- CapitaLand India Trust’s 9M24 total property income and NPI rose by 19% and 18% y-o-y to S$204.9m and S$156.6m, respectively. Both total property income and NPI account for ~72% of our forecast.
3Q24 results rose on the back of acquisitions
- - Read this at SGinvestors.io -
- Portfolio occupancy dipped by 2 percentage points (ppt) to 94% when excluding newly acquired properties, due to some tenant non-renewals. Nonetheless, management remains confident in their ability to re-lease these spaces given the strong demand.
- - Read this at SGinvestors.io -
Strong leasing demand from the IT/ITES segment
- CapitaLand India Trust recorded positive reversions for ITPB (8%), ITPC (6%), Cybervale (8%), ITPH (4%), and CyberPearl (5%), while it reported negative reversions for aVance Hyderabad (-1%) and aVance I, Pune (-1%), primarily due to rent-free periods.
- We expect continued resilience and growth in India's office market due to several factors:
- the sustained rate easing cycle in the US driving capital deployment in India,
- the ongoing inflow of global capability centres (GCCs), and
- a robust domestic economy fuelling growth in domestic firms, leading to increased space take-up.
Termination of the master agreement for 7 warehouses
- Read more at SGinvestors.io.
