'Unlike housing developers, where the focus is on inventory, land bank and pre-sales, retail realty is a stable annuity-like concept with a healthy dash of growth (linked to consumption) thrown in,' Edelweiss said in a note.Дata showed consumption in Phoenix malls had almost revived to pre-Covid levels by the end of March quarter.

Housing and office demand are intrinsically linked to the overall economic cycle of a country, while the retail real estate space is linked to a countryвЂ™s consumption story, which is more secular in nature compared with corporate growth or housing demand. 'We believe the long-term growth story for Grade A malls in India remains intact,' ICICI Direct said.ДЄnalysts said the retail real estate space is different from the housing and office segments. With the first tranche of GIC PE fund infusion of Rs 1,110 crore in June and CPPIB fund infusion of Rs 380 crore in Kolkata Mall SPV in May, Phoenix had about Rs 2,400 crore of liquidity as of June 30.ДЄpart from this, the company has access to additional funds of Rs 1,000 crore for deployment in standalone business and mall SPVs, analysts said. On the debt side, the company had consolidated gross debt of Rs 4,470 crore and cash and liquid investments of Rs 1,030 crore, as of March 31. These malls are spread over 6 msf across Mumbai, Bengaluru, Pune, Ahmedabad, Kolkata and Indore. Phoenix has six under-construction malls, which are expected to be operational over FY22-26. It witnessed 14 per cent rental income growth annually over the same period. Phoenix Mills has nine operational malls spread over 6.9 million square feet (msf), which have achieved 15 per cent like-to-like consumption growth annually over FY13-FY20. Yet what makes ICICI Securities positive on the stock is the fact that the realtor has a potential war chest of Rs 3,000 crore to fuel growth going ahead. Rental income at Rs 560 crore too took a hit and was 55 per cent of FY20 levels. Shutdowns hit consumption in malls for Phoenix Mills in FY21, which stood at Rs 3,330 crore or 69 per cent of FY20 level. For now, the brokerage is building in a 30 per cent loss of rentals in FY22.

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