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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.
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