In INR terms, total property income for the 2HFY2023 stood at INR7.58 billion ($122.3 million), 23% higher y-o-y, leading to a total property income of INR14.4 billion for the full year.
This was mainly due to income contributions from Arshiya Warehouse 7 acquired in March 2022; Industrial Facility 1 at Mahindra World City, Chennai (IF1) acquired in May 2022; Block A in International Tech Park Hyderabad (ITPH) which was completed in January 2023; International Tech Park Pune – Hinjawadi (ITPP-H) which was acquired in May 2023; and higher rental income of existing properties compared to the same period last year.
For the full-year period, total property expenses increased by 35% to INR3.3 billion mainly due to higher operations and maintenance expenses and property management fees from existing and newly acquired properties.
As a result, FY2023 net property income increased by 17% to INR11.0 billion.
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CLINT achieved a committed portfolio occupancy of 93% as at Dec 31, 2023, a 1 percentage point increase compared to the year before. Meanwhile, the trust’s net asset value (NAV) per unit as at the same date increased by 5% y-o-y to $1.16.
As at Dec 31, 2023, CLINT’s gearing ratio was 35.8% on a loan-to-value basis.
The manager’s CEO Sanjeev Dasgupta says the trust’s operating performance in FY2023 was driven by its acquisitions of quality assets to build a resilient and diversified portfolio. “CLINT’s net assets increased by S$263 million or 19% from a year ago due to our new acquisitions and uplift in valuation. Despite the elevated interest rate environment, our weighted average cost of debt remained unchanged at 6.3% in both 1HFY2023 and 2HFY2023.”
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“In FY2024, we anticipate the full-year income from Block A, ITPH as well as 100% leased Industrial Facility 2 and 3 at Mahindra World City, Chennai (IF2 and IF3), to contribute to CLINT’s overall growth,” he adds.
Units in CLINT closed 1 cent lower or 0.93% down at $1.07 on Jan 29.
