a-iTrust Announcement of Results for the Half Year Ended 30 June 2022
ASCENDAS INDIA TRUST
Corporate Profile
Ascendas India Trust ("a-iTrust" or the "Trust") is a Singapore-listed business trust established with the principal objective of owning income-producing real estate used primarily as business space in India. a-iTrust may also acquire, hold and develop land or uncompleted developments to be used for business space with the objective of holding the properties upon completion. Although a-iTrust is a business trust, it has voluntarily adopted certain regulations governing Real Estate Investment Trusts ("REITs") to enhance the stability of its distributions to unitholders.
As at 30 June 2022, a-iTrust has a diversified portfolio which includes eight IT parks, one logistics park, one industrial facility and one data centre development in India, spread across Bangalore, Chennai, Hyderabad, Pune and Mumbai. The properties are namely:
- International Tech Park Bangalore ("ITPB");
- International Tech Park Chennai ("ITPC");
- CyberVale, Chennai ("CyberVale");
- International Tech Park Hyderabad ("ITPH");
- CyberPearl, Hyderabad ("CyberPearl");
- aVance, HITEC City, Hyderabad ("aVance Hyderabad");
- aVance, Hinjawadi, Pune ("aVance Pune");
- Building Q1, Aurum Q Parc, Navi Mumbai ("Aurum Q1");
- Arshiya Free Trade Warehousing Zone, Panvel ("Arshiya Panvel");
- Industrial facility in Mahindra World City, Chennai; and
- 6.6-acreland in Airoli, Navi Mumbai for data centre development ("DC Development")
As at 30 June 2022, the portfolio comprises 15.5 million sq ft of completed properties. In addition, the Trust holds land with potential built-up area of 8.5 million sq ft.
Functional and Reporting Currency
a-iTrust's functional currency is the Indian Rupee, which is the currency that its earnings are denominated in. The reporting currency for the Trust is Singapore Dollar as distribution to unitholders is made in Singapore Dollar.
Income Available for Distribution
As a business trust, a-iTrust computes distribution to unitholders based on cash flow generated from operations, rather than accounting profit. To derive the income available for distribution, adjustments are made to ordinary profit before tax to remove primarily non-cash accounting entries.
Distribution Policy
a-iTrust's policy is to distribute at least 90% of its income available for distribution. a-iTrust retains 10% of its income available for distribution to provide greater flexibility in growing the Trust. a-iTrust makes distributions to unitholders on a half-yearly basis for every six-month period ending 30 June and 31 December.
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a-iTrust Announcement of Results for the Half Year Ended 30 June 2022
TABLE OF CONTENTS
Item No. | Description | Page |
Introduction | 1 | |
Executive Summary | 3 | |
1(a)(i) | Consolidated Income and Distribution Statement | 6 |
1(a)(ii) | Consolidated Statement of Comprehensive Income | 7 |
1(b)(i) | Balance Sheets | 8 |
1(c)(i) | Consolidated Statement of Changes in Unitholders' Funds (Group) | 9 |
1(c)(ii) | Statement of Changes in Unitholders' Fund (Trust) | 10 |
1(d) | Consolidated Statement of Cash Flows | 11 |
1(e) | Notes to the Condensed Interim Consolidated Financial Statements | 12 |
2 to 19 | Other Information required by Listing Rule Appendix 7.2 | 26 to 32 |
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a-iTrust Announcement of Results for the Half Year Ended 30 June 2022
Executive Summary
INR1 Results
Total property income Total property expenses Net property income
Income available for distribution Income to be distributed
Income to be distributed (DPU2) (INR)
SGD3 Results
Total property income Total property expenses Net property income
Income available for distribution Income to be distributed
Income to be distributed (DPU) (S₵4)
1H FY 2022 | 1H FY 2021 | Variance |
₹'000 | ₹'000 | % |
5,757,664 | 5,246,123 | 10 |
(1,109,601) | (995,409) | 11 |
4,648,063 | 4,250,714 | 9 |
3,073,463 | 2,957,009 | 4 |
2,766,117 | 2,661,308 | 4 |
2.39 | 2.31 | 4 |
1H FY 2022 | 1H FY 2021 | Variance |
S$'000 | S$'000 | % |
103,292 | 95,375 | 8 |
(19,906) | (18,097) | 10 |
83,386 | 77,278 | 8 |
55,140 | 53,758 | 3 |
49,626 | 48,382 | 3 |
4.28 | 4.20 | 2 |
Distribution details | |
Distribution period | 1 January 2022 to 30 June 2022 |
Distribution amount | 4.28 Singapore cents per unit |
Ex-distribution date | 9.00 am, 22 August 2022 |
Record date | 5.00 pm, 23 August 2022 |
Payment date | 30 August 2022 |
1H FY 2022 vs 1H FY 2021
Total property income increased by 10% to ₹5.8 billion mainly due to:
- income from aVance 6 at aVance Hyderabad, which was acquired in March 2021;
- income from Building Q1, which was acquired in November 2021;
- income from Arshiya Warehouse 7, which was acquired in March 2022;
- income from Industrial Facility in Mahindra World City, which was acquired in May 2022; and
- higher utilities and carpark income compared to the same period last year.
