Clint H1 DPU up 1% at S$0.04; property income hurt by 12% tumble in rupee against Singdollar
Exchange impact partially offset by 16% lower property expenses
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[SINGAPORE] CapitaLand India Trust (Clint) on Wednesday (Jul 29) posted a lower net property income of S$107.5 million for the six months ended Jun 30.
This marked a 5 per cent year-on-year decrease in Singapore dollar terms, but a 6 per cent increase in Indian rupee terms.
Average foreign exchange rates for the rupee depreciated 12 per cent year on year against the Singapore dollar. Consequently, first half total property income and net property income fell 8 per cent and 5 per cent to S$137.6 million and S$107.5 million, respectively.
Clint’s trustee-manager said this was partially offset by a 16 per cent decrease in total property expenses, which fell to S$30.1 million in H1 FY2026.
Total property income for the period decreased by 8 per cent year on year to S$137.6 million. This was attributed to the weaker rupee, though total property income grew 3 per cent in rupee terms primarily due to higher rental income from existing properties compared with H1 FY2025.
The positive performance in local currency was driven by “income contributions from newly completed development and CapitaLand Data Centre Navi Mumbai Tower 1”, said the trustee-manager, referring also to MTB 6 at International Tech Park Bangalore which is newly completed and fully leased.
“In addition, higher interest income from Clint’s six forward purchase assets that are under development drove distributable income growth, despite the absence of income following the divestments of CyberPearl and CyberVale,” the trustee-manager added.
Income available for distribution in H1 FY2026 rose 8 per cent year on year in Singapore dollar terms to S$64.2 million.
Clint’s trustee-manager declared a distribution per unit (DPU) of S$0.04 for H1 FY2026, up 1 per cent from S$0.0397 in the same period in FY2025.
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Gauri Shankar Nagabhushanam, CEO of the trustee-manager, said Clint’s “strong performance in H1 2026 reflects the resilience of our portfolio and the disciplined execution of our multi-pronged strategy”.
He added that the trust “maintained healthy occupancy levels and delivered positive rental reversions, while enhancing financial flexibility through capital recycling and proactive capital management”.
He noted that the trust has “developed, leased and handed over Clint’s first liquid-cooled data centre to a global hyperscaler tenant at CapitaLand Data Centre Navi Mumbai Tower 1”. Full income contribution from the data centre is expected from August.
The CEO also noted the trust enhanced financial flexibility through capital recycling, completing the divestment of 20.2 per cent stakes in three data centres under development in February for an estimated seven billion rupees (US$73.2 million).
Leveraging the lower interest rate environment in India, Clint also continued to onshore its debt, drawing down 5.5 billion rupees in July to improve cash flows and increase income available for distribution.
Clint’s portfolio includes eight IT business parks, three industrial facilities, one logistics park and four data centre developments in India. It has a completed floor area of 22 million square feet (sq ft), with 4.9 million sq ft with development potential across its IT business parks, the trustee-manager said.
The trust’s forward purchase programme includes six assets under development totalling 6.4 million sq ft. Two forward purchase projects in Hyderabad, aVance 5 and aVance A1, have been completed and achieved over 75 per cent leasing commitments. Both assets are earmarked for potential acquisition upon stabilisation.
As at end-June, Clint’s committed portfolio occupancy stood at 91 per cent. The trust’s gearing ratio stood at 38 per cent, with debt headroom of S$1.1 billion.
Units of Clint rose 1 per cent to close S$0.01 higher at S$1.02 on Tuesday.
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