CapitaLand India Trust Q3 net property income rises 2% to US$42 million

[SINGAPORE] CapitaLand India Trust (Clint) posted a net property income (NPI) of four billion rupees (US$42 million) for its third quarter ended Sep 30, up 2 per cent year on year from 3.9 billion rupees.

However, its NPI fell 8 per cent in Singapore dollar terms from S$58.6 million a year earlier, the trust’s manager said on Wednesday (Oct 28).

Total property income remained relatively flat at 5.1 billion rupees from the year-ago period, but declined 10 per cent in Singdollar terms to S$68.8 million, from S$76 million previously.

The manager attributed the higher property income in rupee terms to higher income from existing properties, which was partially offset by the absence of income from CyberPearl and CyberVale following their divestments.

The increase in NPI was mainly due to higher property income and lower property expenses, although the depreciation of the Indian rupee against the Singdollar weighed on reported income.

For the nine months ended Sep 30, total property income rose 2 per cent year on year to 15 billion rupees, and NPI increased 4 per cent to 11.7 billion rupees.

Portfolio occupancy stood at 91 per cent as at end-September, and its weighted average lease expiry was three years. The trust also recorded positive rental reversions of 23 per cent over the trailing 12 months.

Its gearing ratio stood at 38.2 per cent, up from 38 per cent in the previous quarter, and net gearing rose to 36.6 per cent from 35.9 per cent over the same period.

The trust’s average cost of debt increased to 5.7 per cent from 5.6 per cent quarter on quarter, with about 70.8 per cent of borrowings on fixed interest rates.

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The manager noted that the development of the office tower MTB 7 at International Tech Park Bangalore, which has secured a 100 per cent lease commitment from a Fortune 500 company, remained on track for completion in Q3 2027.

Meanwhile, CapitaLand Data Centre Chennai, with a gross power capacity of 53 megawatts, is expected to be completed in Q4 2026.

Units of Clint closed up S$0.005 or 0.6 per cent on Tuesday at S$0.875.