In SGD terms, total property income increased by 8% to S$103.3 million. The SGD appreciated by about 1% against the INR compared to same period last year.
Total property expenses increased by 11% to ₹1.1 billion (S$19.9 million) mainly due to (i) reversal of expected credit loss in 1H FY 2021, (ii) higher operational and maintenance expenses across the portfolio, and partially offset by lower utilities expenses in current period.
Net property income increased by 9% to ₹4.6 billion (S$83.4 million) due to the factors described above. Income available for distribution increased by 4% to ₹3.1 billion. In SGD terms, income available for distribution increased by 3% to S$55.1 million.
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2
3
4
Indian Rupee is defined herein as INR or ₹. Distribution per unit.
Singapore Dollar is defined herein as SGD or S$. Singapore Cent is defined herein as S₵.
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a-iTrust Announcement of Results for the Half Year Ended 30 June 2022
Income to be distributed (DPU) increased by 4% to ₹2.39. In SGD terms, DPU increased by 2% to 4.28
S₵.
Foreign Exchange Movement
The FX rate of ₹55.7:S$1 used in the Income Statement was the average of the month-end rates for 1H FY 2022. This represented a year-on-year appreciation of the SGD against INR of about 1%.
The closing FX rate used in the balance sheet, as at 30 June 2022, was ₹55.6:S$1.
SGD/INR YTD average rate for Income Statement | SGD/INR closing rate for Balance Sheet as at | |||||
1H FY 2022 | 1H FY 2021 | Change | 30-Jun-22 | 31-Dec-21 | Change | |
55.7 | 55.0 | 1.3% | 55.6 | 55.1 | 0.9% | |
1H FY 2022 | 2H FY 2021 | Change | ||||
55.7 | 55.1 | 1.1% | ||||
Operational and Financial Statistics
Committed portfolio occupancy was 90% as at 30 June 2022, an increase of 3% from 31 December 2021. The weighted average lease term and weighted average lease expiry stood at 6.6 years and 3.7 years respectively.
Gearing as at 30 June 2022 was 35% on a loan-to-value basis. Gearing is calculated by dividing effective borrowings5 by the value of Trust properties. At the revised regulatory gearing limit of 50%, the debt headroom was S$964 million.
Net Asset Value ("NAV") per unit as at 30 June 2022 increased by 2% to S$1.20 as compared to 31 December 2021. Excluding deferred tax liabilities arising from fair value adjustments on properties, the adjusted NAV per unit increased by 1% to S$1.52. In INR terms, both NAV and adjusted NAV per unit increased by 3% and 2% respectively to INR 66.7 and INR 84.3 as compared to 31 December 2021.
5 Calculated by adding/deducting derivative financial instruments liabilities/assets, entered to hedge SGD/JPY/HKD borrowings to INR, to/from gross borrowings, including deferred consideration.
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a-iTrust Announcement of Results for the Half Year Ended 30 June 2022
Geographical Diversification of | Tenant Sectors by Base Rent | ||||||
Operating Buildings by Base Rent | (as at 30 June 2022) | ||||||
(as at 30 June 2022) | ITES Retail & F&B | ||||||
R&D 3% | 2% | ||||||
Others 3% | |||||||
Mumbai | 4% | ||||||
12% | Logistics & | ||||||
Pune | Bangalore | warehousing | |||||
10% | 34% | 9% | |||||
IT | |||||||
45% | |||||||
Chennai | |||||||
18% | |||||||
IT/ITES | |||||||
Hyderabad | 34% | ||||||
26% | |||||||
IT - Information Technology | |||||||
ITES - IT Enabled Services | |||||||
F&B - Food and Beverage | |||||||
R&D - Research and Development | |||||||
Portfolio Committed Occupancy | |||||||
Bangalore | Chennai | Hyderabad | Mumbai | Pune | |||
91%95% | 100% | 92%94% | 94% | 100%100% | 99%99% | ||
90% | 89% | ||||||
83% | 84% | ||||||
78%78% |
65%
54%58%
N/A
ITPB | ITPC | CV | IF, | ITPH | aVance | CP | Building | Arshiya | aVance | |||
MWC | Hyderabad | Q1 | Panvel | Pune | ||||||||
Notes: | Dec-21 | Jun-22 | ||||||||||
- Arshiya Warehouse 7 was acquired in March 2022 | ||||||||||||
- Industrial Facility in Mahindra World City was acquired in May 2022 |
Portfolio Lease Expiry Profile | |
by Base Rent | |
(as at 30 June 2022) | 52% |
19% | ||||
12% | 9% | 8% | ||
2022 | 2023 | 2024 | 2025 | 2026 & beyond |
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Disclaimer
Ascendas India Trust published this content on 30 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 07:43:03 UTC.