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Sai Pramodh

@pramodh
3 years ago ~520 views
Have been very bullish on REITs and especially $Embassy Office Parks REIT since the start of the lockdown. Though there was talk about people not returning to physical work space, i believed in the idea of mean reversion. They have posted a good set of numbers and this is still with 89% occupancy.

Revenue Growth - 36% YoY
Net Operating Income - 30% YoY (though there has been contraction in margins)
EBITDA - 28% YoY(again contraction in margin)
Distribution - 26% YoY(think of it as dividends)

Still trades at a discount to NAV(Rs 388) and potential for further upside once this fear of COVID is completely gone. Will post my views soon on why i choose to go with $Embassy Office Parks REIT instead of the other 2 listed REITs
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Embassy Office Parks REIT
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Sai Pramodh

@pramodh
3 years ago ~570 views
Attached is an excel sheet i made comparing the 2 earlier listed REITs,i.e Embassy and Mindspace. Could not add Brookfield to this list because quarterly data is not available.

https://docs.google.com/spreadsheets/d/1NcAx-QpH5l7Xr-9z8BQd2VUxgpmtv7Uq/edit?usp=sharing&ouid=105370621550191085500&rtpof=true&sd=true

My reasons for going with Embassy over others is

1. Bengaluru, Bengaluru, Bengaluru - I have no doubts that the tech space in that city has grown and will continue to grow. Embassy has the largest office space among the others in Blore.
2. Higher NOI or comparable margins even though it operates a much larger space than Mindspace
3. Growth in NOI
4.Seems more aggresive than mindspace. Check debt to market value and the MTM upside

#REITs $Embassy Office Parks REIT $Mindspace Business Parks REIT
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Asset under discussion

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Embassy Office Parks REIT

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Mindspace Business Parks REIT
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Sai Pramodh

@pramodh
3 years ago ~10 views
@Mihir Patki Happy to hear your thoughts
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