Capitaland India Trust · SGX:CY6U
Capitaland India Trust — H2 2023 Earnings Presentation
57 slides from Capitaland India Trust's earnings presentation, Jan 29, 2024
Slide 1: 2H FY 2023 Financial Results Presentation
CapitaLand India Trust 2H FY 2023 Financial Results Presentation 29 January 2023
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. 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 inc
Slide 3: 2023 Year In Review
2023 Year In Review International Tech Park Bangalore
Slide 4: Key Highlights
Key Highlights AUM1 FY 2023 NPI Gearing Ratio2 FY 2023 DPU3 S$3.0 billion S$179.6 million 35.8% 6.45 Singapore cents 20% YoY 8% YoY down from 36.7% 21% YoY COMMITTED PROACTIVE GREEN CERTIFIED SUSTAINABILITY- OCCUPANCY LEASING/RENEWALS PORTFOLIO4 LINKED FINANCING 93% 3.9 million sq ft 99% S$810 milli
Slide 5: Overcoming Macroeconomic Challenges
Overcoming Macroeconomic Challenges Impact on CLINT 2020 to 2022 2023 2024 (COVID-19) (post COVID-19) COVID-19 pandemic High Low Low Slowdown of leasing activities High Low Low Remote work trend High Medium Low High/ Elevated interest rate Low High Medium Strengthening of SGD against INR Medium High
Slide 6: Key Income Growth Drivers for FY 2024
Key Income Growth Drivers for FY 2024 NPI Growth Acquisition and Weighted Average Drivers Development Pipeline Cost of Debt • ITPH Block A, ITPP-H, as well as 1. Assets to be acquired: • In the latest Federal Reserve Industrial Facility 2 and 3 started • BlueRidge 3, Pune conference held in November
Slide 7: Development Update on Data Centres
Development Update on Data Centres CapitaLand DC Navi Mumbai 1 All critical development permissions secured Power sanctions received Gas insulated substation & cabling CapitaLand DC ITPH contracts awarded Superstructure works in progress Active ongoing leasing discussions Ca p i t a L a n d I n d i
Slide 8: New Initiatives
New Initiatives Captive Solar Power Plant Commissioned Flexible Workspaces Launched • 21 MW (Phase 1) of 29 MW captive solar power plant in • CLINT has launched premium coworking offices at ITPH and Tamil Nadu was commissioned in January 2024. ITPC in 4Q 2023, improving our product offering for diff
Slide 9: Financial Review
Financial Review Artist’s impression of Ebisu, Bangalore
Slide 10: 2H FY 2023 Results
2H FY 2023 Results 2H FY 2023 2H FY 2022 Variance SGD/INR FX rate1 61.3 57.3 7.0% • Income contributions from new acquisition - ₹7,582 million ₹6,148 million 23% Arshiya Warehouse 7, Industrial Facility 1 in Total property income S$123.6 million S$107.3 million 15% Mahindra World City, ITPH Block A
Slide 11: FY 2023 Results
FY 2023 Results FY 2023 FY 2022 Variance SGD/INR FX rate1 61.4 56.5 8.7% • Income contributions from new acquisition - ₹14,377 million ₹11,906 million 21% Arshiya Warehouse 7, Industrial Facility 1 in Total property income S$234.1 million S$210.6 million 11% Mahindra World City, ITPH Block A and ITP
Slide 12: Portfolio Valuation
Portfolio Valuation 31 December 20231 31 December 20221 Properties Valuation Cap Rate Valuation Cap Rate Variance (INR million) (%) (INR million) (%) Office: 8.25 Office: 8.25 International Tech Park Bangalore 50,581 45,412 11.4% Retail: 9.00 Retail: 9.00 International Tech Park Chennai 22,385 8.50
Slide 13: Portfolio Diversification
