Embassy Office Parks Management Services Private Limited (" The Manager .

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12th Floor“UB City” Canberra BlockNo. 24, Vittal Mallya RoadBengaluru – 560 001, IndiaChartered AccountantsTel: 91 80 6648 9000Review ReportThe Board of DirectorsEmbassy Office Parks Management Services Private Limited (“ the Manager”)(Acting in its capacity as the Manager of Embassy Office Parks REIT)1st Floor, Embassy Point150, Infantry RoadBengaluru -560001Introduction1. We have reviewed the accompanying unaudited condensed consolidated interim Ind ASfinancial statements of Embassy Office Parks REIT (the “REIT”), its subsidiaries and aJoint venture (together referred as “the Group”), which comprise the unauditedcondensed consolidated balance sheet as at September 30, 2022, the unauditedcondensed consolidated statement of profit and loss, including other comprehensiveincome and unaudited condensed consolidated statement of Cash Flows for the quarterand half year ended September 30, 2022, the unaudited condensed consolidatedstatement of changes in Unitholder’s equity for the half year ended September 30,2022, the consolidated Statement of Net Assets at fair value as at September 30,2022, the consolidated statement of Total Returns at fair value and the statement ofNet Distributable Cash Flows of the REIT and each of its subsidiaries for the half yearended September 30, 2022 and a summary of significant account policies and selectexplanatory information (together hereinafter referred to as the “CondensedConsolidated Interim Ind AS Financial Statements”) being submitted by the REITpursuant to the requirements of Regulation 23 of the Securities and Exchange Boardof India (Real Estate Investment Trusts) Regulations, 2014, as amended including anyguidelines and circulars issued thereunder (“REIT Regulations”).2. The Manager is responsible for the preparation of the Condensed Consolidated InterimInd AS Financial Statements in accordance with the requirements of Indian AccountingStandard 34 (Ind AS 34) “Interim Financial Reporting”, as prescribed in Rule 2(1)(a) ofthe Companies (Indian Accounting Standards) Rules, 2015 (as amended) and otheraccounting principles generally accepted in India, to the extent not inconsistent REITRegulations. The Condensed Consolidated Interim Ind AS Financial Statements hasbeen approved by the Board of Directors of the Manager. Our responsibility is toexpress a conclusion on the Condensed Consolidated Interim Ind AS FinancialStatements based on our review.Scope of Review3. We conducted our review in accordance with the Standard on Review Engagements(SRE) 2410, “Review of Interim Financial Information Performed by the IndependentAuditor of the Entity” issued by the Institute of Chartered Accountants of India. Thisstandard requires that we plan and perform the review to obtain moderate assuranceas to whether the Condensed Consolidated Interim Ind AS Financial Statements is freeof material misstatement. A review consists of making inquiries, primarily of Managerpersonnel responsible for financial and accounting matters, and applying analytical andS.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295Regd. OfÕce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountantsother review procedures. A review is substantially less in scope than an audit conductedin accordance with Standards on Auditing and consequently does not enable us toobtain assurance that we would become aware of all significant matters that might beidentified in an audit. Accordingly, we do not express an audit opinion.The CondensedConsolidated Interim Ind AS Financial Statements includes the financial information ofthe following entities:Sl. NoA1Name of the entitiesParent EntityEmbassy Office Parks REITB12345678910111213SubsidiariesManyata Promoters Private Limited (‘MPPL’)Umbel Properties Private LimitedEmbassy-Energy Private LimitedGalaxy Square Private LimitedQuadron Business Park Private LimitedQubix Business Park Private LimitedOxygen Business Park Private LimitedEarnest Towers Private LimitedVikhroli Corporate Park Private LimitedIndian Express Newspapers (Mumbai) Private LimitedEmbassy Pune Techzone Private LimitedVikas Telecom Private LimitedSarla Infrastructure Private LimitedC1Jointly Controlled entityGolflinks Software Park Private LimitedConclusion4. Based on our review conducted as above, nothing has come to our attention thatcauses us to believe that the accompanying Condensed Consolidated Interim Ind ASFinancial Statements have not been prepared in all material respects in accordancewith the requirement of Ind AS 34, as prescribed in Rule 2(1)(a) of the Companies(Indian Accounting Standards) Rules, 2015 (as amended) and other accountingprinciples generally accepted in India, to the extent not inconsistent with REITRegulations.Emphasis of Matter1. We draw attention to note 46(iv) to the Condensed Consolidated Interim Ind AS FinancialStatements which refers to the uncertainty in relation to two pending cases, as regards Propertytax dues aggregating to Rs.3,418.89 million as at September 30, 2022 payable by MPPL, beforejudicial forums, basis previously raised demand notices by the local regulatory authority. Basedon legal opinions obtained and pending outcome of such legal matter no provision has beenmade in these Condensed Consolidated Interim Ind AS Financial Statements.

