CapitaLand India Trust posts 2% rise in quarterly net property income

CapitaLand India Trust earned four billion rupees (US$42 million) in net property income during its third quarter, representing 2 per cent growth against the year-earlier 3.9 billion rupees. The trust’s manager reported the results on Oct 28 for the period ended Sep 30.

The manager said a weaker Indian rupee against the Singapore dollar weighed on reported income. On a Singapore-dollar basis, net property income declined 8 per cent against the previous year’s S$58.6 million. Total property income dropped to S$68.8 million from S$76 million, a 10 per cent fall.

In rupees, total property income was little changed at 5.1 billion. Existing properties brought in more income, partly countering the loss of contributions following the divestments of CyberPearl and CyberVale. The manager attributed net property income growth mainly to increased property income and reduced property expenses.

For the nine-month period to Sep 30, the trust recorded total property income of 15 billion rupees, representing annual growth of 2 per cent. Net property income reached 11.7 billion rupees, an increase of 4 per cent.

At September’s close, occupancy across the portfolio was 91 per cent. Weighted average lease expiry measured three years, while rental reversions over the preceding 12 months were positive at 23 per cent.

Quarter-on-quarter gearing moved from 38 per cent to 38.2 per cent, and net gearing increased from 35.9 per cent to 36.6 per cent. Average borrowing costs reached 5.7 per cent, compared with 5.6 per cent previously; about 70.8 per cent of borrowings had fixed rates.

The manager said completion of International Tech Park Bangalore’s MTB 7 office tower remained scheduled for Q3 2027, with a Fortune 500 company having committed to lease 100 per cent. CapitaLand Data Centre Chennai, whose gross power capacity is 53 megawatts, is expected to finish in Q4 2026.