Rating Rationale
March 17, 2022 | Mumbai
Embassy Office Parks Reit
'CRISIL AAA/Stable' assigned to Non Convertible Debentures
 
Rating Action
Rs.1000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Assigned)
Rs.3100 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.300 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.1500 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.2600 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Corporate Credit RatingCCR AAA/Stable (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its ‘CRISIL AAA/Stable’ rating to the proposed non-convertible debentures (NCDs) of Rs 1,000 crore of Embassy Office Parks REIT (Embassy REIT) while reaffirming the rating on the Rs 7,500 crore of NCDs at ‘CRISIL AAA/Stable’ and corporate credit rating at ‘CCR AAA/Stable. The proposed NCDs are expected to be utilised towards – a) refinancing of external debt at underlying special purpose vehicles (SPVs)/investment entities, b) construction finance for ongoing projects and future development c) working capital, d) funding acquisitions and/or e) other general corporate purposes.

 

The ratings reflect the trust’s comfortable loan-to-value (LTV) ratio driven by low debt and strong debt protection metrics, supported by a cap on incremental borrowings; and stable revenue and rent collection from the underlying assets, given the high-quality of the commercial assets, healthy occupancy, contractual rent escalations and geographical diversification. These strengths are partially offset by exposure to refinancing risks and susceptibility to volatility in the real estate sector, resulting in fluctuations in rental rates and occupancy.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of Embassy REIT with its underlying SPVs and has applied the criteria for rating entities in homogeneous groups. This is because Embassy REIT has direct control over the SPVs and will support them during exigencies. Additionally, there is minimal structural subordination of cash flow, wherein the SPVs must mandatorily distribute 90% of their net distributable cash flow (after servicing of debt) to Embassy REIT, leading to highly fungible cash flow. Also, as per the Real Estate Investment Trust (REIT) Regulations, 2014, of Securities and Exchange Board of India (SEBI), the cap on borrowing by the REIT has been defined at a consolidated level (equivalent to 49% of the value of Embassy REIT’s assets).

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Strong debt protection metrics: Consolidated gross debt rose to Rs 11,788 crore as on December 31, 2021, from Rs 10,228 crore as of December 31, 2020. The increase in debt level was mainly due to  the capex requirements at SPV level. Going forward the funds required for ongoing construction activities may further increase the consolidated gross debt. However, the debt protection metrics will remain strong with LTV and debt-to-EBITDA (earnings before interest, tax, depreciation, and amortisation) ratios expected to be comfortable at less than 40% and 5.5 times respectively. A low LTV ratio protects investors from the risk of decline in property prices and the consequent impact on refinancing.

 

Stable revenue of SPVs part of REIT: More than 95% of the revenue comes from 12 established and high-quality commercial assets and one solar park, with stable operations and track record of at least five years of rental collection. The acquisition of ETV has further strengthened the stability of cash flow. Consolidated revenue was Rs 2,213 crore for 9 months ended December 31, 2021 (9m 2022) as against Rs 1,621 crore for the corresponding period in fiscal 2021, supported by timely rental escalations as well rent collections from tenants. Rental collections from office occupiers were robust despite the pandemic, reflected in over 99% collection witnessed in 9m 2022. Furthermore, the REIT renewed/entered into new agreements to the tune of 16.86 lakh square feet (sq. ft) during the 9m 2022 at a re-leasing spread of 16%. Rentals have an upside potential on account of the superior asset and service quality, favourable locations in prime areas, healthy demand in the respective markets and competitive rental rates.

 

Strong tenant profile with a well-diversified portfolio: Embassy REIT owns and operates office spaces, a solar park and hotel properties spread out across prime areas of Bengaluru, Mumbai, Pune, and the National Capital Region. The group has a total of 426 lakh sq. ft of available office area with a healthy mix of operational area of 336 lakh sq. ft and under-construction assets. The commercial assets have robust occupancy, averaging 87% as on December 31, 2021, with a multinational occupier base, of which Fortune 500 companies account for 49%.

