Ascendas India Trust has reported a net property income of $39.9 million for its 3QFY2021 ended Sept 30, up 8% y-o-y, thanks to higher property income. Various operating and maintenance costs dropped as well.
a-iTrust’s total property income, for the same quarter, was up 4% y-o-y to $48.9 million, thanks to higher rental collection but offset by lower utilities and carpark revenue because of the pandemic.
During the quarter, the REIT completed the $23.8 million acquisition of land for development of its first data centre campus in Navi Mumbai.
The site is to be developed in phases into fully-fitted data centre campus comprising two buildings with total sanctioned load of 90MW.
It believes that this project will reinforce its proactive diversification strategy of entering new economy asset classes.
The REIT has a committed portfolio occupancy rate of 89%.
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The REIT manager says leasing discussions have re-started after the second wave.
"As the COVID-19 situation improves, we expect leasing activity to pick up further in the early part of 2022," the REIT manager adds.
a-iTrust last traded at $1.40, up 1.45% year to date.
Photo: Ascendas India Trust