CapitaLand India Trust Q3 net property income up 22% to 2.9b rupees
Renald Yeo
CAPITALAND India Trust ‘s (Clint) third-quarter net property income (NPI) grew 22 per cent to 2.9 billion rupees (S$46.7 million), from 2.4 billion rupees in the year-ago period.
This was due primarily to higher total property income, which came on the back of contributions from International Tech Park Hyderabad and International Tech Park Pune – Hinjawadi, Clint’s manager said on Thursday (Oct 26).
However, this was partially offset by an increase in total property expenses.
Total property income for the three months ended Sep 30, 2023 grew 23 per cent to 3.8 billion rupees, from 3 billion rupees a year ago.
At International Tech Park Hyderabad, Clint completed the construction of IT building Block A in January. In May, it acquired the 25-acre International Tech Park Pune – Hinjawadi.
Both properties saw higher occupancy and contributed to total property income in Q3, Clint’s manager said.
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As at end-September, the trust had 300 tenants, with an average space per tenant of about 58,000 square feet.
Some 75 per cent of leases expiring in 2023 have either been renewed or are “highly likely” to be renewed, the manager said.
The trust’s portfolio had a weighted average lease expiry of 3.5 years as at end-September.
Units of Clint closed 5.9 per cent or S$0.06 lower to S$0.96 on Thursday, prior to the news. This was the lowest level since December 2018, based on Bloomberg data. No married deals were recorded during trading hours, according to ShareInvestor data.
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