SINGAPORE - A boost from its latest building and new leases signed at higher rental rates at one of its business parks drove first quarter property income growth at Ascendas India Trust (a-iTrust).
a-iTrust's first quarter net property income rose 10 per cent year on year to 899 million rupees ($18.5 million).
Income to be distributed grew 8 per cent year on year to 505 million rupees.
Distribution per unit (DPU) growth in Singapore dollars was dampened however by unfavourable currency movements, with the Singapore dollar appreciating against the Indian rupee by 7 per cent year on year.
As a result, DPU for the first quarter was 1.15 Singapore cents, a 1 per cent growth year on year.
As at June 30, a-iTrust has a portfolio of five informatoin technology (IT) business parks, with 352 office and retail tenants.
It said its committed occupancy remained healthy at 97 per cent for the quarter, with 0.7 million sq ft of leases concluded during the period.
Mr Sanjeev Dasgupta, chief executive officer of the trustee-manager, noted that Aviator, its newest IT building in International Tech Park Bangalore (ITPB), was instrumental in driving topline growth for the period.
"We expect Aviator's income contributions to increase in the coming quarters as we progressively hand over the remaining floors to our tenants," he said of the building which started operating in January.
He added it has started planing for a new multi-tenanted building in the same business park.
"Our vacant land plots within ITPB can yield close to 3 million sq ft of additional floor area over time."