Embassy Office Parks REIT Q3 Results Review - Keep The Faith: ICICI Securities

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ÍCICI Securities Report.The Embassy Office Parks real estate investment trust delivered a resilient Q3 FY23 performance with same-store office portfolio occupancy levels remaining flattish QoQ at 88% and net operating income remaining flat QoQ at Rs 7.0 billion. The REIT manager had given guidance for 5.0 million square feet of leasing in FY23 versus 2.2 msf in FY22 and has achieved nine months-FY23 leasing of 4.4 msf (90% of FY23 leasing guidance). While headwinds owing to delay in introduction of DESH Bill (vacant special economic zone spaces) and slowdown in large deals owing to global macro conditions are near-term demand dampeners, the REIT manager remains confident of delivering double digit NOI growth in FY24E and beyond. The NOI growth is expected to be driven by lease-up of vacant space (1.3 msf of conversion from SEZ to non-SEZ), completions of 6.6 msf of new area over FY23-27E and markup of expiring leases..Click on the attachment to read the full report:.DLF Q3 Results Review - On Track To Exceed FY23 Sales Guidance: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Embassy Office Parks REIT Q3 Results Review - Keep The Faith: ICICI Securities

Near-term leasing headwinds remain, long term demand dynamic remain intact.

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