The manager of CapitaLand India Trust (CLINT) has reported a distribution per unit (DPU) of 3.91 cents for its 2HFY2022 ended Dec 31, 2022, 9% higher than the DPU of 3.60 cents in the same period the year before.
DPU for the FY2022 grew by 5% y-o-y to 8.19 cents from FY2021’s 7.80 cents. The higher DPU is mainly attributed to higher portfolio occupancy and income contribution from acquisitions.
Total property income for 2HFY2022 stood at INR4.78 billion ($76.5 million), 11% higher y-o-y, leading to a total property income of INR11.9 billion for the full year.
This was mainly attributed to the higher portfolio occupancy and income from aVance 6 building in Hyderabad which the trust acquired in Mar 2021; Building Q1 in Aurum Q Parc at Navi Mumbai it acquired in Nov 2021; Arshiya Warehouse 7 it acquired in Mar 2022; and Industrial Facility in Mahindra World City, Chennai which it acquired in May 2022.
Total property expenses increased by 22% to INR2.5 billion, mainly due to higher operational and maintenance expenses and property management fees from existing and newly acquired properties.
CLINT achieved a committed portfolio occupancy of 92% as at Dec 31, 2022 while the trust’s assets under management stood at $2.5 billion. Gearing ratio was 37%.
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The manager’s CEO Sanjeev Dasgupta highlights the plans to develop two more data centres in Hyderabad and Chennai which it announced on Dec 31, in addition to Mumbai and Bangalore.
“We now have a data centre platform in prime locations across India’s four large data centre markets. We also look forward to the completion of the acquisition of International Tech Park Pune – Hinjawadi 5.
“This is a fully leased asset which will generate and boost stable returns for our unitholders. We believe the acquisitions made and announced during the year will position CLINT for further growth in 2023,” he adds.
Units in CLINT closed flat on Feb 6 at $1.19.
