Embassy Office Parks REIT Q4 Results Review - Leasing Outlook Remains Positive: ICICI Securities

NDTV Profit’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 NDTV Profit’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 stable performance in Q4 FY24 with net operating income of Rs 7.7 billion (up marginally QoQ) and net distributable cash flow of Rs 4.9 billion or Rs 5.2/unit. FY24 gross leasing of 8.1 marginal standing facility has been strong with 2.4 msf of pre-leasing commitments at Manyata and Tech Village, versus. 3.3msf of exits for the year.Driven by a combination of filling up of special economic zone vacancy and pre-leased assets, we estimate portfolio occupancy of over 90% by FY26E, resulting in FY25E DPU of Rs 22.7/unit versus. Rs 21.3/unit in FY24 with FY26E dependent person's unit of Rs 26.9/unit.The real estate investment trust manager has given FY25 guidance for 5.4msf of total leasing in FY25 and expects 10% NOI and 7% DPU growth in FY25. We retain 'Add' with a revised target price of Rs 402/unit (earlier Rs 405) based on 1 times March 25E net asset value. Key risks are slower recovery in leasing and higher portfolio vacancy levels..Click on the attachment to read the full report:.Blinkit's Growth Drives Goldman Sachs To Raise Zomato Target Price.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Embassy Office Parks REIT Q4 Results Review - Leasing Outlook Remains Positive: ICICI Securities

Given the strong pre-leasing momentum and gradual filling up of SEZ vacancy over the next 12-18 months.

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