Embassy REIT: Is this “Blackstone” promoted REIT is real diamond?

@dd1474
Hi Dhiraj,

It would be helpful if you can share your views on:

1. About Embassy after distribution guidance of Rs 20.5 – 22 for FY24?
2. Why is Embassy not able to increase distribution since last 4 years (Distribution has been hovering between Rs 20-22 since inception – FY20)?
   One reason I can figure out is, that they got away with Zero coupon debt recently which increased interest outflow, but that not explains it all. What could be other reasons?
   I see that their average Lease rates have increased (from ~Rs 55 per sq ft in FY20 to ~Rs 75 per sq ft in FY23, predominantly in Bangalore market) but still it has not translated to higher distribution.
   Can you share some insights?