2H FY 2023 Financial Results Portfolio Diversification Presentation By Valuation By Floor Area Data Centres Data Centres 6% Industrial/Logistics 5% Industrial/Logistics Facilities Facilities 8% 10% 17 5 Diversified Top Tier Word Class Cities Across Assets India IT Parks IT Parks 86% 85% All informat
Slide 14: Distribution Details
Distribution Details Distributions to Unitholders are made on a semi-annual basis for the six-month period ending 30 June and 31 December of each year. Distribution Period 1 July 2023 to 31 December 2023 Distribution Per Unit 3.09 Singapore cents Ex-distribution Date 2H FY 2023 Results 19 February 2
Slide 15: Half-yearly DPU since Listing
Half-yearly DPU since Listing 130 INR/S$ DPU1 (S cents) exchange rate2 (indexed) 12.00 120 Change since listing 10.00 INR depreciation against S$: -58% 110 S$ DPU3: +6% 50% use of Core CL Blue 100 8.00 90 6.00 80 70 4.00 60 2.00 50 0.00 40 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY20
Slide 16: Capital Management
Capital Management Arshiya Warehouses, Navi Mumbai
Slide 17: Capital Management
Capital Management Currency hedging strategy Funding strategy Balance sheet • The Trustee-Manager’s approach to equity raising is 50% use of Core CL Blue predicated on maintaining a strong balance sheet by • Trustee-Manager does not hedge equity. keeping the Trust’s gearing ratio at an appropriate l
Slide 18: Debt Maturity Profile & Capital Structure
Debt Maturity Profile & Capital Structure Gearing Ratio Net Gearing Ratio Cost of Debt 35.8%1 32.6%2 6.3%3 Effective borrowings S$1,336 million % of fixed rate debt 74.9% S$ million INR: 60.0% 32.8 Hedging ratio S$: 40.0% 121.2 Available debt headroom S$1,058 million (gearing limit of 50%) 44.0 Inte
Slide 19: Market Overview
Market Overview aVance Pune, India
Slide 20: India's GDP drivers support CLINT's growth prospects
India's GDP drivers support CLINT's growth prospects Economic Growth Infrastructure Growth GDP Forecast (% YoY) ❑ India’s infrastructure sector is set to become the biggest India will remain driver for the country’s economic growth. the fastest- growing major ❑ Investments in the sector are projecte
Slide 21: Office Markets Update
Office Markets Update Bangalore (Whitefield) Hyderabad (IT Corridor I includes HITEC City and Madhapur) 6.0 25.0%4.0 20.0% 15.9% 18.3% 19.6% 12.3% 20.0%3.0 15.0% 4.5 15.4% 14.4% 15.0% 9.4% 3.0 9.9% 2.0 5.4% 10.0% 10.0% 2.9% 1.5 1.0 5.0% 5.0% 0.0 0.0% 0.0 0.0% 2019 2020 2021 2022 2023 2019 2020 2021
Slide 22: Operational Review
Operational Review Block A, International Tech Park Hyderabad
Slide 23: Diversified Portfolio
Diversified Portfolio Portfolio breakdown by base rental Customer Base Mumbai 9% Total number of tenants 299 Average space per tenant ~60,000 sq ft Hyderabad Pune 28% 17% Largest tenant accounts for 12% of the portfolio base rent Chennai 19% Bangalore 27% All information as at 31 December 2023 Ca p
Slide 24: Portfolio Occupancy
Portfolio Occupancy Committed occupancy: 93% Bangalore Chennai Hyderabad Mumbai Pune 100% 97% 100% 97% 100% 96% 95% 95% 93% 87% 88% 88% 88% 80% 75% 71% 71% 71% 62% 55% 1,2 3 1 ITPB ITPC CyberVale IFs, MWC ITPH aVance CyberPearl Building Q1 Arshiya Panvel aVance ITPP-H Hyderabad Pune 4 Committed occu
Slide 25: Spread-out Lease Expiry Profile
Spread-out Lease Expiry Profile Weighted average lease term Weighted average lease expiry 6.5 years 3.4 years Monthly base rent expiring (INR mil) 500 >50% of leases expiring in 2024 are either renewed or 40% 400 highly likely to be renewed 300 19% 18% 200 15% 100 8% - FY2024 FY2025 FY2026 FY2027 FY
