ICICI Securities: Embassy Office Parks REIT Standing Tall 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. 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 robust performance in FY20 in its maiden year of listing with a net operating income growth of 15% and net distributable cash flow distribution of Rs 18.8 billion or Rs 24.4/unit.Inspite of Covid-19 headwinds, Q1 FY21 performance was also resilient with 99% collection efficiency in office rentals resulting in NDCF distribution of Rs 4.5 billion which was up 8% YoY.We believe that the REIT’s low leverage (net debt to equity of 0.2 times), marquee tenant profile and de-densification of offices making up for increased Work from Home will enable the REIT to deliver 11% NOI compound annual growth rate over FY20-23E..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint 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 brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

ICICI Securities: Embassy Office Parks REIT Standing Tall In Tough Times