India REITs Update - On The Cusp Of A Rebound: ICICI Securities
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ICICI Securities Report
Indian Real Estate Investment Trusts saw strong rental collections of over 99% in Q1 FY22 and were able to achieve healthy re-leasing spreads along with contractual escalations.
However, overall portfolio vacancy levels increased by another 100-200 basis points QoQ owing to continued work-from-home and second Covid-19 wave leading to deferment of leasing decisions by occupiers.
While vacancy levels may rise further in Q2 FY22, we expect this trend to reverse from H2 FY22E assuming that the pick-up in vaccinations is accompanied by a gradual return to offices.
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