Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We analyzed the impact of rate hike to Asia real estate, with recent capital flow and underlying drivers.  We recommended SHORT NWD, LINK, and LONG JHR, Keppel DC and Embassy</li>
<li>Inflation-Hedged assets, including Japanese hospitality and supply-constrained sectors like Singapore data centers, remain the undisputed winners for institutional capital in this newly confirmed tightening cycle.</li>
<li>Distress is creating generational entry points, as rising base rates push over-leveraged legacy developers into insurmountable refinancing walls, perfectly positioning pristine balance sheets to capitalize.</li>
</ul>


We analyzed the impact of rate hike to Asia real estate, with recent capital flow and underlying drivers.  We recommended SHORT NWD, LINK, and LONG JHR, Keppel DC and Embassy
Inflation-Hedged assets, including Japanese hospitality and supply-constrained sectors like Singapore data centers, remain the undisputed winners for institutional capital in this newly confirmed tightening cycle.
Distress is creating generational entry points, as rising base rates push over-leveraged legacy developers into insurmountable refinancing walls, perfectly positioning pristine balance sheets to capitalize.


The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>Strong Leasing Momentum and Rental Upside: EOP continues to demonstrate strong leasing traction with 1.8 Mn sq. ft. leased in Q4FY26 and 6.4 Mn sq. ft. for FY26, showing a healthy 28% YoY growth.</li><li>The company offers a compelling income and growth profile, with FY27 DPU guided at Rs 27–28.6 per unit, implying ~10% growth YoY.</li><li>This is supported by the expected NOI of Rs 4,160–4,350 Cr, driven by rising occupancy, rental escalations, and recent completions. With 60% of the 6.2 Mn sq. ft. pipeline already pre-leased, cash flow visibility remains strong, supporting sustained distributions and NAV accretion. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Leasing Momentum and Rental Upside: EOP continues to demonstrate strong leasing traction with 1.8 Mn sq. ft. leased in Q4FY26 and 6.4 Mn sq. ft. for FY26, showing a healthy 28% YoY growth.The company offers a compelling income and growth profile, with FY27 DPU guided at Rs 27–28.6 per unit, implying ~10% growth YoY.This is supported by the expected NOI of Rs 4,160–4,350 Cr, driven by rising occupancy, rental escalations, and recent completions. With 60% of the 6.2 Mn sq. ft. pipeline already pre-leased, cash flow visibility remains strong, supporting sustained distributions and NAV accretion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Q4FY26: GCC Driven Momentum and Strong Capital Management

<ul><li>Strong Leasing Momentum and Rental Upside: EOP continues to demonstrate strong leasing traction with 1.1 msf leased in Q3FY26 and 4.6 msf YTD, supported by a healthy 17% re-leasing spread.</li><li>Portfolio market rents have increased 9% YoY, with Mumbai and Noida witnessing 19% and 16% growth, respectively.</li><li>The mark-to-market opportunity has expanded to 11%, up 600 bps sequentially. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Leasing Momentum and Rental Upside: EOP continues to demonstrate strong leasing traction with 1.1 msf leased in Q3FY26 and 4.6 msf YTD, supported by a healthy 17% re-leasing spread.Portfolio market rents have increased 9% YoY, with Mumbai and Noida witnessing 19% and 16% growth, respectively.The mark-to-market opportunity has expanded to 11%, up 600 bps sequentially. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Q3FY26: Strategic Expansion and Rental Upside to Drive Growth

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>India’s largest listed office REIT, with a 50.8 msf Grade A office portfolio, of which ~93% is completed, limiting development risk and supporting stable cash generation.</li>
<li>90% occupancy and 8.5-year WALE underpin sustainable distributions, with Q2 FY26 DPU at INR6.51 and ~5.8% annualised yield.</li>
<li>7.2 msf development pipeline provides measured upside, while higher leverage and Bengaluru concentration remain key investor sensitivities.</li>
</ul>


India’s largest listed office REIT, with a 50.8 msf Grade A office portfolio, of which ~93% is completed, limiting development risk and supporting stable cash generation.
90% occupancy and 8.5-year WALE underpin sustainable distributions, with Q2 FY26 DPU at INR6.51 and ~5.8% annualised yield.
7.2 msf development pipeline provides measured upside, while higher leverage and Bengaluru concentration remain key investor sensitivities.


Embassy Office Parks REIT (NSE: EMBASSY): A Core Office Income Platform

<ul>
<li>Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%</li>
<li>Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. </li>
<li>Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.</li>
</ul>


Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%
Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. 
Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.


India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India

Embassy Office Parks REIT is India's first publicly listed Real Estate Investment Trust (REIT) and one of Asia's largest office REITs by area. It owns and operates a portfolio of high-quality office parks and city-center office buildings, focusing on leasing Grade A commercial real estate in major Indian tech hubs like Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). The company was established on March 30, 2017, and its headquarters are in Bengaluru, Karnataka, India.

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Embassy Office Parks REIT (EMBASSY IN)

The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

We analyzed the impact of rate hike to Asia real estate, with recent capital flow and underlying drivers. We recommended SHORT NWD, LINK, and LONG...

Jacob Cheng

Embassy Office Parks REIT Ltd - Q4FY26: GCC Driven Momentum and Strong Capital Management

EOP continues to demonstrate strong leasing traction with 1.8 Mn sq. ft. leased in Q4FY26 and 6.4 Mn sq. ft. for FY26, showing a healthy 28% YoY...

Axis Direct

Embassy Office Parks REIT Ltd - Q3FY26: Strategic Expansion and Rental Upside to Drive Growth

EOP continues to demonstrate strong leasing traction with 1.1 msf leased in Q3FY26 and 4.6 msf YTD, supported by a healthy 17% re-leasing spread.

Axis Direct

Embassy Office Parks REIT (NSE: EMBASSY): A Core Office Income Platform

India's largest listed office REIT boasts a stable cash flow from its Grade A office portfolio, with sustainable distributions and measured upside...

GSBR Research

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

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52-week Range

Market Cap (USDm)

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The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

We analyzed the impact of rate hike to Asia real estate, with recent capital flow and underlying drivers. We recommended SHORT NWD, LINK, and LONG...

Jacob Cheng

Embassy Office Parks REIT Ltd - Q4FY26: GCC Driven Momentum and Strong Capital Management

EOP continues to demonstrate strong leasing traction with 1.8 Mn sq. ft. leased in Q4FY26 and 6.4 Mn sq. ft. for FY26, showing a healthy 28% YoY...

Axis Direct

Embassy Office Parks REIT Ltd - Q3FY26: Strategic Expansion and Rental Upside to Drive Growth

EOP continues to demonstrate strong leasing traction with 1.1 msf leased in Q3FY26 and 4.6 msf YTD, supported by a healthy 17% re-leasing spread.

Axis Direct

Embassy Office Parks REIT (NSE: EMBASSY): A Core Office Income Platform

​India's largest listed office REIT boasts a stable cash flow from its Grade A office portfolio, with sustainable distributions and measured upside...

GSBR Research

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

India's largest listed office REIT boasts a stable cash flow from its Grade A office portfolio, with sustainable distributions and measured upside...