CAPITALAND India Trust (Clint) posted a 3 per cent increase in distribution per unit (DPU) to S$0.032 for the second half ended Dec 31, 2024, from S$0.0309 in the year-ago period.
DPU for FY2024 also rose 6 per cent to S$0.0684 from S$0.0645 in FY2023, Clint’s trustee-manager said on Monday (Jan 27).
The trust’s total property income for the half-year was up 15 per cent at S$141.8 million, from S$123.6 million in H2 FY2023. This brought total property income for FY2024 to S$277.9 million, up 19 per cent from FY2023’s S$234.1 million.
This increase was driven primarily by higher rental income from existing properties, along with contributions from recent acquisitions, including aVance II Hinjawadi in Pune and Building Q2 at Aurum Q Parc in Navi Mumbai.
It was also supported by income from three assets acquired in 2023: Block A at International Tech Park Hyderabad, International Tech Park Pune-Hinjawadi, and Industrial Facilities 2 and 3 at Mahindra World City in Chennai.
Net property income (NPI) for H2 FY2024 grew 9 per cent to S$102.1 million from S$94 million in the year-ago period. For the full year, NPI rose 14 per cent to S$205.6 million, from S$179.6 million in FY2023.
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The NPI growth was driven by “income recognition from recent acquisitions, higher rental income from existing assets and positive rent reversion”, said Gauri Shankar Nagabhushanam, chief executive officer of Clint’s trustee-manager.
Distributable income for H2 FY2024 was up 4 per cent at S$47.4 million, from S$45.7 million in H2 FY2023. For the full year, distributable income was up 7 per cent year on year at S$101.5 million, from S$94.6 million.
Significant progress
Nagabhushanam noted that Clint made “significant progress” on its data centre assets, having signed an agreement with a major global hyperscaler in January 2025.
Revenue contribution from this hyperscaler is expected to commence by the second quarter of this year, and the trust will divest a partial stake in its data centre portfolio to “unlock greater value for unitholders”, he added.
He also said that Clint’s potential divestments of two mature IT parks are “progressing as planned”.
The trust’s committed occupancy rose to 95 per cent as at end-2024, driven by proactive customer engagement, noted Nagabhushanam. “We remain positive on our growth prospects in India and will continue to enhance returns to unitholders,” he said.
As at Dec 31, 2024, Clint’s completed floor area stood at 21.9 million square feet (sq ft) with a total development potential of 7.1 million sq ft. As at the same date, the trust’s assets under management were up 20 per cent year on year at S$3.7 billion, while its gearing stood at 38.5 per cent.
Clint’s FY2024 results were posted against the backdrop of the Singapore dollar appreciating 2 per cent year on year against the Indian rupee.
Units of the trust closed flat at S$1.04 on Monday.
