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Embassy Office Parks REIT Q4 Review - Stable Occupancies Led By Back-To-Office Drive: Axis Securities

Embassy Office Parks REIT Q4 Review - Stable Occupancies Led By Back-To-Office Drive: Axis Securities

<div class="paragraphs"><p>Employees work at an office.&nbsp; (Photographer: David Paul Morris/Bloomberg)</p></div>
Employees work at an office.  (Photographer: David Paul Morris/Bloomberg)

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.

Axis Securities Report

Embassy Office Parks real estate investment trust’s Q4 FY22 revenue at Rs 749 crore was in line with our estimate amid stable occupancies coupled with resilient collections after the pandemic.

The occupancy was 87.1% on the total portfolio of 33.8 million square feet at the end of Q4 FY22. Reported net operating income margins are 82.4% and Ebitda margins improved to 76.7% due to a fall in indirect expenses.

Embassy REIT has leased 2.2 msf at 18% spreads across 47 deals, achieved 14% rent escalations on 7.7 msf across 89 deals for FY22, focused on occupiers from high growth sectors such as software-as-a-service, electric vehicle, and e-commerce.

Click on the attachment to read the full report:

Axis Securities EmbassyREIT-Q4FY22_ResultUpdate.pdf

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