The full-year DPU growth was mainly due to higher interest income from investments in Aurum IT SEZ, aVance 5 & 6 and aVance A1 & A2. Higher net property income and a one‐off tax benefit from the merger of the legal entities of The V and BlueRidge 2 also contributed to DPU growth.
As at March 31, a‐iTrust’s committed portfolio occupancy increased by 1% q‐o‐q to 99% due to higher committed occupancy at ITPB, The V and BlueRidge 2. a‐iTrust’s gearing ratio was 31%. Based on its current gearing limit of 45%, the REIT has total debt headroom of $593 million.
a‐iTrust has received building plan approval to redevelop The V in Hyderabad. The complete rejuvenation of The V will happen in phases over the next seven to 10 years and will increase net leasable area by 3.5 million sf.
Phase One of redevelopment at The V has started with the construction of a new 1.4 million sf building to replace the previous Auriga building and auditorium, which is expected to complete by the second half of 2021.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
In Bangalore, we have obtained the Occupancy Certificate for MTB 4, a new 0.5 million sf building with tenant handover expected by the first half of 2019.
Construction on a second building, MTB 5, with total floor area of 0.7 million sf has commenced and is expected to complete by the second half of 2020. Both buildings have been 100% pre‐leased to a leading IT Services company.
As at Apr 25, units in a‐iTrust closed 2 cents higher at $1.23.
