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ICICI Securities Report
The Embassy Office Parks real estate investment trust delivered a resilient Q1 FY22 performance with rental collections of 99% (similar to FY21) and portfolio occupancy remaining flat QoQ at 88.8%.
While possible fresh tenant exits of 1.2 million square feet remain a near-term dampener, we build in a gradual recovery from H2 FY22E with a full recovery in FY23E.
We believe that the Embassy Office Park’s low leverage (net debt/total enterprise of 0.23 times) and marquee tenant profile will enable the REIT to deliver 18% net operating income compound annual growth rate over FY21-24E.
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