CapitaLand India Trust (CLINT) announced 10% y-o-y growth in total property income and net property income (NPI) to $225.2 million and $172.1 million respectively, for the nine months to end-Sept (9MFY2025). 3QFY2026’s total property income and NPI also rose by 10% y-o-y to $76 million and $58.6 million respectively.
Committed occupancy was stable at 91%, and rental reversions for the period rose by 15%. Aggregate leverage fell by 1.4 ppts y-o-y to 40.9% and average cost of debt declined by 0.2 ppt y-o-y to 5.8%.
During the third quarter, CLINT received progressive income contribution from Navi Mumbai Data Centre (DC) Tower 1; secured 100% pre-commitment at Ebisu, a forward purchase project at Outer Ring Road, Bangalore; and commenced development of MTB 7 in International Tech Park Bangalore (ITPB). MTB stands for mult-tenanted building.
Net proceeds of INR10.8 billion / $158.8 million from the divestment of CyberPearl and CyberVale are being used to repay debt, reinvest in higher-yielding projects and/or enhance distributions to unitholders.
CLINT has completed its first data centre located in Airoli, Navi Mumbai, comprising two towers. Tower 1 has a capacity of 50MW and Tower 2 has a capacity of 55 MW. Tower 1 is fully committed to a leading global hyperscaler with a long-term agreement signed. CLINT is in negotiations with the same hyperscaler to lease Tower 2.
A data centre in Hyderabad and a data centre in Chennai are under development. The Hyderabad data centre completes in 2Q2026, and the Chennai data centre completes in 3Q2026.
See also: Lendlease REIT portfolio occupancy for 1QFY2026 at 95%; divestment of Jem office completed by Nov 12
On the capital management front, at least 50% of debt must be denominated in INR. Income is repatriated semi-annually from India to Singapore. Thre trustee-manager locks in the income to be repatriated by buying forward contracts on a monthly basis.
CLINT’s unit price is up 11.2% this year, and its annualised DPU is around 6.67%.
.
