CapitaLand India Trust has reported a net property income of $42 million, up 5% y-o-y. Total property income for the same period was up 8% y-o-y to $53.6 million, thanks to higher occupancy and additional income contributions from assets such as Arshiya Warehouse 7.
As at March 31, the REIT has a committed portfolio occupancy of 92%, with its properties spanning 16.9 million sq ft.
With a development pipeline, the REIT will see a 77% growth in floor area to 29.9 million sq ft.
Its weighted average lease expiry is at 3.7 years. According to the REIT manager, 75% the leases expiring this year, which constitutes 7% of the monthly base rent, will either be renewed, or "highly likely" be renewed.
The REIT says it has managed to achieve average initial rents of new leases at 21% higher versus the pre-pandemic period.
CLINT units closed April 26 at $1.07, unchanged for the day, and down 6.96% year to date.
