Embassy Office Parks REIT has filed two independent valuation reports with the stock exchanges for a 0.6-acre land parcel situated at Survey Nos. 58/1(part) and 59/1(part), Thanisandra Village, K.R. Puram Hobli, Bengaluru East Taluk, Bengaluru. The land parcel is contiguous to and an extension of the existing Embassy Manyata Business Park and is proposed to be acquired by Manyata Promoters Private Limited (MPPL), a 100% holding company of Embassy Office Parks REIT, in accordance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The filings were submitted by Vinitha Menon, Head – Company Secretary and Compliance Officer, on July 30, 2026.

Property Overview

The subject land parcel admeasures approximately 0.60 acres (24 Guntas), comprising portions of Survey Nos. 58/1 and 59/1, each admeasuring 12 Guntas. The property is KIADB (Karnataka Industrial Areas Development Board) allotted land and is accessible primarily via the Lodha Mirabelle Road, approximately 650 meters from the main Manyata Tech Park Road. The site is approximately 3 km from the Outer Ring Road (ORR) and 5 km from Bellary Road (NH 44). The property has limited frontage and visibility, and a public road of approximately 18 meters wide passes through the land parcel.

Key details of the subject property are summarised below:

Valuation Report I – Ms. L. Anuradha (MRICS) with C&WI Review

The first valuation report (Appendix I), dated July 30, 2026, with a valuation date of June 30, 2026, was prepared by Ms. L. Anuradha, MRICS (IBBI Registration No. IBBI/RV/02/2022/14979), with independent property consultant review services undertaken by Cushman & Wakefield (India) Private Limited. The valuation was carried out using the Market Approach Method, which was considered the most appropriate methodology given that the land is currently vacant with no development or approval plans in place.

Under the Market Approach, the subject property was benchmarked against two comparable land transactions in the Thanisandra micro-market, both transacted in Q3 2024 along Bellahalli Main Road. Adjustments were applied across parameters including location and neighbourhood profile, land size, shape, developability, accessibility/visibility, and time factor.

The comparative analysis and adjustments are summarised below:

The adopted market value derived from this analysis was INR 4,466 per Sq. ft., translating to a total market value of INR 117 Million.

Cushman & Wakefield (India) Private Limited, in its independent property consultant review, opined that the adopted market value of the subject property is appropriate based on an analysis of comparable land transactions and prevailing market trends. C&WI assessed the land value of the subject property to be in the range of INR 178 – 218 Million per acre, thereby translating to a market value in the range of INR 107 to 131 Million, and confirmed that the adopted market value is in line with current market evidence.

Valuation Report II – iVAS Partners

The second valuation report (Appendix II), dated July 29, 2026, with a date of assessment of July 24, 2026, was prepared by iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112), represented by its partner Mr. D. Pavan Kumar (Valuer Registration Number: IBBI/RV/02/2026/16153). The valuation was conducted in accordance with the IVSC International Valuation Standards (effective January 31, 2025) and adopted the Direct Comparison Approach.

The valuation benchmarked the subject property against two comparable land parcels — one quoted property on Hebbal Outer Ring Road (6.36 acres, INR 4,969 per sft of FSI) and one transacted property on Bellary Road, Yelahanka (10.0 acres, transacted in Q1 2025, INR 3,956 per sft of FSI). Adjustments were applied for size, location and profile of surroundings, access/visibility/frontage, zoning, and marketability.

Key adjustments applied are summarised below:

Based on the above analysis, iVAS Partners opined that the achievable capital value for the subject property would be in the range of approximately INR 1,750 per sft of FSI of land to INR 2,450 per sft of FSI of land (average of INR 2,100 per sft per FSI), translating to an overall market value of approximately INR 109.77 Mn for a land extent of approximately 0.60 acres (for a FSI of 2.0) as on July 24, 2026.

The Ready Reckoner Rate (as per documents published by the Government of Karnataka) for the subject property is noted at INR 94.5 Mn per acre (INR 19,525 per Sq Yard), reflecting an 80% premium over the agricultural land guideline value of INR 525 Lakhs per acre on account of the non-agricultural nature of the land.

