Ascendas India Trust today says it achieved a distributable income of $15.7 million for the first quarter ended 30 June 2009, this is a growth of 26% over the same period last year. DPU for the quarter was 2.06 cents, up 25% over 1Q08.
Total property income for the quarter was $29.7 million, an increase of 4% from the corresponding quarter last year. Net property income was $18.3 million or 15% higher.
Ascendas India Trust says gearing remained low at 9% as at June 30.
Net asset value attributable to unitholders was 86 cents per unit.
Ascendas India Trust’s portfolio of 4.8 m sq ft of completed space is fairly evenly distributed among Bangalore, Chennai and Hyderabad.
The properties house 246 tenants operating in IT sub-sectors such as software development, business process off-shoring, research and development, and data centres.
Occupancy rate for the portfolio was 97% as at 30 June 2009, exceeding market occupancy rates of 70% to 86% where they are located.
During the quarter, only about 2% of the portfolio’s leases expired, out of which half has been successfully renewed.
Looking forward, about 10% of space is due for renewal in the current financial year.
Ascendas India Trust says it aims to renew or replace expiring leases in advance by balancing maximising lease renewals and enhancing tenancy quality and diversification.
Source : The Edge – 30 Jul 2009