CapitaLand India Trust Reports Strong H1 2024 Results with 21% Growth in Net Property Income
CLINT's strong operating performance was driven by higher rental income, positive rent reversion, and higher occupancy, with data centre developments in Navi Mumbai and ITPH progressing as planned.
Capitaland India TrustReal Estate Investment TrustReitProperty IncomeNet Property IncomeSingaporeIndiaReal Estate MumbaiJul 31, 2024
The Trust's net property income increased by 21% in Singapore Dollar terms, driven primarily by higher rental income from existing properties, positive rent reversion, and higher occupancy. The committed occupancy rate, excluding recent acquisitions, increased from 93% as of December 31, 2023, to 96% as of June 30, 2024, driven by leasing activities at aVance, HITEC City, Hyderabad, and Building Q1, Aurum Q Parc, Navi Mumbai.
In Indian Rupee terms, total property income increased by 24% to Rs 840 crore, mainly due to income contributions from various assets, including Block A in International Tech Park Hyderabad (ITPH), which was completed in January 2023, and aVance II Hinjawadi, Pune, which was acquired. Additionally, higher rental income from existing properties compared to the same period last year contributed to the growth.
Total property expenses increased by 32% to Rs 20 crore, mainly due to higher property taxes, operations, and maintenance expenses, as well as other property operating expenses from existing and newly acquired properties. As a result, net property income increased by 22% to Rs 640 crore.
The Trust's assets under management grew from S$2.7 billion as of June 30, 2023, to S$3.2 billion as of June 30, 2024. CLINT has a debt headroom of approximately S$915 million and undrawn committed onshore facilities of S$381 million, committed offshore facilities of S$200 million, and uncommitted facilities of S$138 million.
Sanjeev Dasgupta, Chief Executive Officer, said, 'We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT's strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion, and higher occupancy, and income recognition from properties acquired in FY 2023.'
CapitaLand India Trust Management Pte. Ltd. is the Trustee-Manager of CLINT, a Singapore-listed real estate investment trust (REIT) that invests in a diversified portfolio of income-producing properties in India.
The Trust has a sustainability-linked loan (SLL) of S$200 million from International Financial Corporation, which increases its sustainable finance portfolio to S$1.16 billion, comprising 76% of its total loans as of June 30, 2024.
CLINT's development pipeline includes the acquisition of three industrial facilities at OneHub Chennai, the acquisition of IT buildings with a total leasable area of 2.5 million sq ft in HITEC City, Hyderabad, and the development of data centres in Navi Mumbai, Chennai, and ITPB.
Frequently Asked Questions
What was the growth rate of CLINT's distribution per unit (DPU) in H1 2024?
8% year-on-year
What was the increase in total property income in Indian Rupee terms?
24% to Rs 840 crore
What is the Trust's committed occupancy rate as of June 30, 2024?
96%
What is the Trust's debt headroom as of June 30, 2024?
Approximately S$915 million
What is the size of CLINT's sustainable finance portfolio as of June 30, 2024?
S$1.16 billion, comprising 76% of its total loans
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