CAPITALAND India Trust’s : CY6U 0% (Clint) net property income grew 19 per cent to 3.1 billion rupees (S$49.4 million) in the first quarter ended Mar 31, 2024, from 2.6 billion rupees a year ago.
The increase was due to higher total property income, which Clint attributed to higher rental income from existing properties and income contributions from the acquisition and development of other properties.
Total property income was 26 per cent higher, at 4.2 billion rupees.
In March, Clint completed the acquisition of a 1.4 million square foot multi-tenanted project in Hinjawadi, Pune for 7.7 billion rupees. The project comprises an IT building and a cafeteria block.
Clint said in a business update on Wednesday (Apr 24) that about 63 per cent of the project has been leased to multinational companies.
Contributions from Block A of International Tech Park Hyderabad; International Tech Park Pune – Hinjawadi; and Industrial Facility 2 and 3 at Mahindra World City in Chennai also bumped up rental income, Clint said.
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Committed occupancy in its overall portfolio was 94 per cent, an increase from 88 per cent in Q1 2023.
Clint’s assets under management grew 27 per cent to S$3.1 billion in that time, while revenue generating area rose 27 per cent to 18.5 million square feet.
Net gearing as at Mar 31 was 34.6 per cent, while debt maturity was at two years. Clint’s weighted average cost of debt has maintained at 6.3 per cent since H1 2023.
The trust’s portfolio had a weighted average lease expiry of 3.4 years as at end-March. Some 40 per cent of leases expiring in 2024 are either renewed or highly likely to be renewed, Clint said.
The counter ended trading on Wednesday at S$0.995, up S$0.015 or 1.5 per cent.
