CapitaLand India Trust’s distributions per unit (DPU) in FY2024 rose by 6% y-o-y to 6.84 cents and by 3% y-o-y in 2HFY2024 to 3.2 cents. This is despite a 2% growth in the number of units to 1,342 million units.
CLINT’s FY2024 net property income (NPI) grew 16% y-o-y in INR terms INR12.9 billion and 14% in SGD terms to $205.6 million. In Indian Rupee terms, total property income for FY 2024 increased by 21% to INR17.4 billion.
This was mainly due to income contribution from aVance II Hinjawadi, Pune, which was acquired in March 2024; Building Q2 in Aurum Q Parc, Navi Mumbai, which was acquired in July 2024 and contribution from three assets acquired in 2023 - Block A in International Tech Park Hyderabad (ITPH); International Tech Park Pune – Hinjawadi and Industrial Facilities 2 and 3 at Mahindra World City, Chennai.
CLINT’s existing properties also achieved higher rental income compared to last year. CLINT achieved a committed portfolio occupancy of 95%.
In Dec 2024, MTB 6 at International Tech Park in Bangalore received its Occupancy Certificate.
Gauri Shankar Nagabhushanam, CEO of CLINT’s trustee manager says: “We pre-leased 100% of MTB 6 at International Tech Park Bangalore, a 0.8 million sq ft building, to a large semi-conductor tenant.
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"We also made significant progress on our data centre assets with the signing of an agreement with a leading global hyperscaler in January 2025. Revenue contribution from the hyperscaler will commence by 2Q2025 and we are on track to divest a partial stake in the data centre portfolio to unlock greater value for unitholders.”
In February 2024, CLINT continued to diversify its portfolio by entering into a forward purchase agreement to acquire three industrial facilities at OneHub Chennai.
In March 2024, CLINT increased its presence in Pune with the completion of its acquisition of aVance II, a multi-tenanted IT Special Economic Zone (SEZ) property in Hinjawadi.
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In May 2024, CLINT entered into a forward purchase agreement to acquire IT buildings with a total leasable area of 2.5 million square feet (sq ft) in HITEC City, an IT and office hub in Hyderabad. In July 2024, CLINT acquired Building Q2, a fully leased IT Non-SEZ office building at Aurum Q Parc business park in Navi Mumbai.
CLINT’s owns four data centres under development. The construction works for the data centres in Navi Mumbai and ITPH (Hyderabad) are nearing completion. The superstructure works for the data centre in Chennai are progressing as planned.
The development of the data centre in Bangalore is expected to commence by 2Q2025.
As at Dec 31 2024, CLINT's completed floor area stands at 21.9 million sq ft with a total development potential of 7.1 million sq ft. Construction activities for existing projects, including its committed forward purchase pipeline, are progressing as scheduled.
As at Dec 31, 2024, its gearing ratio was 38.5%. After including cash and cash equivalents of $135 million, the gearing was 36.6%.
for CLINT, 73% of its total borrowings is on fixed interest rates and 52% was hedged in Indian Rupee. The trailing 12-month interest service coverage (ICR) was 2.6 times.
A 10% decrease in ebitda causes ICR to fall to 2.3x as would a 100 bps increase in interest rates.
CLINT units closed at $1.04 on Jan 27.
