Press Release - Ascendas India Trust

Press Release
a-iTrust’s second quarter DPU rose to 1.25 S¢
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Income from Aviator building and positive rental reversions in Chennai and Hyderabad
drive earnings growth.
a-iTrust announces project commencement of a new IT building in ITPB, Bangalore.
2Q FY14/15
YoY Change
Total Property Income (mil)
1,553
10%
Net Property Income (mil)
929
16%
Income available for distribution (mil)
626
15%
Income to be distributed (mil)
563
15%
0.62
16%
1.25
14%
Exchange rate movements
2Q FY14/15
YoY Change
Average INR/SGD exchange rate2
48.4
(1%)
Summary of a-iTrust Results
In Indian Rupee (“INR/₹”):
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DPU (income to be distributed)
In Singapore Dollar (“SGD/S$”):
DPU (income to be distributed) (SВў)
27 October 2014, Singapore – Ascendas Property Fund Trustee Pte Ltd, the Trustee-Manager of
Ascendas India Trust (“a-iTrust”), reported the results of a-iTrust today for the second quarter
ended 30 September 2014 (“2Q FY14/15”).
Financial performance (2Q FY14/15 vs 2Q FY13/14)
Chief Executive Officer of the Trustee-Manager, Mr Sanjeev Dasgupta said, “The growth in our
second quarter earnings was supported by contributions from Aviator, positive rental
reversions in International Tech Park Chennai, the V and aVance Business Hub, and higher
interest income. Our second quarter DPU is 1.25 cents, an increase of 14% vis-Г -vis the second
quarter of last year.”
1
2
Distribution per Unit.
Average exchange rates for the quarter used in the income statement.
1
In INR terms, 2Q FY14/15 revenue and net property income grew by 10% and 16% respectively
to в‚№1.6 billion and в‚№0.9 billion. At the DPU level, the 2Q FY14/15 DPU (income to be distributed)
increased by 16% to в‚№0.62.
A distribution of 2.40 Singapore cents will be paid on 10 December 2014. This distribution is for
the period from 1 April 2014 to 30 September 2014.
Portfolio performance & balance sheet
a-iTrust’s portfolio of IT Parks continues to attract leading multi-national companies investing or
expanding in India. The portfolio’s committed occupancy remained healthy at 97% with 1.2
million sq ft3 of leases concluded in the first half of FY14/15.
The Trust has a well-diversified portfolio with 345 office and retail tenants as at 30 September
2014. The top ten tenants contributed 37% of portfolio base rent, with the single largest tenant
accounting for 7% of the portfolio base rent.
a-iTrust continues to maintain a strong balance sheet. Its gearing of 22%, as at 30 September
2014, gives the Trust additional debt headroom of S$326 million before reaching its 40%
gearing limit. This provides a-iTrust with significant resources to fund its growth via new
borrowings.
Outlook
Mr Dasgupta added, “The income boost that Aviator building has provided this quarter is a
validation of using development as a key component of our strategy to increase unitholder
value. Now that Aviator has achieved income stability, we have commenced the construction of
a new IT building, named Victor, in International Tech Park Bangalore. With a total floor area of
620,000 sq ft, Victor will help us to meet demand from new and existing tenants. Victor, which
is located within the special economic zone, is expected to complete by the first half of 2016.
After building Victor, we will have balance vacant land plots that can yield 2.3 million sq ft of
additional office space in Bangalore. This will be developed in phases to meet future demand.”
A copy of the full results announcement is available at www.sgx.com and www.a-iTrust.com.
3
The figure includes leases committed in the 0.6 million sq ft Aviator building.
2
Media and investor queries:
James Goh, CFA
Head, Investor Relations
Ascendas India Trust
DID: (65) 6774 1033 I Email: james.goh@a-iTrust.com
Ascendas India Trust (www.a-iTrust.com)
Ascendas India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first Indian property
trust in Asia. Its principal objective is owning income-producing real estate used primarily as business
space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be
used as business space, with the objective of holding the properties upon completion. The portfolio
comprises five world-class IT business parks in India, namely the International Tech Park Bangalore,
International Tech Park Chennai, and CyberPearl, The V and aVance Business Hub in Hyderabad. a-iTrust
is structured as a business trust, offering stable income distributions akin to a Real Estate Investment
Trust. The Trust focuses on enhancing shareholder value by actively managing existing properties,
developing vacant land in its portfolio, and acquiring new properties. The acquisition strategy includes a
right of first refusal over substantially income-producing business space from Ascendas Land
International Pte Ltd and Ascendas India Development Trust, as well as the acquisition of third-party
properties across India. a-iTrust is managed by Ascendas Property Fund Trustee Pte Ltd, a subsidiary of
the Ascendas Group.
About the Ascendas Group (www.ascendas.com)
Ascendas is Asia’s leading provider of business space solutions with more than 30 years of experience.
Based in Singapore, Ascendas serves a global clientele of some 2,700 customers in 26 cities across 10
countries including Singapore, China, India, South Korea and Vietnam. Its flagship projects include the
Singapore Science Park and Changi City at Changi Business Park in Singapore, International Tech Park
Bangalore in India, and Ascendas-Xinsu in Suzhou Industrial Park, China. Ascendas provides end-to-end
real estate solutions, assisting companies across the entire real estate process. Beyond business space
solutions, Ascendas has deep capabilities in real estate fund management with three successfully listed
trusts, namely the Ascendas Real Estate Investment Trust (A-REIT), Ascendas India Trust (a-iTrust) and
Ascendas Hospitality Trust (A-HTRUST). It also manages a series of private funds with commercial and
industrial assets across Asia. In 2012, Ascendas set up the charitable giving arm, the Ascendas GIVES
Foundation, as part of its Corporate Social Responsibility efforts to support the communities in which
the Group operates. The Foundation advocates the spirit of caring and sharing within its communities
through programmes that support the Arts, Community and the Environment.
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Important Notice
The value of units and the income derived from them may fall as well as rise. Units are not obligations of,
deposits in, or guaranteed by, the Trustee-Manager or any of its affiliates. An investment in units is
subject to investment risks, including the possible loss of the principal amount invested. Investors have
no right to request the Trustee-Manager to redeem their units while the units are listed. It is intended
that unitholders of a-iTrust may only deal in their units through trading on the SGX-ST. Listing of the
units on the SGX-ST does not guarantee a liquid market for the units. The past performance of a-iTrust is
not necessarily indicative of the future performance of a-iTrust. This release may contain forwardlooking statements that involve risks and uncertainties. Actual future performance, outcomes and
results may differ materially from those expressed in forward-looking statements as a result of a
number of risks, uncertainties and assumptions. Representative examples of these factors include
(without limitation) general industry and economic conditions, interest rate trends, cost of capital and
capital availability, competition from other developments or companies, shifts in expected levels of
property rental income and occupancy rate, changes in operating expenses (including employee wages,
benefits and training costs), governmental and public policy changes and the continued availability of
financing in the amounts and the terms necessary to support future business. Investors are cautioned
not to place undue reliance on these forward-looking statements.
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