignment with unitholder interests due to a distribution linked management fees
structure
Minimum 80% of value in completed and leased properties
Asset Minimum 90% of distributable cash flows to be distributed
Restrictions on speculative land acquisition
Majority unitholder approval required if debt(1) exceeds 25% of asset value
Debt
Debt cannot exceed 49% of asset value
Sponsors are prohibited from voting on their related party transactions
Strong Related Majority unitholder approval required for acquisition or disposal of asset which exceeds
Party 10% of REIT value
Safeguards
Acquisition or sale price of new asset cannot deviate from average valuation of two
independent valuers by +/- 10%
(1) Debt includes consolidated borrowings and deferred payments of the REIT, Hold Co and SPV’s. 30Experienced Board
Nominee Directors Independent Directors
Jitendra Virwani Vivek Mehra
Chairman & Managing Director, Ex-Partner for PricewaterhouseCoopers Private
Embassy Group Limited
Christopher Heady Anuj Puri
Chairman of Blackstone Asia Pacific Director at ANAROCK Investment Advisors
Private Limited
Head of Blackstone Real Estate Asia
Tuhin Parikh Dr. Punita Kumar Sinha
Senior Managing Director of Blackstone Real Ex-Portfolio manager, Oppenheimer Asset
Estate’s operations in India Management
Aditya Virwani Dr. Ranjan Pai
On the board of several Embassy group Former Managing Director and CEO of Manipal
companies Group
31Credible Sponsors with Significant Local and Global Expertise
45 MSF $119B
Completed area across Investor Capital
residential and office under management (1)
development
Extensive Local Global 473 Real Estate
Land bank held
across the Expert Manager Professionals
country Working globally (1)
Integrated
Platform
Project management,
land acquisitions and Public offerings
marketing of real estate Hilton and
assets Invitation Homes
(1) As of June 30, 2018 32Notes
All figures in this presentation are as of December 31, 2018 unless specified otherwise
All figures corresponding to year denoted with “FY” are as of or for the one year period ending (as may be relevant) 31st
March of the respective year. Similarly, all figures corresponding to year denoted with “CY” are as of or for the one year
period ending (as may be relevant) 31st December of the respective year
Some of the figures in this Presentation have been rounded-off to the nearest decimal for the ease of presentation
Any reference to long-term leases or WALE (weighted average lease expiry) assumes successive renewals by tenants at
their option
Key Terms and Definitions:
1. 1. Embassy Group: refers to the Embassy Sponsor or its subsidiaries or limited liability partnerships
2. 2. Mumbai: represents MMR – Mumbai Metropolitan Region
3. 3. NCR: represents Delhi National Capital Region
4. 4. NOI: Net Operating Income calculated by subtracting Direct Operating expenses from Revenue from operations
5. 5. Occupancy / % Occupied / % Leased: refers to Committed Occupancy unless specified otherwise. Committed
Occupancy is defined as the ratio of the Occupied Area including Completed Area under letter of intent and the
Completed Area
6. 6. Rents: refers to Gross Rentals unless specified otherwise. Gross Rentals are defined as the sum of Base Rentals,
fit-out and car parking income from Occupied Area for the month of March 2018
7. 7. Rolls-Royce: refers to Rolls-Royce India Private Limited
8. 8. Years: refers to fiscal years unless specified otherwise
33Notes
Page 3:
(1) Includes 7.9 msf of Under Construction and Proposed Development Area
(2) Details for 100% of GLSP; Embassy REIT will own a 50% economic interest in GLSP
Page 6:
(1) Source: CBRE Research. In terms of total absorption for select major office centers from CY 2013–Q1 CY 2018
(2) As at December 31, 2018. Largest REIT by area amongst comparable Asian office REITs. Includes 24.8 msf completed area and 7.9 msf
development potential
(3) Weighted Average Lease Expiry assuming that each tenant exercises the right to renew for future terms after expiry of initial commitment period
(4) Based on management’s estimates
(5) Post utilization of IPO proceeds
Page 8:
(1) NCR represents Delhi National Capital Region, which includes Noida
Note: For Bengaluru, NCR, Pune, Mumbai and Sydney, the capital values highlighted above have been computed based on the indicative yields
prevalent in the respective markets and representative of Grade A office spaces. For all other cities the values are average capital values for strata sold
developments in the respective cities.
Page 9:
(1) Noida, where Embassy Oxygen and Embassy Galaxy are located, is a submarket of NCR (National Capital Region)
Note: New York, Los Angeles and San Francisco represents Gross Asking Rent; Hong Kong, Tokyo, Singapore, Beijing, Shanghai represents Grade A
rent on Net Floor Area; Sydney represents rent for all grades on Net Floor Area; Central London, Munich, Mumbai, Pune, NCR and Bengaluru
represents Grade A rent on Gross Area. Rents for Central London and Munich are representative of Prime Rents. Rents for Bengaluru, NCR, Mumbai
and Pune have been calculated based on the weighted average of market rents and occupied stock of the respective sub markets within the city.
Page 10:
(1) Represents 2.5 million people employed in the India technology industry and an hourly wage of $23.0 in the US Private Sector in FY 2011
(2) Represents an average hourly wage of $26.8 in FY 2018
(3) Represents 3.97 million employed in FY 2018
Page 12:
(1) For Embassy REIT’s markets – Bengaluru, Pune, Mumbai and NCR
(2) Average of the annual supply in the relevant period
34Notes
Page 13:
(1) Noida, where Embassy Oxygen and Embassy Galaxy are located, is a submarket of NCR (National Capital Region)
Note:
(1) For office stock in India, CBRE defines “Grade A” as a development type, of which tenant profile should include prominent multinational
corporations, while the building area should not be less than 100,000 square feet. The development should include an open plan office with large
size floor plates, adequate ceiling height, 24x7 power back-up, supply of telephone lines, infrastructure for access to internet, central air-conditioning,
spacious and well-decorated lobbies, circulation areas, good lift services, sufficient parking facilities and should have centralized building
management and security systems.
(2) For office stock outside of India, “Grade A” development has different definitions depending on the jurisdictions the developments are located in
Page 14:
(1) Source: CBRE Research, 2018. For Embassy REIT’s markets. Occupancy figures as of March 31, 2018. Rent CAGR over CY 2013–Q1 CY 2018
(2) Includes 477 completed and 619 under construction hotel keys
Page 15:
(1) As of March 31, 2018. Includes Bengaluru, Pune, Mumbai and NCR
(2) Calculated as the percentage increase in the absorption expected for CY 2018 over the CY 2013 actual absorption
(3) Includes Bengaluru, Pune, Mumbai and NCR. Occupancy has increased to 85.6% in Q1 CY 2018 from 77.8% in CY 2013
Page 19:
(1) Occupancy for REIT assets is as on March 31 of the respective year
(2) Market rents for assets as per CBRE
Page 24:
(1) Includes incremental NOI of INR 455 million on account of solar assets
(2) Includes incremental NOI from hotels (INR 423 million) and mark-to-market opportunity (INR 174 million)
Note: Excludes 50% interest in Embassy Golflinks as that is a JV interest. Our 50% stake in Embassy Golflinks contributes a further INR 1,648 million
and INR 2,026 million NOI in FY 2019 and FY 2021, respectively.
35THANK YOU 27/03/20
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