CapitaLand India Trust (CLINT) has reported a total property income of INR4.3 billion ($68.8 million) for the 4QFY2024 ended Sept 30, 14% higher y-o-y. This y-o-y growth was due to higher income from existing properties.
During this period, CLINT’s net property income (NPI) rose 15% y-o-y to INR3.3 billion ($53 million). The higher NPI came on the back of higher total property income, which was partially offset by an increase in total property expenses.
For the 9MFY2024 or year-to-date, total property income saw a 20% y-o-y increase to INR12.7 billion, following income contributions from Building Q2, which was acquired in July.
9MFY2024 NPI rose by 19% y-o-y to INR9.7 billion, due to higher total property income, which was partially offset by an increase in total property expenses.
As at Sept 30, CLINT’s portfolio occupancy stood at 91%, with a weighted average lease expiry (WALE) of 3.5 years.
For the period, CLINT’s fixed rate debt stood at 80.3%, and has a gearing ratio of 40.1%. Its interest service coverage stood at 2.6 times.
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CLINT’s cash and cash equivalent as at Sept 30 stood at $130 million.
Units in CLINT closed at 2 cents lower, or down 1.79%, at $1.10 on Oct 24.
