CAPITALAND India Trust (Clint) saw an 8 per cent increase in distributions per unit to 3.64 cents for the half year ended Jun 30, thanks to growing rental income and occupancy.
The trust’s total property income grew 23 per cent to S$136.1 million, while net property income was up 21 per cent to S$103.5 million. Income to be distributed increased 10 per cent to S$48.7 million.
The growth was driven by higher rental income from existing properties, positive rent reversion and higher occupancy, said Sanjeev Dasgupta, chief executive of Clint’s trustee-manager.
Properties that contributed income include Block A in the International Tech Park Hyderabad (ITPH); the International Tech Park Pune, Hinjawadi, and industrial facilities in Mahindra World City, Chennai, which were acquired in December 2023.
The trust’s committed occupancy rose to 96 per cent as at end-June, compared to 93 per cent in end-2023. This was due to leasing activities at the aVance property in Hyderabad’s Hitec City, and Building Q1 in Navi Mumbai.
Looking ahead, Clint is focused on various growth initiatives. The trust recently acquired another Navi Mumbai property – Building Q2, a fully leased, multi-tenanted IT office building at the Aurum Q Parc business park.
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“This strategic acquisition is expected to generate stable returns for our unitholders, aligning with our commitment to long-term value creation,” said Dasgupta.
The development of MTB 6 in International Tech Park Bangalore (ITPB) is also currently underway, with projected completion by the end of 2024.
Meanwhile, superstructure works for Clint’s data centres in Navi Mumbai and ITPH are progressing as planned. The development of the data centres in Chennai and ITPB is expected to commence in the second half of 2024.
Clint’s completed floor area stood at 21 million square feet as at end-June, and the trust has a total development potential of 7.1 million sq ft. Its assets under management stood at S$3.2 billion as at end-June.
The trust has a gearing ratio of 38.1 per cent as at end-June, with debt headroom of about S$915 million. It has a sustainable finance portfolio of S$1.16 billion, comprising 76 per cent of its total loans as at end-June. In May, Clint had secured a sustainability-linked loan of S$200 million from the International Financial Corporation.
Units of Clint ended Monday at S$1.06, up S$0.02 or 1.9 per cent.
