Ascendas India Trust reports fiscal 2Q net property income rose 18 percent in SGD terms

The aVance, Pune property at a 1.5 million square foot IT/ITES Special Economic Zone (SEZ) within the first phase of the Rajiv Gandhi Infotech Park, Hinjawadi. Credit: CapitaLandThe aVance, Pune property at a 1.5 million square foot IT/ITES Special Economic Zone (SEZ) within the first phase of the Rajiv Gandhi Infotech Park, Hinjawadi. Credit: CapitaLand

Ascendas India Trust reported Thursday its fiscal second quarter net property income rose 18 percent on-year to S$39 million, partly due to income from the Anchor Building at ITPB, which was completed in May.

Total property income for the quarter ended 30 September increased 11 percent on-year to S$49.6 million, the REIT said in a filing to SGX.

The distribution per unit (DPU) for the quarter was 2.28 Singapore cents, up 15 percent on-year, Ascendas India Trust said.

“Incremental rental income from Anchor building and aVance, Pune, positive rental reversions and the reduction in Minimum Alternative Tax (MAT) rate supported this healthy performance,” Sanjeev Dasgupta, CEO of the REIT’s manager, said in the statement.

The aVance Pune property was leased out in phases after being acquired in 2017, the filing said.

“Our overall committed occupancy remained robust at 99 percent as of 30th September 2019. We continue to focus on expanding our portfolio across IT Park and Logistics sectors and have recently entered into forward purchase agreements for Blueridge 3 in Pune and a seventh warehouse in Panvel, Navi Mumbai,” Dasgupta added.

In rupee terms, net property income rose 18 percent on-year to 2.01 billion rupees on total property income of 2.55 billion rupees, up 10 percent on-year, the filing said.

Total property expenses fell 12 percent on-year to 545 million rupees, largely on year-earlier one-off expense provisions for water supply and sanitary connection charges, the REIT said, adding that excluding this item, net property income would have risen 14 percent.

Ascendas India Trust’s portfolio has seven IT parks and one logistics park.

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