Summary of Valuations

The two independent valuation reports arrive at the following market values for the subject land parcel:

Both reports were prepared in compliance with SEBI (Real Estate Investment Trusts) Regulations, 2014, for the purpose of disclosure of valuation of the asset proposed to be acquired as part of the Embassy Office Parks REIT portfolio. The subject property, which is currently a vacant land parcel with no proposed development plan, is expected to be integrated within the larger Embassy Manyata Business Park development post-acquisition by Manyata Promoters Private Limited via a lease cum sale deed from KIADB.

Embassy Office Parks REIT reported a consolidated net profit of ₹1,952.18 million for the quarter ended June 30, 2026, driven by a 17% year-on-year growth in revenue from operations to ₹12,408.12 million and Net Operating Income (NOI) to ₹10,205 million. This result marks a turnaround from the previous quarter’s loss of ₹4,300.24 million, primarily due to the absence of the exceptional Minimum Alternate Tax (MAT) credit write-off that impacted Q4FY26 results. The Board of Directors of Embassy Office Parks Management Services Private Limited approved the unaudited financial results on July 30, 2026, and declared a distribution of ₹6.31 per unit, aggregating to ₹5,981.21 million, payable on or before August 11, 2026.

The distribution comprises ₹0.37 per unit as interest, ₹0.80 per unit as dividend, and ₹5.14 per unit as repayment of SPV-level debt. Statutory Auditors S.R. Batliboi & Associates LLP issued an unmodified review report on the financial statements, noting compliance with SEBI REIT Regulations and Ind AS 34. The record date for these distributions is August 04, 2026.

Financial Performance

Revenue from operations stood at ₹12,408.12 million for Q1FY27, compared to ₹12,046.81 million in the preceding quarter and ₹10,597.86 million in the same quarter last year. Total income was ₹12,600.08 million. Earnings before share of profit of equity accounted investee, finance costs, depreciation, amortisation, exceptional item and tax (EBSDAET) were ₹9,784.06 million. EBITDA grew 16% YoY to ₹9,784 million.

The previous quarter’s loss was driven by a one-time write-off of MAT credit amounting to ₹5,922.17 million, following amendments in the Finance Act, 2026. No such exceptional item was recorded in Q1FY27.

Leasing and Operational Highlights

The REIT leased 1.3 million square feet across 17 deals in Q1FY27. Global Capability Centers (GCCs) accounted for 81% of quarterly leasing demand, while AI-related companies contributed 21% of new leasing. New entrants drove 86% of new leasing, with leases signed at an 8% average premium to market rents. Portfolio occupancy stood at 93% by value, with Mumbai at 100%, Bengaluru at 95%, Noida at 93%, and Chennai at 92%. Hotel NOI grew 6% year-on-year, supported by a 100-bps increase in occupancy to 61% and 5% Average Daily Rate (ADR) growth.

Strategic Developments

The Board approved the termination of project agreements with Four Seasons India Hotel Management Company Private Limited regarding the 230-key hotel at Embassy One, Bengaluru, effective February 28, 2027. The REIT is evaluating potential new hospitality operators for the asset. Additionally, the Board approved the conveyance of a land parcel admeasuring 24 guntas at Thanisandra Village, Bengaluru, to Manyata Promoters Private Limited (MPPL). MPPL has paid a total consideration of ₹1,08,99,365 towards this acquisition.

What the Numbers Show

The net borrowings ratio of the REIT decreased to 31% as of June 30, 2026, from 32% in the corresponding period last year. This improvement reflects the REIT’s ongoing deleveraging strategy. During the quarter, the REIT raised ₹3,045 crores of debt at a blended coupon of 7.46% through commercial papers, NCDs, and bank loans. As of June 30, 2026, ₹1,230.00 million of the ₹7,002.41 million raised through Series XVII Non-Convertible Debentures had been utilized. The asset cover ratio remains robust at 5.24 times. The development pipeline stands at 6.2 msf with a ₹3,500 crores capital outlay, with approximately 60% of deliveries over the next two years already pre-leased.