Slide 26: Rental Revenue Growth
Rental Revenue Growth1 Bangalore Chennai Hyderabad Mumbai Pune 25% 22% 20% 15% 14% 10% 5% 5% 5% 5% 4% 2% 1% 0% ITPB ITPC CyberVale ITPH aVance CyberPearl Building Q1 aVance Hyderabad Pune All information as at 31 December 2023 1. Rental revenue growth is the percentage difference of average headline
Slide 27: Rental Reversion
Rental Reversion1 Bangalore Chennai Hyderabad Mumbai Pune 19% 20% 15% 12% 12% 11% 10% 5% 5% 0% 0% 0% -5% -3% -10% -6% ITPB ITPC CyberVale ITPH aVance CyberPearl Building Q1 aVance Pune ITPP-H Hyderabad All information as at 31 December 2023 Negative rental reversions in Chennai are mostly due to the
Slide 28: Quality Tenants
Quality Tenants % of base % of base Top 10 tenants of IT Parks Logistics and Industrial Assets rents rents 1 Tata Consultancy Services 12% 1 Arshiya 2 Infosys 6% Sub-tenants include DHL Logistics, 7% 3 Amazon 4% Sawariya Futureworks, UPL Limited Borochemie (India) and Infinity 4 Bank of America 3% 2
Slide 29: Diversified Tenant Base
Diversified Tenant Base Tenant core business & country of origin by base rental Argentina Others 6% Others Singapore 1% 12% 1% Switzerland Retail and F&B 1% 2% France Design, Gaming & 6% Media 4% Banking & USA Financial 44% Services 7% Tenant Core Country of Business Origin Logistics 7% Electronics,
Slide 30: Growth Strategy
Growth Strategy CapitaLand Data Centre Navi Mumbai 1
Slide 31: Good Growth Track Record
Good Growth Track Record Total developments Total acquisitions 11% 7.0 million sq ft 9.4 million sq ft CAGR Floor area (million sq ft) 19.6 2.6 15.52 1.4 15.0 0.8 13.8 1.3 13.1 12.6 1 0.7 11.9 0.5 0.8 1.9 9.7 0.4 8.8 0.3 0.6 7.5 1.3 6.9 6.9 15.5 6.5 0.6 14.8 6.0 0.4 13.8 0.5 12.6 13.1 11.9 4.7 4.8 4
Slide 32: Long-term Growth Strategy
Long-term Growth Strategy Development Pipeline 3rd Party Acquisitions Non-IT Park Asset Class Sponsor Assets • 3.1 million sq ft • 1.1 million sq ft • 0.2 million sq ft • Ascendas India Growth in Bangalore1 aVance Hyderabad Arshiya Khurja Warehouses, Programme • 2.0 million sq ft • 1.4 million sq ft
Slide 33: Outlook
Outlook Gardencity, Bangalore
Slide 34: Growth based on Committed Pipeline
Growth based on Committed Pipeline Floor area (million sqft) 35.0 30.1 30.0 1.6 54% Non-IT Park Asset Class1 25.0 7.9 3rd Party Acquistions 19.6 Under Development Development (MTB Pipeline 6 and (MTB FTWZ) 6 + FTWZ) 20.0 1.0 Portfolio 15.0 10.0 19.6 19.6 5.0 0.0 December Dec 232023 Growth pipeline 1
Slide 35: Growth Pipeline
Growth Pipeline aVance aVance Business Aurum Q Arshiya BlueRidge 3 Gardencity Ebisu Hyderabad Hub 2 Parc Khurja Total aVance 5 aVance A1 aVance A25 Building Q2 Phase 1 Phase 2 Project I Project II 1 warehouse Building 1 Floor area 1.16 0.83 0.55 0.85 1.35 0.56 1.26 0.39 0.19 1.00 8.14 (million sq ft
Slide 36: Thank you
Thank you For enquiries: Cheah Ying Soon Chief Financial Officer CapitaLand India Trust Management Pte. Ltd. (Trustee-Manager of CLINT) Office: +65 6713 2888 Email: cheah.yingsoon@clint.com.sg Website: www.clint.com.sg
Slide 37: Appendix: Glossary
Appendix Glossary CY : Calendar year. Derivative financial : Includes cross currency swaps (entered to hedge SGD borrowings into INR), interest rate swaps, options and forward foreign instruments exchange contracts. DPU : Distribution per unit. EBITDA : Earnings before interest expense, tax, depreci