Chartered Accountants2. We draw attention to note 54 to the Condensed Consolidated Interim Ind AS FinancialStatements, regarding advance aggregating to Rs.4,638.30 million as at September 30, 2022,paid for co-development of M3 Block B property as detailed in note 54. As explained by theGroup, basis the representation obtained from Embassy Property Development Private Limited,the Group is confident of delivery of the property under development after acquisition ofnecessary transferable development rights and building approvals which are yet to be received.Our conclusion is not modi¿ed in respect to the above matters.For S.R. Batliboi & Associates LLPChartered AccountantsICAI Firm registration number: 101049W/E300004Digitally signedADARSHADARSH byRANKA2022.10.20RANKA Date:15:07:03 05'30'per Adarsh RankaPartnerMembership No.: 209567UDIN: 22209567BAJFKW4216Place: Bengaluru, IndiaDate: October 20, 2022

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Balance Sheet(all amounts in Rs. million unless otherwise stated)NoteAs at30 September 2022As at31 March 2022(Unudited)(Audited)ASSETSNon-current assetsProperty, plant and equipmentCapital work-in-progressInvestment propertiesInvestment properties under developmentGoodwillOther intangible assetsEquity accounted investeeFinancial assets- Investments- Other financial assetsDeferred tax assets (net)Non-current tax assets (net)Other non-current assetsTotal non-current assetsCurrent assetsInventoriesFinancial assets- Trade receivables- Cash and cash equivalents- Other bank balances- Other financial assetsCurrent tax assetsOther current assetsTotal current 958.791516A16B171819Total assetsEQUITY AND LIABILITIESEQUITYUnit capitalOther equityTotal equityLIABILITIESNon-current liabilitiesFinancial liabilities- Borrowings- Lease liabilities- Other financial liabilitiesProvisionsDeferred tax liabilities (net)Other non-current liabilitiesTotal non-current liabilities23242526Current liabilitiesFinancial liabilities- Borrowings- Trade payables- total outstanding dues of micro and small enterprises- total outstanding dues of creditors other than micro and small enterprises- Other financial liabilitiesProvisionsOther current liabilitiesCurrent tax liabilities (net)Total current liabilitiesTotal equity and liabilities2728293031322Significant accounting policiesThe accompanying notes referred to above are an integral part of these Condensed Consolidated Financial Statements.As per our report of even date attachedfor S R Batliboi & Associates LLPChartered AccountantsICAI Firms registration number: 101049W/E300004for and on behalf of the Board of Directors ofEmbassy Office Parks Management Services Private Limited(as Manager to Embassy Office Parks REIT)ADARSHRANKAJITENDRAMOHANDASVIRWANIDigitally signed by ADARSH RANKADate: 2022.10.20 15:18:33 05'30'per Adarsh RankaPartnerMembership number: 209567Place: BengaluruDate: 20 October 2022Digitally signed byJITENDRA MOHANDASVIRWANIDate: 2022.10.20 14:51:34 05'30'Jitendra VirwaniDirectorDIN: 00027674Place: BengaluruDate: 20 October 2022Page 1Digitally signed byTUHIN ARVIND TUHIN ARVIND PARIKHDate: 2022.10.20PARIKH14:10:07 05'30'Tuhin ParikhDirectorDIN: 00544890Place: MumbaiDate: 20 October 2022

