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Ascendas India Trust reports DPU of 7.33 cents for FY18/19, up 20%

SINGAPORE (Apr 25): The trustee‐manager of Ascendas India Trust (a‐iTrust) has reported a DPU of 1.70 cents for the 4Q18/19 ended March. This brings FY18/19 DPU to 7.33 cents, 20% higher than a year ago despite the depreciating Indian Rupee.

Total property income for 4Q18/19 was down 4% to $47.2 million, net property income rose 5% to $35.3 million while income available for distribution rose 9% to $19.6 million. Income to be distributed rose 3% to 1.70 cents.

The full-year DPU growth was mainly due to higher interest income from investments in Aurum IT SEZ, aVance 5 & 6 and aVance A1 & A2. Higher net property income and a one‐off tax benefit from the merger of the legal entities of The V and BlueRidge 2 also contributed to DPU growth.

As at March 31, a‐iTrust’s committed portfolio occupancy increased by 1% q‐o‐q to 99% due to higher committed occupancy at ITPB, The V and BlueRidge 2. a‐iTrust’s gearing ratio was 31%. Based on its current gearing limit of 45%, the REIT has total debt headroom of $593 million.

a‐iTrust has received building plan approval to redevelop The V in Hyderabad. The complete rejuvenation of The V will happen in phases over the next seven to 10 years and will increase net leasable area by 3.5 million sf.

Phase One of redevelopment at The V has started with the construction of a new 1.4 million sf building to replace the previous Auriga building and auditorium, which is expected to complete by the second half of 2021.

In Bangalore, we have obtained the Occupancy Certificate for MTB 4, a new 0.5 million sf building with tenant handover expected by the first half of 2019.

Construction on a second building, MTB 5, with total floor area of 0.7 million sf has commenced and is expected to complete by the second half of 2020. Both buildings have been 100% pre‐leased to a leading IT Services company.

As at Apr 25, units in a‐iTrust closed 2 cents higher at $1.23.