ICICI Securities: Embassy Office Parks REIT- Resilient Show In Tough Times 
The 247 Park is a 1.1 msf Grade A City Centric Commercial Office located in the city centre in east Mumbai. (Source: Company website)

ICICI Securities: Embassy Office Parks REIT- Resilient Show In Tough Times 

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 Q2 FY21 with office rental collections of over 99% (similar to Q1 FY21) and also achieved contracted rental increases of 11% on 1.9 million square feet of leasable area in Q2 FY21 and 12% rental increases on 3.7 msf of area in H1 FY21.

While our FY21-23E revenue/net operating incomeI/Ebitda estimates remain intact, we cut our FY21-23E Net Distributable Cash Flow estimates by 8-9%, factoring in extended weakness in hotel operations and working capital/balance sheet debt adjustments.

Click on the attachment to read the full report:

ICICI Securities Embassy REIT Q2FY21 Results Update.pdf

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