a-iTrust's Q3 net lifted by higher occupancies, positive rent reversions

Singapore

RENTAL income from the completion of Anchor building, higher occupancies and positive rental reversions enhanced results for IT park owner Ascendas India Trust (a-iTrust) in its third quarter.

a-iTrust's distribution per unit (DPU) rose 4 per cent to 2.12 Singapore cents for the third quarter ended Dec 31.

Total property income was up 15 per cent at S$51.5 million, buttressed by income from Anchor building at International Tech Park Bangalore (ITPB), incremental income from aVance Pune as well as positive rental reversions. The Singapore dollar depreciated 2 per cent against the Indian rupee compared to the corresponding period last year.

Net property income was up 8 per cent at S$36.6 million, while income available for distribution rose 7 per cent to S$25.36 million.

The DPU for the third quarter is payable on Feb 27.

In Indian rupee terms, total property income increased 12 per cent from the year-ago period to 2.65 billion rupees, while net property income rose 6 per cent to 1.88 billion rupees.

a-iTrust's committed portfolio occupancy stood at 99 per cent as at Dec 31, while its weighted average lease term and weighted average lease expiry worked out to 6.7 years and 3.8 years, respectively.

Its portfolio valuation rose 7 per cent from March 31 to S$2.1 billion on the back of higher portfolio rent, development gains and lower capitalisation rates. a-iTrust's gearing ratio fell from 33 per cent at end-September to 28 per cent at end-December after it raised S$150 million of equity via a private placement in November.

The total completed floor area for a-iTrust's portfolio stood at 13.1 million square feet as at Dec 31.

Chief executive officer Sanjeev Dasgupta said: "I am pleased to announce that the development potential at ITPB has further increased by 1.1 million square feet to 3.8 million square feet due to revised government regulations.

"With a total development potential of 7.7 million square feet, coupled with our committed pipeline of forward purchase acquisitions, a-iTrust is poised for further growth in the coming years."

Units in a-iTrust closed one cent lower at S$1.61 on Thursday.