Embassy Office Parks REIT Annual Report Analysis - Standing Tall In Tough Times: ICICI Securities

Office space in a skyscraper. (Photographer: Hollie Adams/Bloomberg)

Embassy Office Parks REIT Annual Report Analysis - Standing Tall In Tough Times: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Embassy REIT Annual Report Analysis.pdf

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