CapitaLand India registers 21% growth in net property income for H1 24

02 Aug 2024 CW Team

CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CLINT, reported an 8% year-on-year (y-o-y) growth in distribution per unit (DPU) to 3.64 Singapore cents, with an 18% increase for the first half of 2024 compared to 2H FY 2023. Total property income and net property income for H1 2024 grew by 23% and 21% y-o-y to S$136.1 million and S$103.5 million, respectively. "We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT?s strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion, higher occupancy, and income recognition from properties acquired in FY 2023," said Sanjeev Dasgupta, Chief Executive Officer. The Trust?s net property income increased by 21% in Singapore Dollar terms, with committed occupancy, excluding the recent acquisition, rising from 93% as of December 31, 2023, to 96% as of June 30, 2024. This growth was driven primarily by leasing activities at aVance, HITEC City, Hyderabad, and Building Q1, Aurum Q Parc, Navi Mumbai. In Indian rupee terms, 1H FY 2024 total property income increased by 24% to Rs 8.40 billion, mainly due to income contributions from various assets, including Block A in International Tech Park Hyderabad (ITPH), completed in January 2023, International Tech Park Pune ? Hinjewadi (ITPP-H), Industrial Facilities 2 and 3 in Mahindra World City, Chennai, and aVance II Hinjawadi, Pune. Higher rental income from existing properties also contributed to this growth. Total property expenses increased by 32% to Rs 200 million due to higher property taxes, operations and maintenance expenses, and other property operating expenses from existing and newly acquired properties. Consequently, 1H FY 2024 net property income increased by 22% to Rs 6.40 billion. CLINT achieved a committed portfolio occupancy of 96% as of June 30, 2024. The Trust?s assets under management grew from S$2.7 billion as of June 30, 2023, to S$3.2 billion as of June 30, 2024. The Trust has a debt headroom of approximately S$915 million, undrawn committed onshore facilities of S$381 million, committed offshore facilities of S$200 million, and uncommitted facilities of S$138 million. CLINT's total borrowings on fixed interest rates stood at approximately 71%, with 55% hedged into Indian Rupee. "As of June 30, 2024, CLINT?s gearing ratio was 38.1%. Including cash and cash equivalents of S$95 million, the gearing was 36.5%," the company stated. In May 2024, CLINT secured a sustainability-linked loan (SLL) of S$200 million from the International Financial Corporation, increasing its sustainable finance portfolio to S$1.16 billion, which comprises 76% of its total loans as of June 30, 2024. In February 2024, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities at OneHub Chennai. In March 2024, CLINT completed the acquisition of aVance II Hinjewadi, Pune, a 1.4 million sq ft multi-tenanted IT SEZ project, resulting in a net fair value gain of S$20.3 million. In May 2024, CLINT entered into a forward purchase agreement with Phoenix Group to acquire IT buildings with a total leasable area of 2.5 million sq ft in HITEC City, Hyderabad. (Source:ET)

CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CLINT, reported an 8% year-on-year (y-o-y) growth in distribution per unit (DPU) to 3.64 Singapore cents, with an 18% increase for the first half of 2024 compared to 2H FY 2023. Total property income and net property income for H1 2024 grew by 23% and 21% y-o-y to S$136.1 million and S$103.5 million, respectively. We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT?s strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion, higher occupancy, and income recognition from properties acquired in FY 2023, said Sanjeev Dasgupta, Chief Executive Officer. The Trust?s net property income increased by 21% in Singapore Dollar terms, with committed occupancy, excluding the recent acquisition, rising from 93% as of December 31, 2023, to 96% as of June 30, 2024. This growth was driven primarily by leasing activities at aVance, HITEC City, Hyderabad, and Building Q1, Aurum Q Parc, Navi Mumbai. In Indian rupee terms, 1H FY 2024 total property income increased by 24% to Rs 8.40 billion, mainly due to income contributions from various assets, including Block A in International Tech Park Hyderabad (ITPH), completed in January 2023, International Tech Park Pune ? Hinjewadi (ITPP-H), Industrial Facilities 2 and 3 in Mahindra World City, Chennai, and aVance II Hinjawadi, Pune. Higher rental income from existing properties also contributed to this growth. Total property expenses increased by 32% to Rs 200 million due to higher property taxes, operations and maintenance expenses, and other property operating expenses from existing and newly acquired properties. Consequently, 1H FY 2024 net property income increased by 22% to Rs 6.40 billion. CLINT achieved a committed portfolio occupancy of 96% as of June 30, 2024. The Trust?s assets under management grew from S$2.7 billion as of June 30, 2023, to S$3.2 billion as of June 30, 2024. The Trust has a debt headroom of approximately S$915 million, undrawn committed onshore facilities of S$381 million, committed offshore facilities of S$200 million, and uncommitted facilities of S$138 million. CLINT's total borrowings on fixed interest rates stood at approximately 71%, with 55% hedged into Indian Rupee. As of June 30, 2024, CLINT?s gearing ratio was 38.1%. Including cash and cash equivalents of S$95 million, the gearing was 36.5%, the company stated. In May 2024, CLINT secured a sustainability-linked loan (SLL) of S$200 million from the International Financial Corporation, increasing its sustainable finance portfolio to S$1.16 billion, which comprises 76% of its total loans as of June 30, 2024. In February 2024, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities at OneHub Chennai. In March 2024, CLINT completed the acquisition of aVance II Hinjewadi, Pune, a 1.4 million sq ft multi-tenanted IT SEZ project, resulting in a net fair value gain of S$20.3 million. In May 2024, CLINT entered into a forward purchase agreement with Phoenix Group to acquire IT buildings with a total leasable area of 2.5 million sq ft in HITEC City, Hyderabad. (Source:ET)

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