Complete Property Market Updates of Singapore

May 1, 2008

A-iTrust distributable hits $45.8m

Filed under: 1 — Propertymarketupdates @ 3:06 am

ASCENDAS India Trust (A-iTrust) yesterday reported net property income of $60.5 million for the 12 months ended March 31, 2008 – up 51 per cent from $40.2 million the year before.

The improvement was driven by a 50 per cent jump in property income to $102.7 million year on year.

Distributable income for FY2007-08 was $45.8 million. This translated to distributable income per unit (DPU) of 6.09 cents, or 9 per cent higher than the forecast of 5.6 cents.

Based on a closing price of $1.04 a unit on March 31, the annualised yield was 5.86 per cent.

For Q4, DPU was 1.64 cents. With Q3’s DPU of 1.5 cents, a total of 3.14 cents will be paid on May 28.

A-iTrust was the first Indian property trust listed on the Singapore Exchange – in August last year. Its portfolio comprised four Indian IT parks at end- March.

A-iTrust said its asset portfolio has grown and the performance of its properties has improved. The occupancy rate for the portfolio is 96 per cent, and the renewal rate of expired leases is 92 per cent.

The trust is maintaining a distribution forecast of 6.85 Singapore cents made for FY2008-09 in its listing prospectus.

Jonathan Yap, CEO of the trustee-manager, said: ‘We remain focused on actively managing the portfolio’s income stability and enhancing returns through organic growth.’

The trust will continue to develop the land it owns and acquire new assets in a yield-accretive manner, Mr Yap said. ‘We aim to do so through an optimised capital structure.’

Gearing for the trust was 4 per cent at the end of Q4, leaving it with about $300 million of borrowing capacity for developments or purchases before gearing reaches 35 per cent.

JPMorgan rated A-iTrust ‘overweight’ in early April, with a target price of $1.54. The trust’s units closed two cents lower at $1.18 yesterday.

Source : Business Times – 1 May 2008

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