CapitaLand India Trust's 1H FY25 Result Review

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

Despite a weaker INR against SGD, total property income, NPI, income available for distribution, and DPU all improved YoY. This was mainly driven by:

• Higher rentals from existing properties
• Contributions from newly completed developments (MTB 6, CyberVale FTWZ)
• Contributions from 2024 acquisitions (aVance II, Building Q2)

Rental Reversion

CLINT achieved a healthy +9% portfolio rental reversion in 1H FY25, with positive reversions across Bangalore, Chennai and Hyderabad.

Pipeline (3rd Party Forward Purchase)

Construction is underway for several projects:

• Expected 2H 2025 completions:
• Gardencity Project I
• Casa Grande - OpenHub Chennai Phase 1
• Expected 2H 2026 completions:
• aVance A1
• Ebisu Building 1
• Expected 2H 2027 completions:
• Gardencity Project II
• Expected 2028 completions :
• Maia
• Nagawara IT Park

Development

Four data centre projects are in various stages of development. Notably, MTB 6 has completed construction in April 2025.

Related Parties Shareholding

• REIT Sponsor's Shareholding: Moderate
• REIT Manager's Shareholding: Favorable
• Directors of REIT Manager's Shareholding: Favorable

Lease Profile

• Committed Occupancy: Moderate
• Income Received in SGD/Major Currencies: Less Favorable
• Highest Annual Lease Expiry in 4 Years: Moderate
• WALE: Less Favorable
• Weighted Average Land Lease Expiry: Favorable

Debt Profile

• Adjusted Interest Coverage Ratio: Moderate
• Cost of Debt: Less Favorable
• Gearing Ratio: Moderate
• Fixed Rate Debt Proportion: Moderate
• Unsecured Debt Proportion: Moderate
• Highest Annual Debt Maturity in 4 Years: Favorable
• WADM: Less Favorable

Diversification Profile

• Top Geographical Weightage: Favorable
• Top Property Weightage: Moderate
• Top 5 Properties' Weightage: Less Favorable
• Top Tenant Weightage: Moderate
• Top 10 Tenants' Weightage: Moderate

Key Financial Metrics

• Property Yield: Favorable
• Manager's Fees over Operating Distributable Income: Less Favorable
• Operating Distributable Income on Capital: Moderate
• Operating Distributable Income Margin: Moderate
• Operating Distribution Proportion: Moderate

DPU Breakdown

• TTM Distribution Breakdown:
• 78.8% from Operation
• 11.7% from Management Fees Paid in Units
• 9.5% being Retained

Trends (Up to 10 Years)

• Uptrend: DPU from Operations, NAV per Unit, Top 10 Tenants' Weightage
• Slight Uptrend: Operating Distributable Income Margin
• Flat: Operating Distribution Proportion
• Slight Downtrend: None
• Downtrend: Committed Occupancy, Adjusted Interest Coverage Ratio, Top 5 Properties' Weightage, Property Yield, Operating Distributable Income over Manager's Fees, Operating Distributable Income on Capital

Price Range & Relative Valuation Metrics

• Dividend Yield: Average for 1y, 3y, 5y & 10y
• P/NAV: Average for 1y, 3y, 5y; Below -1SD for 10y

Author's Opinion

Compared to the previous half-year, CLINT delivered improved results supported by higher gross revenue, lower property expenses, and contributions from new assets. Distributable income and DPU also saw strong gains. On the debt front, approximately 12% of borrowings are due for refinancing in the second half of 2025.

For more information, check out:

S-REITs Dashboard - Detailed information on individual Singapore REIT

S-REITs Data - Overview and detail of Singapore REITs

S-REIT Comparison - Comparison among Singapore REITs

REIT Review - List of previous REIT review posts

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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.