Embassy Office Parks REIT Annual Report Analysis - Standing Tall In Tough Times: ICICI Securities
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ICICI Securities Report
The Embassy Office Parks real estate investment trust delivered a resilient performance in FY21 in a Covid-19 impacted year with a net operating income growth of 12% and net distributable cash flows distribution of Rs 21.5/unit.
In spite of Covid-19 headwinds which led to FY21 occupancies declining by 300-500 basis points in key assets, the REIT achieved 99% collection efficiency in office rentals and achieved contracted rental increases of 13% on 8.4 million square feet of area in FY21.
Owing to the second Covid-19 wave in India, the Embassy REIT manager expects muted leasing activity for another two to three quarters with a possible revival in H2 FY22E, which is in line with our sector view.
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