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Profit and Loss(all amounts in Rs. million unless otherwise stated)NoteIncome and gainsRevenue from operationsInterest incomeOther incomeTotal IncomeExpensesCost of materials consumedEmployee benefits expenseOperating and maintenance expensesRepairs and maintenanceValuation expensesAudit feesInsurance expensesInvestment management feesTrustee feesLegal and professional feesOther expensesTotal ExpensesEarnings before finance costs, depreciation, amortisation and taxFinance costs (net)Depreciation expenseAmortisation expenseProfit before share of profit of equity accounted investee and taxShare of profit after tax of equity accounted investeeProfit before taxTax expense:Current taxDeferred tax charge/ (credit)For the quarter ended30 June 2022(Unudited)For the quarter ended30 September 2021(Unaudited)For the half year ended30 September 2022(Unaudited)For the half year ended31 March 2022(Audited)**For the half year ended30 September 2021(Unaudited)For the year ended31 March 101.011,960.84453941424243Profit for the period/ yearItems of other comprehensive incomeItems that will not be reclassified subsequently to profit or loss- Gain/ (loss) on remeasurement of defined benefitliability, net of taxTotal comprehensive income attributable to Unitholders for the period/yearEarnings per UnitBasic, attributable to the Unitholders of the TrustDiluted, attributable to the Unitholders of the TrustFor the quarter ended30 September 79.3744** Refer note 57.2Significant accounting policiesThe accompanying notes referred to above are an integral part of these Condensed Consolidated Financial Statements.As per our report of even date attachedfor and on behalf of the Board of Directors ofEmbassy Office Parks Management Services Private Limited(as Manager to Embassy Office Parks REIT)for S R Batliboi & Associates LLPChartered AccountantsICAI Firms registration number: 101049W/E300004ADARSHRANKADigitally signed byADARSH RANKADate: 2022.10.20 15:18:58 05'30'Digitally signed byJITENDRAJITENDRA MOHANDASVIRWANIMOHANDASDate: 2022.10.20 14:52:49VIRWANI 05'30'Jitendra VirwaniDirectorDIN: 00027674Place: BengaluruDate: 20 October 2022per Adarsh RankaPartnerMembership number: 209567Place: BengaluruDate: 20 October 2022Page 2TUHIN ARVINDPARIKHDigitally signed by TUHINARVIND PARIKHDate: 2022.10.20 14:10:46 05'30'Tuhin ParikhDirectorDIN: 00544890Place: MumbaiDate: 20 October 2022

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Cashflow(all amounts in Rs. million unless otherwise stated)Cash flow from operating activitiesProfit before share of profit of equity accounted investee and taxAdjustments to reconcile profit before tax to net cash flows:Depreciation expenseAmortisation expenseAssets and other balances written offLoss on sale of Property, Plant and Equipment/ Investment Properties (net)Allowances for credit loss and bad debts written offLiabilities no longer required written backProfit on sale of mutual fundsFinance costs (net)Interest incomeOperating profit before working capital changesWorking capital adjustments- Inventories- Trade receivables- Other financial assets (current and non-current)- Other assets (current and non-current)- Trade payables- Other financial liabilities (current and non-current)- Other liabilities and provisions (current and non-current)Cash generated from operating activities before taxesTaxes paid (net)Cash generated from operating activitiesCash flow from investing activitiesRedemption of deposits with banks (net)Redemption in mutual funds (net)Investment in debenturesRepayment of investment in debenturesPayment for purchase of Investment Properties, Property, Plant and Equipmentand Intangibles including Capital Work-in-progress and Investment Propertiesunder DevelopmentPayment of contingent considerationDividend receivedInterest receivedNet cash flow used in investing activitiesFor the quarter ended30 September 2022(Unaudited)For the quarter ended30 June 2022(Unaudited)For the quarter ended30 September 2021(Unaudited)For the half year ended30 September 2022(Unaudited)For the half year ended31 March 2022(Audited)**For the half year ended30 September 2021(Unaudited)For the year ended31 March 2(11,820.24)Page 3

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Cashflow(all amounts in Rs. million unless otherwise stated)Cash flow from financing activitiesInterest paidRepayment of borrowingsProceeds from borrowings (net of issue expenses)Transaction costs related to issue of unitsCash used in distribution to UnitholdersPayment of lease liabilitiesNet cash (used in)/ generated from financing activitiesNet increase/ (decrease) in cash and cash equivalentsCash and cash equivalents at the beginning of the period/ yearCash and cash equivalents at the end of the period/ yearComponents of cash and cash equivalents (refer note 16A)Cash in handBalances with banks- in current accounts- in escrow accounts- in fixed depositsFor the quarter ended30 September 2022(Unaudited)For the quarter ended30 June 2022(Unaudited)For the quarter ended30 September 2021(Unaudited)For the half year ended30 September 2022(Unaudited)For the half year ended31 March 2022(Audited)**For the half year ended30 September 2021(Unaudited)For the year ended31 March 5221.4521.367,106.045,821.1854.008.575,884.49** Refer note 57.Significant accounting policies (refer note 2)The accompanying notes referred to above are an integral part of these Condensed Consolidated Financial Statements.As per our report of even date attachedfor and on behalf of the Board of Directors ofEmbassy Office Parks Management Services Private Limited(as Manager to Embassy Office Parks REIT)for S R Batliboi & Associates LLPChartered AccountantsICAI Firms registration number: 101049W/E300004Digitally signed byADARSH RANKADate: 2022.10.2015:19:21 05'30'per Adarsh RankaPartnerMembership number: 209567Place: BengaluruDate: 20 October 2022ADARSHRANKADigitally signed byJITENDRA JITENDRAMOHANDA MOHANDASVIRWANI2022.10.20S VIRWANI Date:14:53:14 05'30'Jitendra VirwaniDirectorDIN: 00027674Place: BengaluruDate: 20 October 2022Page 4TUHINARVINDPARIKHDigitally signed byTUHIN ARVINDPARIKHDate: 2022.10.2014:11:18 05'30'Tuhin ParikhDirectorDIN: 00544890Place: MumbaiDate: 20 October 2022

