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CapitaLand India Trust reports 4% higher NPI of $41.5 mil for 3QFY2022

Felicia Tan
·2-min read

During the quarter, the trust reported a total property income of INR3.04 billion ($53.5 million), 9% higher y-o-y.

CapitaLand India Trust (CLINT), formerly Ascendas India Trust (a-iTrust), has reported a total property income of INR3.04 billion ($53.5 million), 9% higher y-o-y. The y-o-y growth was attributable to the income contribution from Building Q1, Arshiya Warehouse 7 and Industrial Facility at MWC.

During the quarter, CLINT’s net property income (NPI) rose 4% y-o-y to INR2.36 billion or $41.5 million. The higher NPI came due to the higher total property income but offset by the increase in total property expenses.

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For the 9MFY2022 or year-to-date (ytd), total property income rose 9% y-o-y to INR8.80 billion due to income contribution from aVance 6 at aVance Hyderabad, Building Q1 at Aurum Q Parc, Arshiya Warehouse 7 and Industrial Facility at MWC.

9MFY2022 NPI rose by 7% y-o-y to INR7.01 billion due to the higher property income and offset by the higher property expenses.

As at Sept 30, CLINT’s portfolio occupancy stood at 91% with a weighted average lease expiry (WALE) of 3.8 years.

Signing rents for the quarter were 5% higher than in-place rents in September 2021, and 15% higher than that in December 2019. The rental reversion calculation includes fit-out period, which is typically rent-free.

In the ytd, the trust has leased or renewed 2.2 million sq ft worth of property. During the same period, over 80% of 2022 lease expiries have been renewed.

As at Sept 30, CLINT’s gearing stood at 37%. Its interest service coverage stood at 3.2x.

Since its initial public offering (IPO) in July 2007 to September this year, CLINT has grown at a compound annual growth rate (CAGR) of 10%.

Cash and cash equivalents as at Sept 30 stood at $167 million.

Looking ahead, CLINT is estimating a 63% growth in its floor area to 25.3 million sq ft based on its committed pipeline. Its expected total consideration is stated to come in at INR47.6 billion.

Units in CLINT closed flat at $1.14 on Oct 28.

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