The manager of CapitaLand India Trust (CLINT) has reported a distribution per unit (DPU) of 3.97 cents for the 1HFY2025 ended June 30, up 9% y-o-y.
Total property income and net property income (NPI) for the 1HFY2025 grew 10% each to $149.3 million and $113.6 million respectively.
In Indian rupee terms, NPI and total property income increased by 14% y-o-y to INR7.32 billion and INR9.6 billion respectively.
Income available for distribution for the same period grew by 15% y-o-y in INR terms and 10% in Singapore dollar terms, mainly due to higher NPI, partially offset by higher net finance costs and Trustee-Manager fees.
The increase in total property income is from new income contributions from two newly completed and fully leased developments — MTB at International Tech Park Bangalore and CyberVale Free Trade Warehousing Zone in Chennai, which commenced operations in 1HFY2025. Additional contributions came from aVance II in Pune and Building 2Q2025 in Mumbai, which were acquired in March 2024 and July 2024 respectively.
As at June 30, CLINT achieved a committed portfolio occupancy of 90% and a positive portfolio rental reversion of 9%.
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The trust’s gearing stood at 42.3% as at June 30.
On July 2, $100 million of 4.40% subordinated perpetual securities were issued, the proceeds of which were used for debt repayment. With this, the pro forma gearing ratio has reduced to 40.1%.
Of CLINT’s total borrowings, 77.2% are on fixed interest rates, and 54.2% are hedged into Indian rupees. The trust maintains a debt headroom of approximately $692 million.
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CLINT signed a long-term agreement with a global hyperscaler for a data centre in January and is progressing as planned.
In February, it entered into a forward purchase agreement with an affiliate of Maia Group to acquire a 1.1 million sq ft office development located in Nagawara, Outer Ring Road, Bangalore. This acquisition will increase CLINT’s Bangalore portfolio size to 9.9 million sq ft by 2028.
As at June 30, CLINT's completed floor area stood at 22.7 million sq ft with a total development potential of 4.6 million sq ft in its IT business parks.
Units in CLINT closed 3 cents higher or 2.632% up at $1.17 on July 30.