 

Weaknesses:

Susceptibility to volatility in the real estate sector: Rental collection (key source of revenue) is susceptible to economic downturns, which constrains the tenant’s business risk profile and, therefore, occupancy and rental rates. Top 10 tenants and technology sector (including top some tenants) contribute to 39.4% and 40% of gross occupied area, respectively, as on December 31, 2021, exposing the REIT to moderate concentration risk. Further, as on December 31, 2021, 28% of the leased area will be due for renewal between fiscals 2023 and 2026. While majority of the tenants are established corporates and may continue to occupy the property, any industry shock leading to vacancies may make it difficult to find alternate lessees within the stipulated time. Emergence of competing facilities in the vicinity could also have the potential to cannibalise tenants or rental rates. These could adversely impact cash flow, and hence, will be key rating sensitivity factors.

 

Exposure to refinancing risks: All NCDs issued by the REIT have bullet payments at the time of redemption, thereby exposing the REIT to the risk of refinancing. However, the risk is mitigated by the availability of call option in NCDs, healthy consolidated leverage and extensive experience of the management.

 

All the NCD instruments have multiple call options available six months prior to the final maturity, which provides the trust with sufficient time to arrange funds or refinance the NCDs prior to the due date. Further, SPVs of REIT have the flexibility to raise lease rental discounting (LRD) loans from banks for the purpose of refinancing the NCDs, thereby giving access to large pool of capital from banking sector. Further, new avenues of capital are available in the form of investments from pension funds, insurance companies and foreign portfolio investors (recently allowed by the respective regulators), which mitigates refinancing risk to some extent.

Liquidity: Superior

Liquidity is supported by stable cash flows from the underlying assets. The debt level remains moderate for the REIT. The NCDs are non-amortising, exposing the debenture-holders to refinancing risk. However, the conditions around redemption provide the REIT with sufficient time to arrange for refinancing. Furthermore, consolidated debt at of the REIT is not expected to exceed LTV ratio of 40%, protecting investors from the risk of decline in property prices and the consequent impact on refinancing. As of December 31, 2021, Embassy REIT had a cash balance of Rs 207 crore to support its day-to-day operations as well as undisbursed debt of Rs 898.2 crores for ongoing construction activities.

Outlook: Stable

CRISIL Ratings believes Embassy REIT will continue to benefit from the quality of its underlying assets over the medium term.

Rating Sensitivity Factors

Downward Factors:

  • Depreciation in the value of the underlying assets or higher-than-expected incremental borrowings, resulting in LTV ratio of over 40%
  • Occupancy level remaining below 85% on a sustained basis
  • Significant delay in the completion and leasing of under-construction assets
  • Any non-adherence to the structural features of the rated debt

About the Trust

Embassy REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a REIT with SEBI’s REIT Regulations, 2014, as amended. Embassy REIT is sponsored by BRE Mauritius Investments (part of the Blackstone group) and Embassy Property Development Pvt. Ltd (part of the Embassy group). It has 12 commercial assets (office parks and city-centric offices), six hotels (of which four are under construction) and a solar plant. Embassy REIT’s portfolio of assets are held through the following SPVs:

 

Indian Express Newspapers (Mumbai) Pvt. Ltd (IENMPL) owns and operates a commercial property, Express Towers, in Nariman Point, Mumbai. The property has been operational for over four decades and has a total leasable area of 4.7 lakh sq. ft, of which 88.3% was occupied as on December 31, 2021.

 

Quadron Business Park Pvt. Ltd (QBPL) owns and operates a commercial information technology (IT) park, Embassy Quadron, in Hinjewadi, Pune. The property has been operational since 2010 and has a total leasable area of 18.9 lakh sq. ft, of which 50.1% was occupied as on December 31, 2021. It also owns and operates mixed-use development, consisting of office and retail space and a hotel in north Bengaluru. The property has a total leasable area of 2.5 lakh sq. ft, of which substantial is yet to be leased. The hotel, consisting of 230 rooms, is run under the Four Seasons brand.

 

Qubix Business Park Pvt. Ltd (QBPPL) owns and operates a commercial IT park, Embassy Qubix, in Hinjewadi. The company has a track record of seven years in lease rental collection. Of the total leasable area of 14.5 lakh sq. ft, 89.0% was leased as on December 31, 2021.

Earnest Towers Pvt. Ltd (ETPL) owns and operates 3.6 lakh sq. ft of First International Finance Centre (FIFC) in Bandra Kurla Complex, Mumbai, of which 77.5% was occupied as on December 31, 2021.