Slide 38: Balance Sheet
Balance Sheet As at 31 December 2023 INR SGD Total assets ₹229.7 billion S$3,730 million Total borrowings ₹85.1 billion S$1,383 million Deferred consideration1 ₹2.1 billion S$34 million Derivative financial instruments (₹5.0 billion) (S$81 million) Effective borrowings2 ₹82.2 billion S$1,336 million
Slide 39: Development: CapitaLand Data Centres
Growth Strategy Development: CapitaLand Data Centres Artist’s impression Name CapitaLand DC Navi Mumbai 1 CapitaLand DC ITPH CapitaLand DC Chennai CapitaLand DC ITPB Location Airoli, Navi Mumbai International Tech Park Hyderabad Ambattur, Chennai International Tech Park Bangalore Capacity1 – Phase 1
Slide 40: Sponsor: Assets in India
Growth Strategy Sponsor: Assets in India Private funds managed by sponsor • Ascendas India Growth Programme Sponsor presence1 • Ascendas India Logistics Programme Gurgaon Pune Chennai 1. Excludes CLINT properties. Ca p i t a L a n d I n d i a Tr u s t 2H FY 2023 Financial Results Presentation 40
Slide 41: Development: ITPB pipeline
Growth Strategy Development: ITPB pipeline ITPL Metro Station (Newly operational since mid-2023) Future Development Potential • Remaining development potential of 3.4 million sq ft1. • Site has been identified for development of a data centre. MTB 6 (Under • ITPB’s existing 40 MVA2 air insulated sub
Slide 42: Development: MTB 6, Bangalore
Growth Strategy Development: MTB 6, Bangalore Artist’s impression Name Multi tenanted building – MTB 6 Location ITPB, Bangalore Floor area 0.80 million sq ft Development Superstructure work in progress. status Building completion expected by 2H 2024. Ca p i t a L a n d I n d i a Tr u s t 2H FY 2023
Slide 43: Development: ITPH redevelopment
Growth Strategy Development: ITPH redevelopment Original Master Plan (1.3 million sq ft) Proposed Master Plan (4.9 million sq ft) MLCP Capella Vega Atria Phase I completed Phase I Orion Auditorium Auriga Mariner Data Centre under construction Data Centre under construction Redevelopment to increase
Slide 44: Development: FTWZ, Chennai
Growth Strategy Development: FTWZ, Chennai Artist’s impression Name Free Trade Warehousing Zone Location CyberVale, Chennai Floor area 0.21 million sq ft Construction works have commenced. Development status Building completion expected by 2H 2024. Ca p i t a L a n d I n d i a Tr u s t 2H FY 2023 Fi
Slide 45: IT Park: aVance Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Hyderabad (3) (6) (8) (4) (7) (2) (5) (1) (9) (10) aVance 5 Site area 25.7 acres / 10.4 ha CLINT assets – marked in blue; Vendor assets – marked in black; Landowner assets – marked in white; Asset ownership CLINT has ROFR to (7), (8), (9)
Slide 46: IT Park: aVance Business Hub 2, Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Business Hub 2, Hyderabad Artist’s impression Indicative revised plan Artist’s impression Park Statistics Proposed acquisition of Site area: 14.4 acres / 5.8 ha 4.75 million sq ft (A1) to (A5)1: Façade and MEP installation in Vendor assets
Slide 47: IT Park: BlueRidge 3, Pune
Growth Strategy (3rd Party Forward Purchase) IT Park: BlueRidge 3, Pune Location Hinjawadi Phase 1, Pune Floor area Phase 1: 1.40 million sq. ft; Phase 2: On hold Expected completion Phase 1: OC received; Phase 2: On hold Leasing Status Phase 1 is ~60%1 committed. Construction status Occupancy certi
Slide 48: IT Park: Aurum Q Parc, Navi Mumbai
