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, and an 18% increase for the first half of 2024 over 2H FY 2023.
Total property income and net property income for the period grew by 23% and 21% y-o-y to S$136.1 million and S$103.5 million for H1 2024, 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 and higher occupancy, and income recognition from properties acquired in FY 2023,” sadi Sanjeev Dasgupta, Chief Executive Officer, said.
The Trust’s net property income increased by 21% in Singapore Dollar terms, while its committed occupancy, excluding the recent acquisition, increased from 93% as at 31 December 2023, to 96% as at 30 June 2024, driven primarily by leasing activities at aVance, HITEC City, Hyderabad and Building Q1, Aurum Q Parc, Navi Mumbai.”
The company said, in Indian rupee terms, 1H FY 2024 total property income increased by 24% to Rs 840 crore mainly due to income contribution from various assets. This includes Block A in International Tech Park Hyderabad (ITPH), which was completed in January 2023, International Tech Park Pune – Hinjewadi (ITPP-H), Industrial Facilities 2 and 3, Mahindra World City, Chennai, and aVance II Hinjawadi, Pune, which was acquired. Additionally, higher rental income of existing properties compared to the same period last year contributed to the growth.
Total property expenses increased by 32% to Rs 20 crore mainly due to higher property taxes, operations and maintenance expenses, as well as other property operating expenses from existing and newly acquired properties. As a result, 1H FY 2024 net property income increased by 22% to Rs 640 crore.
CLINT achieved a committed portfolio occupancy of 96% as at 30 June 2024. The Trust’s assets under management grew from S$2.7 billion as at 30 June 2023 to S$3.2 billion as at 30 June 2024.
The Trust has a debt headroom of approximately S$915 million6, and 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% and 55% was hedged into Indian Rupee. “As at 30 June 2024, CLINT’s gearing ratio was 38.1%. Including cash and cash equivalents of S$95 million, the gearing was 36.5%. ,” the company said.
In May 2024, CLINT secured a sustainability-linked loan (SLL) of S$200 million from International Financial Corporation, thereby increasing its sustainable finance portfolio to S$1.16 billion, comprising 76%7 of its total loans as at 30 June 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, which resulted 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.
“The development of MTB 6 in International Tech Park Bangalore (ITPB) is currently underway, with a projected completion by the end of 2024. The superstructure works for both data centres in Navi Mumbai and ITPH are progressing as planned, while the development of the data centres in Chennai and ITPB is expected to commence in the second half of 2024,” said the company..
As at 30 June 2024, CLINT’s completed floor area stood at 21.0 million sq ft, following the addition of aVance II Hinjawadi, Pune in March 2024. Construction activities for existing projects, including the Trust’s committed forward purchase pipeline, are progressing as scheduled. CLINT’s total development potential stands at 7.1 million sq ft.
