1QFY2024 net property income of INR3.07 bil, up 19% y-o-y ($49.4 million) due to higher total property income and partially offset by an increase in total property expenses.
Total property income for the same period was up 26% y-o-y to INR4.15 billion or $66.9 million, thanks to higher rental income from existing properties and income contributions from CLINT’s acquisition and development of ITPH Block A, ITPP-H, Mahindra World City’s Industrial Facilities 2 and 3.
Also during the quarter, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities aggregating to 0.79 million sqft at OneHub Chennai. The Phase 1 acquisition is expected to be completed by 1H2025, with the transaction offering further diversification into the industrial asset class, says the REIT.
As at March 31, CLINT has a committed portfolio occupancy of 94%. Its properties span 21.0 million sqft, a 24% y-o-y increase in total floor area.
The REIT’s weighted average lease expiry (WALE) is at 3.4 years. According to the REIT manager, 40% of the leases expiring in 2024 will either be renewed or are “highly likely” to be renewed.
Gearing 34.6 % which is quite healthy!
I think the results is quite good!
Pls dyodd.
https://www.spore-share.com/2024/04/capland-india-tr-1qfy2024-net-property.html
Comments