Growth Strategy (3rd Party Forward Purchase) IT Park: Aurum Q Parc, Navi Mumbai Q3 Q2 Q1 Completed Building Q2 Artist’s impression Building Q2 Lobby Location Ghansoli, Navi Mumbai Floor area Building Q1 (CLINT owned): 0.62 million sq ft; Building Q2: 0.85 million sq ft Expected completion Building Q
Slide 49: IT Park: Gardencity, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Gardencity, Bangalore Artist’s impression Location Hebbal, Bangalore Floor area Project I: 1.3 million sq ft; Project II: 0.4 million sq ft Expected completion Project I & II: 2H 2024 Construction status Construction works in progress. Ca p i t a
Slide 50: Logistics: Arshiya Khurja Warehouses, NCR
Growth Strategy (3rd Party Forward Purchase) Logistics: Arshiya Khurja Warehouses, NCR Location Khurja, NCR Site area 4.5 acres / 1.8 ha Floor area 0.19 million sq ft1 Right to acquire 3.85 million sq ft 1. Acquisition of the warehouse subject to completion of certain Conditions Precedent as specifi
Slide 51: IT Park: Ebisu, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Ebisu, Bangalore Building 1 Artist’s impression Location Outer Ring Road, Bangalore Floor area Building 1: 1.0 million sq ft Expected completion 2H 2025 Construction status Excavation in progress. Ca p i t a L a n d I n d i a Tr u s t 2H FY 2023
Slide 52: World-class Assets
World-class Assets City Bangalore Chennai Hyderabad Pune Mumbai • International Tech • International Tech • International Tech • aVance Pune • Arshiya Panvel Park Bangalore Park Chennai Park Hyderabad • International Tech Warehouses Property • CyberVale • CyberPearl Park Pune, Hinjawadi • Building Q
Slide 53: Lease Expiry Profile by Base Rental
Lease Expiry Profile by Base Rental 2028 City 2024 2025 2026 2027 Total & beyond Bangalore 4.7% 1.8% 9.2% 3.8% 7.8% 27.3% Hyderabad 2.3% 2.7% 2.2% 5.5% 14.7% 27.4% Chennai 2.4% 1.6% 2.6% 6.3% 5.6% 18.5% Pune 0.3% 1.0% 5.0% 1.7% 9.3% 17.3% Mumbai 5.7% 0.4% 0.0% 1.0% 2.3% 9.4% Total 15.4% 7.6% 19.0% 1
Slide 54: Lease Expiry Profile by Area
Lease Expiry Profile by Area 2028 City 2024 2025 2026 2027 Total & beyond Bangalore 4.6% 1.7% 9.2% 4.0% 8.1% 27.6% Hyderabad 2.2% 2.3% 2.0% 4.6% 13.1% 24.2% Chennai 2.1% 1.2% 2.8% 5.5% 6.6% 18.2% Pune 0.4% 1.3% 6.0% 1.9% 11.7% 21.3% Mumbai 4.7% 0.4% 0.0% 1.1% 2.5% 8.7% Total 14.0% 7.0% 20.0% 17.1% 4
Slide 55: Total Property Income
Total Property Income INR million Total Property Income (INR) 10% Total Property Income (S$) 7% S$ million CAGR CAGR 14,377 234.1 210.6 192.7 11,906 197.6 191.7 10,613 183.0 184.0 10,188 10,250 9,336 148.4 141.1 8,626 127.3 7,220 119.8 6,579 6,124 5,584 Ca p i t a L a n d I n d i a Tr u s t 2H FY 20
Slide 56: Net Property Income
Net Property Income INR million Net Property Income (INR) 13% Net Property Income (S$) 10% CAGR S$ million CAGR 11,033 179.6 155.7 166.8 9,429 148.6 147.9 8,576 7,910 133.8 7,668 123.6 6,791 5,827 98.4 91.1 4,790 75.9 4,249 69.8 3,654 3,260 Ca p i t a L a n d I n d i a Tr u s t 2H FY 2023 Financial
Slide 57: CLINT Unit Price versus Major Indices
CLINT Unit Price versus Major Indices (Indexed) Indicator 175 CLINT Trading yield 5.7%1 (as at 31 December 2023) TSE STI Index 150 Average daily trading TSE ST EIT Index 2,438,300 units volume (YTD FY 2023) Bombay SE ealty Index 125 IN S D rate CLINT 100 FTSE STI Index FTSE ST REIT Index 75 Bombay S
CapitaLand India Trust — H2 2023 Earnings Presentation on 6ix