CapitaLand India Trust reports 2HFY2022 DPU of 3.91 cents, 9% higher y-o-y

Singapore-based CapitaLand India Trust (CLINT) reported a distribution per unit (DPU) of 3.91 cents for its 2HFY2022, ended Dec 31, 2022, which is 9% higher than the DPU of 3.60 cents in the same period the year before. Their total property income for 2HFY2022 stands at INR4.78 billion ($76.5 million), representing an 11% growth year-on-year. This can be attributed to higher portfolio occupancy, as well as income contributions from acquisitions like the aVance 6 building in Hyderabad, Building Q1 in Navi Mumbai, Arshiya Warehouse 7 and an industrial facility in Chennai.

Total property expenses, however, rose 22% to INR2.5 billion, mainly due to higher operational and maintenance expenses, as well as property management fees from existing and new properties. The trust achieved a committed portfolio occupancy of 92% as at Dec 31, 2022, while its assets under management stood at $2.5 billion and a gearing ratio of 37%.

CEO Sanjeev Dasgupta also highlights their plans to develop two more data centres in Hyderabad and Chennai, on top of the existing ones in Mumbai and Bangalore. Moreover, the trust is also looking forward to the completion of the International Tech Park Pune – Hinjawadi 5 acquisition, Champions Way Condo which is a fully leased asset that will generate and boost stable returns for CLINT’s unitholders.

Overall, the acquisitions made and announced during the year position CLINT for further growth in 2023. Unitholders of the trust were unfazed, as the units managed to close flat on Feb 6 at $1.19.