Embassy Office Parks REIT Q2 Results Review


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The Embassy Office Parks real estate investment trust delivered a resilient Q2 FY23 performance with office portfolio occupancy levels remaining flat QoQ at 87% and net operating income increasing 4% QoQ to Rs 7.0 billion.

The Embassy REIT manager had given guidance for 5.0 million square feet of leasing in FY23 versus 2.2 msf in FY22 (including 1.2 msf of pre-commitments and 1.7 msf lease-up of vacant area).

In H1 FY23, the REIT manager has achieved total leasing of 3.4 msf (1.3 msf of renewals, 1.1 msf of pre-commitments and 1.0 msf of vacant area lease-up).

The REIT expects to achieve fresh leasing of 0.7 msf in H2 FY23 versus 0.1 msf of expected exits, which implies an uptick in portfolio occupancy in H2 FY23 of 0.6 msf.

The REIT manager maintains its FY23 days past distribution per unit guidance of Rs 20.6-22.8/unit (mid-point of Rs 21.7) versus our estimate of Rs 21.6/unit.

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