SGX-listed CapitaLand India Trust’s (CLINT) net property income (NPI) saw a significant rise in fiscal year 2024 (FY 2024), growing by 16% year-on-year (YoY) in Indian Rupee terms and 14% in Singapore Dollar terms.
The trust also recorded a 6% YoY increase in its distribution per unit (DPU) for FY 2024, reaching 6.84 Singapore cents.
The trust’s growth in NPI was attributed to income from recent acquisitions and higher rental income from existing assets. CLINT’s Chief Executive Officer, Gauri Shankar Nagabhushanam, highlighted the trust’s strategic acquisitions and proactive customer engagement, which improved portfolio occupancy to 95%. The net asset value per unit increased by 19% YoY
Key developments include the pre-leasing of MTB 6 at International Tech Park Bangalore to a major semiconductor tenant and progress in data centre assets, with revenue from a global hyperscaler expected by Q2 2025. CLINT is also planning to divest a partial stake in its data centre portfolio to enhance unitholder value.
Financially, CLINT’s total property income for FY 2024 rose by 21% YoY to INR17.4b, driven by contributions from newly acquired properties in Pune, Navi Mumbai, and Hyderabad. The trust’s assets under management grew by 20% YoY to S$3.7b, with a gearing ratio of 38.5% as of 31 December 2024.
Looking ahead, CLINT is focused on diversifying its portfolio and expanding its presence in India’s fast-growing IT and logistics sectors, with ongoing developments in data centres and industrial facilities. The trust remains optimistic about its growth prospects and aims to continue delivering enhanced returns to its unitholders.
