REITs - Near-Term Weakness, Attractive Yields: ICICI Securities
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ICICI Securities Report
Indian Real Estate investment trusts saw strong rental collections of over 99% in FY21 and were able to achieve double digit re-leasing spreads along with contractual escalations.
However, overall portfolio occupancy levels declined by 4-6% owing to continued work-from-home and second Covid-19 wave leading to deferment of leasing decisions by occupiers.
Heading into FY22E, vacancy levels may rise further in H1 FY22 but we expect this trend to reverse from H2 FY22E assuming that vaccinations pick up accompanied by a gradual return to offices.
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