Ascendas India Trust net property income climbs 8% in H1

Its net property income stood at $103.3m.

Ascendas India Trust reported its net property income grew by 8% year-on-year and 6% half-on-half to $103.3m in the first half of the year. 

Over the same period, the distribution per unit (DPU) rose by 2%YoY and 19%HoH to 4.28 Singapore cents.

According to Ascendas India, portfolio occupancy increased to 90%, backed by significant leases signed in ITPC and ITPB. The ITPC recovered to 83% in June 2022 from 65% in December 2021; whilst in ITPB, occupancy increased to 95% from 91%.

“As India resumes normalcy, we are witnessing an increase in physical park population across our parks with 36% of the park population back to office as at end June,” Sanjeev Dasgupta, Chief Executive Officer, said.

“Leasing and renewal volumes for our portfolio in 1H 2022 stood at approximately 1.3 million square feet, buoyed by strong year-on-year office leasing growth of 157% across India. We are encouraged by the ongoing leasing interest and expect leasing momentum to further improve in the second half of 2022.”

Read more: Ascendas India Trust to acquire Phase 2 warehouse in India

The Trust’s assets stood at $2.5b, as of 30 June, 2022; whilst its total debt headroom of$964m, and cash and undrawn committed facilities of $320m.