has reported a net property income of 3.3 billion rupees (S$53 million) for the third quarter ended Sep 30, 15 per cent higher than the 2.9 billion rupees in the year-ago period.
The increase came from higher income from existing properties and income contribution from recent acquisitions in Pune and Mumbai.
Total property income in Q3 stood at 4.3 billion rupees, 14 per cent higher than the 3.8 billion rupees the year before, Clint’s manager said in a business update on Thursday (Oct 24).
As at end-September, the trust had 335 tenants, with an average space per tenant of about 56,000 square feet.
A highlight during the quarter was the completion of the acquisition of Building Q2, a multi-tenanted office building within Clint’s Aurum Q Parc business park in Navi Mumbai, a planned city next to Mumbai.
The building is 100 per cent leased out to leading multinational companies such as Mizuho Bank, ICICI Bank and Axis Securities.
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The manager of the business trust said: “This acquisition enables Clint to capitalise on the growing demand for office space in Navi Mumbai.”
Clint’s portfolio occupancy stood at 91 per cent, including its newly acquired buildings; its assets have a weighted average lease expiry of 3.5 years.
Rental reversions were positive for all assets, except aVance Hyderabad, which recorded a -1 per cent reversion, due mainly to the impact of a rent-free period.
Clint’s manager ended the master agreement for seven warehouses in Navi Mumbai in July 2024, because the lessee’s parent, Arshiya Limited, was facing insolvency proceedings.
“There will be an impact on Clint’s net property income and portfolio valuation during the transition and stabilisation period. However, no material impact is expected on Clint’s overall portfolio valuation and income for FY 2024,” the manager said. Clint will manage the property thereafter.
Units of CapitaLand India Trust closed down 1.8 per cent or S$0.02 at S$1.10 before the announcement.
