CapitaLand India Trust net property income up 5% YoY in Q1

Its total property income rose 8% due to higher occupancy, amongst others.

CapitaLand India Trust (CLINT) reported a 5% year-on-year (YoY) growth in net property income to reach $42m in the first quarter of 2023.

In a bourse filing, CLINT said the rise in net property income was boosted by the 8% YoY increase in the total property income but was partially offset by the rise in total property expenses.

Its total property income rose to $53.6m on the back of higher occupancy and additional contributions from the Arshiya Warehouse 7, Industrial Facility at MWC and Block A, and other income.

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The company has a total floor area of 16.9 million square feet (sq ft) and a committed portfolio occupancy of 92%.

The development in its portfolio included the completion of the construction of the first phase of redevelopment at the International Tech Park Hyderabad in January 2023. The Grade A IT Building spans 1.38 million sq ft.

CLINT added that the acquisition of the 2.3 million sq ft Internationa Tech Park Pune-Hinjawadi was also approved by the unitholders on 17 April 2023. The transaction is expected to be completed within the first half of 2023.