Embassy Office Parks REIT Q4 Review - Near-Term Headwinds, Long Term Story Intact: ICICI Securities
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ICICI Securities Report
The Embassy Office Parks real estate investment trust delivered a resilient performance in Q4 FY21 with office rental collections of over 99% (similar to nine months FY21).
However, office portfolio occupancy declined by 170 basis points QoQ to 88.9% owing to lease expiries in Manyata asset.
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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