Ascendas India Trust reports 15% (YoY) growth in DPU for 2Q FY2019
Singapore, 24 October 2019 – Ascendas Property Fund Trustee Pte. Ltd., the Trustee-Manager of Ascendas India Trust (“a-iTrust” or the “Trust”), has reported the results of a-iTrust for the quarter ended 30th September 2019 (“2Q FY2019”).
Mr Sanjeev Dasgupta, Chief Executive Officer said, “We are pleased to report a 15% year-on-year growth in the Trust’s second quarter DPU in Singapore Dollars terms. 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. Our overall committed occupancy remained robust at 99% as of 30th September 2019. We continue to focus on expanding our portfolio across IT Park and Logistics sectors and have recently entered intoforward purchase agreements for Blueridge 3 in Pune and a 7th warehouse in Panvel, Navi Mumbai.”
Financial performance (2Q FY2019 vs 2Q FY18/19)
In Indian Rupee terms, second quarter revenue grew by 10% to ₹2.6 billion due to income from Anchor building (completed in May 2019), higher occupancy in aVance, Pune and positive rental reversions from existing properties. Total property expenses decreased by 12% to ₹545 million largely due to certain one-off expense provisions that had increased the cost base in 2Q FY18/19. These factors have led to an 18% increase in 2Q FY2019’s net property income (excluding this one-off item, net property income would have increased by 14%).
In Singapore Dollar terms, 2Q FY2019 DPU increased by 15% year-on-year to 2.28 S₵, on account of increased net property income and the reduction in MAT rate.
Portfolio performance & capital management
a-iTrust’s overall committed portfolio occupancy remained robust at 99% as at 30th September 2019.
a-iTrust’s gearing ratio was 33% as at 30th September 2019. Based on its current gearing limit of 45%, the Trust has total debt headroom of S$514 million. Out of the Trust’s total borrowings, 82% were effectively on a fixed-interest rate basis and 65% were hedged into Indian Rupees.