 

Vikhroli Corporate Park Pvt. Ltd (VCPPL) owns a commercial property, Embassy 247, in Vikhroli, Mumbai. It has been operational for eight years and has total leasable area of 11.9 lakh sq. ft, of which 84.0% was leased as on December 31, 2021.

 

Galaxy Square Pvt. Ltd (GSPL) owns and operates an IT park, Embassy Galaxy, in Sector 62, Noida. The company has a track record of seven years in lease rental collection, and 83.5% of the entire leasable area of 15.0 lakh sq. ft was leased as on December 31, 2021.

 

Oxygen Business Park Pvt. Ltd (OBPPL) owns and operates a commercial IT park, Embassy Oxygen, in Sector 144, Greater Noida. The property is part of the Oxygen Boulevard IT Special Economic Zone and has been operational for six years. The property has completed area of 25.2 lakh sq. ft, of which 75.8% was leased as on December 31, 2021, while around 7 lakh sq. ft is under development.

 

Manyata Promoters Pvt. Ltd (MPPL) owns and operates Embassy Manyata Business Park, Bengaluru. The commercial complex is spread over 120 acres. The company has developed 117.5 lakh sq. ft, of which 88.2% was leased as on December 31, 2021, while around 11 lakh sq. ft is under development and around 20 lakh sq.ft is proposed to be developed. The company is developing a five-star and a three-star hotel with 266 rooms and 353 rooms, respectively, to be operated under the Hilton brand.

 

Embassy Energy Pvt. Ltd (EEPL) owns and operates a solar project with capacity of 100 MW. The park is spread over 465 acres across multiple villages in Karnataka. It has executed power purchase agreements for over 85% of the total capacity for supplying electricity to office parks and hotels of the Embassy group in Bengaluru.

 

Umbel Properties Pvt. Ltd (UPPL) owns and operates the Hilton hotel at Embassy GolfLinks, along intermediate ring road (IRR), in Bengaluru. The hotel, consisting of 247 rooms, has been operational since 2014 and had an occupancy rate of 27% as on December 31, 2021.

 

Embassy Pune Techzone Pvt. Ltd (EPTPL), on a standalone basis, owns an office park, Embassy Techzone, in Hinjewadi. Of the total area of 22 lakh sq. ft, 86.0% was leased as on December 31, 2021, while 9 lakh sq. ft is under development and 24 lakh sq. ft is proposed to be developed.

 

Golflinks Software Park Pvt. Ltd (GLSP) was incorporated in 2000 for developing a software technology park, Embassy GolfLinks, on IRR. The company has developed 29 lakh sq. ft, of which 94.3% was leased as on December 31, 2021.

 

Vikas Telecom Pvt. Ltd (VTPL) and Sarla Infrastructure Pvt. Ltd (SIPL) own and operate ETV, Bengaluru. The commercial complex is spread over 84.05 acres consisting of 72 lakh sq. ft of completed office premises, 19 lakh sq. ft of under-construction office space  and a proposed hotel of 518 keys. Of the total operational area of 72 lakh sq. ft, 99.0% was leased out as on December 31, 2021.

Key Financial Indicators (CRISIL Ratings-adjusted)

For fiscal

Unit

2021

2020^

Revenue

Rs.Crore

2,561

2,340

Profit After Tax (PAT)

Rs.Crore

699

779

PAT Margin

%

27.3

33.3

Adjusted gearing

Times

0.39

0.26

Interest coverage

Times

3.33

4.78

^Does not include VTPL, SIPL and EOVPL as they were acquired in December 2020

Any other information:

The terms and conditions of the NCDs are mentioned below:

 

Series II

  • Net Total Debt / EBITDA of the REIT Group <= 5.0x.
  • LTV of the REIT Group <= 40%.
  • LTV of Secured Assets <= 49%.
  • EBITDA of Mortgage Properties of EPTPL and Portfolio Assets of IENPL on an aggregate basis >= Rs 225 crore

 

Series III

  • Net Total Debt / EBITDA of the REIT Group<= 5.0x.
  • LTV of the REIT Group <= 40%.
  • LTV of Secured Assets <= 49%.
  • EBITDA of Mortgage Properties of VTPL and Portfolio Assets of EEPL, on an aggregate basis >= Rs 400 crore

 