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Changes in Unitholder's Equity(all amounts in Rs. million unless otherwise stated)A.B.Unit CapitalBalance as on 1 April 2021Changes during the yearNo in Million947.90-Amount288,262.11-Balance as at 31 March 2022947.90288,262.11Balance as on 1 April 2022Changes during the periodBalance as at 30 September 2022947.90947.90288,262.11288,262.11Other equityParticularsReserves and SurplusRetained Earnings(17,331.44)Balance as on 1 April 20218,883.85Add: Profit for the year ended 31 March 20220.83Add: Other Comprehensive Income for the year ended 31 March 2022#(20,948.45)Less: Distribution to Unitholders during the year ended 31 March 2022* (29,395.21)Balance as at 31 March 2022(29,395.21)Balance as on 1 April 20223,073.03Add: Profit for the period ended 30 September 2022(10,038.20)Less: Distribution to Unitholders during the period ended 30 September 2022* (36,360.38)Balance as at 30 September 2022* The distributions made by Trust to its Unitholders are based on the Net Distributable Cash flows (NDCF) of Embassy Office Parks REITunder the REIT Regulations which includes repayment of loan by SPVs to Embassy REIT. The distribution for year ended 31 March 2022 does not include the distribution relating to the quarter ended 31 March 2022, as the samewill be paid subsequently. The distribution for period ended 30 September 2022 does not include the distribution relating to the quarter ended 30 September 2022, asthe same will be paid subsequently.# Other comprehensive income comprises of gain/ (loss) on remeasurements of defined benefit liability (net) of Nil for the period ended 30September 2022 (31 March 2022: Rs.0.83 million).As per our report of even date attachedfor S R Batliboi & Associates LLPChartered AccountantsICAI Firms registration number: 101049W/E300004signed byADARSH DigitallyADARSH RANKA2022.10.20RANKA Date:15:19:42 05'30'per Adarsh RankaPartnerMembership number: 209567Place: BengaluruDate: 20 October 2022for and on behalf of the Board of Directors ofEmbassy Office Parks Management Services Private Limited(as Manager to Embassy Office Parks REIT)JITENDRAMOHANDASVIRWANIDigitally signed byJITENDRA MOHANDASVIRWANIDate: 2022.10.20 14:53:32 05'30'Jitendra VirwaniDirectorDIN: 00027674Place: BengaluruDate: 20 October 2022Page 5TUHINARVINDPARIKHDigitally signed byTUHIN ARVINDPARIKHDate: 2022.10.2014:11:36 05'30'Tuhin ParikhDirectorDIN: 00544890Place: MumbaiDate: 20 October 2022

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Net Assets at fair valueDisclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016(all amounts in Rs. million unless otherwise stated)A) Statement of Net Assets at fair valueS.No ParticularsUnit of measurementABCDEAssetsLiabilitiesNet Assets (A-B)No. of unitsNAV (C/D)As at 30 September 2022Book ValueFair s in millionsRs in millionsRs in millionsNumbersRsAs at 31 March 2022Book ValueFair otes:1) Measurement of fair values:The fair value of investment properties, investment properties under development (including capital advances); property, plant and equipment (relating to thehotel property in UPPL, MPPL and QBPL, and the solar power plant in EEPL); capital work-in-progress (relating to the proposed hotel to be developed inETV assets); intangibles and the investment in GLSP as at 30 September 2022 and 31 March 2022 has been determined by iVAS Partners, independentexternal registered property valuers appointed under Regulation 21 of REIT regulations, having appropriately recognised professional qualifications andrecent experience in the location and category of the properties being valued in conjunction with value assessment services undertaken by CBRE.Valuation techniqueThe fair value measurement for all the investment properties, investment properties under development, property plant and equipment, intangibles and capitalwork-in-progress has been categorized as a Level 3 fair value based on the inputs to the valuation technique used.The valuers have followed a Discounted Cash Flow method. The valuation model considers the present value of net cash flows to be generated from therespective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, average room rent, lease incentive costs andblended tariff rates. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimationconsiders the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms, seasonality in sustaining a stable average room rentand occupancy for the hotels.2) Property wise break up of Fair value of Assets as at 30 September 2022 is as follows:Total assetsTotal liabilitiesOther assets atParticularsFair value of investmentto bebook value (***)properties, investmentconsidered(Note i)properties under development,(Note ii)property, plant andequipment, capital work-inprogress and intangibles*100% owned 2.98IENMPL17,888.48150.9018,039.38969.99ETV 560,143.99208,583.97Investment in GLSP 08,583.97Page 6Asset .00Book value .4699,109.4778,306.97436,243.1623,183.71459,426.87

