CapitaLand India Trust Q1 income up 19% to 3.3 billion rupees
Bryan Kow
CAPITALAND India Trust (Clint) recorded a total property income of 3.3 billion rupees (S$53.6 million) for the first quarter of this year, up 19 per cent from 2.8 billion rupees last year.
This was mainly due to higher occupancy, additional income contributions from Arshiya Warehouse 7 and industrial facilities at Mahindra World City and Block A as well as other income, said the trust’s manager on Wednesday (Apr 26).
Clint completed the construction of Block A – an IT building – in January, as part of its redevelopment efforts at International Tech Park Hyderabad.
Net property income rose 16 per cent to 2.6 billion rupees, from 2.2 billion rupees the previous year. Gains from higher property income were partially offset by an increase in total property expenses.
As at Mar 31, 2023, the trust owned a total floor area of 16.9 million square feet and had a committed portfolio occupancy of 88 per cent.
Net gearing stood at 35 per cent, including cash and cash equivalents.
The trust’s portfolio had a weighted average lease expiry of 3.7 years. Its manager noted that about 75 per cent of leases expiring this year were either renewed or highly likely to be renewed.
Units of Clint traded S$0.01 or down 0.9 per cent at S$1.06 as at 9.03 am on Thursday.
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