Series IV

  • Net Total Debt / EBITDA of the REIT Group <= 5.5x.
  • LTV of the REIT Group <= 40%.
  • LTV of the Mortgaged Properties of SIPL <= 49%.
  • EBITDA of SIPL >= Rs 50 crore (tested from FY23 on an annualized basis) and if the total indebtedness against Mortgage Property of SIPL exceeds Rs 400 crore, then EBITDA of SIPL >= Rs 86 crore

 

Series V

  • Net Total Debt / EBITDA of the REIT Group <= 5.5x.
  • LTV of the REIT Group <= 40%.
  • LTV of Secured Assets <= 49%.
  • Total indebtedness against Operational Assets/EBITDA generated by Operational Assets <=7.0x

 

Series VI (tentative)

  • Net Total Debt / EBITDA of the REIT Group <= 5.5x.
  • LTV of Secured Assets <= 50%.

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs.Crore)

Complexity level

Rating assigned with outlook

INE041007035

Non-convertible debentures

09-Sep-2020

7.25%

09-Oct-2023

750

Complex

CRISIL AAA/Stable

INE041007043

Non-convertible debentures

27-Oct-2020

6.7%

09-Oct-2023

750

Complex

CRISIL AAA/Stable

INE041007050

Non-convertible debentures

15-Jan-2021

6.4%

15-Feb-2024

2,600

Complex

CRISIL AAA/Stable

INE041007068

Non-convertible debentures

07-Sep-2021

6.8%

07-Sep-2026

300

Complex

CRISIL AAA/Stable

INE041007076

Non-convertible debentures

18-Oct-21

6.25%

18-Oct-2024

2,000

Complex

CRISIL AAA/Stable

INE041007084

Non-convertible debentures

18-Oct-21

7.05%

18-Oct-2026

1,100

Complex

CRISIL AAA/Stable

NA

Non-convertible debentures*

NA

NA

NA

1,000

Complex

CRISIL AAA/Stable

*Proposed and yet to be placed

Annexure - List of Entities Consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

IENMPL

Full

100% subsidiary

QBPL

Full

100% subsidiary

QBPPL

Full

100% subsidiary

ETPL

Full

100% subsidiary

VCPPL

Full

100% subsidiary

GSPL

Full

100% subsidiary

OBPPL

Full

100% subsidiary

MPPL

Full

100% subsidiary

EEPL

Full

100% subsidiary

UPPL

Full

100% subsidiary

EPTPL

Full

100% subsidiary

VTPL

Full

100% subsidiary

EOVPL

Full

100% subsidiary

SIPL

Full

100% subsidiary

GLSP

Partial

Investment entity consolidated to the extent of 50%

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Corporate Credit Rating LT 0.0 CCR AAA/Stable 20-01-22 CCR AAA/Stable   --   --   -- --
Non Convertible Debentures LT 8500.0 CRISIL AAA/Stable 20-01-22 CRISIL AAA/Stable 16-11-21 CRISIL AAA/Stable 25-11-20 CRISIL AAA/Stable 09-05-19 CRISIL AAA/Stable Provisional CRISIL AAA/Stable
      --   -- 05-10-21 CRISIL AAA/Stable 21-09-20 CRISIL AAA/Stable 22-04-19 Provisional CRISIL AAA/Stable --
      --   -- 24-08-21 CRISIL AAA/Stable 26-08-20 CRISIL AAA/Stable,Provisional CRISIL AAA/Stable 06-03-19 Provisional CRISIL AAA/Stable --
      --   -- 17-08-21 CRISIL AAA/Stable 05-08-20 CRISIL AAA/Stable 18-01-19 Provisional CRISIL AAA/Stable --
      --   -- 15-06-21 CRISIL AAA/Stable 16-05-20 CRISIL AAA/Stable   -- --
      --   -- 19-01-21 CRISIL AAA/Stable   --   -- --
      --   -- 11-01-21 CRISIL AAA/Stable,Provisional CRISIL AAA/Stable   --   -- --
      --   -- 08-01-21 CRISIL AAA/Stable   --   -- --
All amounts are in Rs.Cr.

  

Criteria Details
Links to related criteria
CRISILs rating criteria for REITs and InVITs
CRISILs criteria for rating debt backed by lease rentals of commercial real estate properties
CRISILs Criteria for Consolidation

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