Basic Profile & Key Statistics
Main Sector(s): Office & Logistics
Country(s) with Assets: India
No. of Properties (exclude development/associate/fund): 10
Key Indicators
Performance Highlight
Total property income and NPI increased YoY mainly due to high occupancy and contribution from Aurum Q1, Arshiya Warehouse 7 and Industrial Facility in Mahindra World City which were acquired between Nov 2021 to May 2022.
Rental Reversion
Besides ITPB, ITPC and aVance Hyderabad, rental reversion is positive for other properties.
Acquisition
ITPP-H acquisition was approved by unitholders at an EGM on 17 April 2023 and is expected in 1H 2023.
Pipeline (3rd Party Forward Purchase)
Construction for aVance 5 is completed and the rectification of the defects is in progress. The construction work for Casa Grande is expected to be completed by this year's end. Both the construction works for aVance A1 and Gardencity are expected to be completed by 2H 2024.
Development
There are 4 DC and ITPB MTB6 development projects on hand, where the construction of CapitaLand DC Navi Mumbai 1 and CapitaLand DC ITPH is expected to commence by 2Q 2023 and the construction of CapitaLand DC ITPB is expected to commence by 4Q 2023. As for MTB 6 of ITPB, the building completion is expected by 2H 2024.
Related Parties Shareholding
REIT Sponsor's Shareholding: Below median by 10% or more
REIT Manager's Shareholding: Above median by 20% or more
Directors of REIT Manager's Shareholding: Above median by 20% or more
Lease Profile
Occupancy: ± 5% from median
All income received in India Rupee
WALE: ± 10% from median
Highest Lease Expiry within 5 Years: Above median by 20% or more; Falls in 2027 and beyond, without breakdown
Weighted Average Land Lease Expiry: Above median by 20% or more
Debt Profile
Gearing Ratio: ± 10% from median
Cost of Debt: Above median by 20% or more
Fixed Rate Debt %: ± 10% from median
Unsecured Debt %: 100%
WADM: Below median by 20% or more
Highest Debt Maturity within 5 Years: ± 10% from median; Falls in this year
Interest Coverage Ratio: Below median by 20% or more
Diversification Profile
Top Geographical Contribution: Below median by 20% or more
Top Property Contribution: Above median by 20% or more
Top 5 Properties' Contribution: Above median by 20% or more
Top Tenant Contribution: Above median by 10% or more
Top 10 Tenants' Contribution: Above median by 20% or more
Key Financial Metrics
Property Yield: Above median by 20% or more
Management Fees over Operating Distributable Income: Above median by 10% or more; $5.26 distribution for every dollar paid
Operating Distributable Income on Capital: Above median by 10% or more
Operating Distributable Income Margin: ± 10% from median
Operating Distributable Proportion: ± 10% from median
DPU Breakdown
TTM DPU Breakdown90.6% from Operation9.4% from Management Fees Paid in Units
TTM DPU = 90% of Distributable Income
Trends
Uptrend: NAV per Unit, Operating Distributable Income Margin
Slight Uptrend: DPU from Operation
Downtrend: Occupancy, Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital
Relative Valuation
P/NAV: Average for 1y; Below -1SD for 3y & 5y
Dividend Yield: Above +1SD for 1y, 3y & 5y
Author's Opinion
In terms of SGD, the gross revenue and NPI are similar to the previous quarter. However, there is around 1/3 of the debt needs to be refinanced this year, which could potentially drive up the cost of debt. On a positive note, the recent pause in monetary policy tightening by the MAS should be favorable to CLINT, as it is likely to lead to a stabilization of the S$/INR FX rate.
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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.
Comments
It's important to conduct our own research before making any investment decisions
The debt profile could be a cause for concern with potential refinancing and higher costs
Looks like there are a lot of development projects in the works, could be promising
The uptrend in NAV and operating distributable income margin is encouraging
The lease profile seems to be pretty stable, which is always a good sign