Embassy Office Parks REITRN: IN/REIT/17-18/0001Condensed Consolidated Financial StatementsConsolidated Statement of Net Assets at fair valueDisclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016(all amounts in Rs. million unless otherwise stated)A) Statement of Net Assets at fair value (continued)3) Property wise break up of Fair value of Assets as at 31 March 2022 is as follows:Total assetsTotal liabilitiesOther assets atParticularsFair value of investmentto bebook value (***)properties, investmentconsidered(Note i)properties under development,(Note ii)property, plant andequipment, capital work-inprogress and intangibles*100% owned 23IENMPL17,987.00136.8318,123.83899.71ETV 539,229.89193,819.45Investment in GLSP 93,819.45Asset wiseNAVBook value ,722.4469,274.41428,324.1023,634.69451,958.79* Fair values of investment properties, investment properties under development, property, plant and equipment, intangibles, capital work in progress andinvestment in GLSP as at 30 September 2022 and 31 March 2022 as disclosed above are solely based on the fair valuation report of iVAS Partners,independent external registered property valuers appointed under Regulation 21 of REIT regulations, having appropriately recognised professionalqualifications and recent experience in the location and category of the properties being valued in conjunction with value assessment services undertaken byCBRE South Asia Pvt Ltd ('CBRE').For the purpose of fair valuation of assets, the Embassy Office Parks Group has fair valued its investment property, investment property under development(including capital advances), property, plant and equipment (relating to the hotel property in UPPL, MPPL and QBPL and the solar power plant in EEPL);capital work-in-progress (relating to the proposed hotel to be developed in ETV assets); intangibles and the investment in GLSP.** Fair value of equity investments in GLSP has been done based on equity valuation method proportionate to stake held in GLSP.*** Other assets at book value include Goodwill of Rs.64,045.35 million (refer note 6) on book value basis (net off impairment loss). The Goodwill ofRs.64,045.35 million (31 March 2022: Rs.64,045.35 million) mainly arises on account of requirement to value individual assets and liabilities acquired onbusiness combination at fair values using an approach as well as the requirement to recognise deferred tax liability of Rs.53,207.28 million (31 March 2022:Rs.53,207.28 million), calculated as a difference between the tax effect of the fair value of the acquired assets and liabilities and their tax bases.Notes:(i) Other assets at book value includes cash and cash equivalents, debt investments in GLSP and other working capital balances which are not factored in thediscounted cashflow method used in determining the fair value of investment properties, investment properties under development, property, plant andequipment, capital work-in-progress and intangibles.(ii) Total liabilities includes all liabilities except lease liability.As per our report of even date attachedfor and on behalf of the Board of Directors ofEmbassy Office Parks Management Services Private Limited(as Manager to Embassy Office Parks REIT)for S R Batliboi & Associates LLPChartered AccountantsICAI Firms registration number: 101049W/E300004Digitally signed bysigned byADARSH DigitallyADARSH RANKA2022.10.20RANKA Date:15:20:50 05'30'JITENDRA JITENDRAMOHANDA MOHANDASVIRWANI2022.10.20S VIRWANI Date:14:53:57 05'30'per Adarsh RankaPartnerMembership number: 209567Place: BengaluruDate: 20 October 2022Jitendra VirwaniDirectorDIN: 00027674Place: BengaluruDate: 20 October 2022Page 7TUHINARVINDPARIKHDigitally signed byTUHIN ARVINDPARIKHDate: 2022.10.2014:12:01 05'30'Tuhin ParikhD

11 Embassy Pune Techzone Private Limited 12 Vikas Telecom Private Limited 13 Sarla Infrastructure Private Limited C Jointly Controlled entity 1 Golflinks Software Park Private Limited Conclusion 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Condensed Consolidated .

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