Basic Profile & Key Statistics
Ascendas India Trust (AIT) is not a REIT, it is listed as Business Trust which own majority properties in IT parks. AIT has been running similar to SREITs which distribute 90% of distributable income. Current market cap is S$ 1.47 billions which is around 15% higher than SREITs median. AIT has the same sponsor as Ascendas REIT, which is Capitaland.
Lease Profile
AIT occupancy is high at 99%. WALE is slightly shorter at 3.6 years. Do note that AIT only provide WALE weighted by NLA instead of GRI. Its income is received in Indian Rupee, thus posts forex risk. Currency hedging could not provide protection for long term currencies deprecation. All of its properties are freehold.
Debt Profile
Gearing is healthy at 28%, however, business trust has no restriction on gearing. Cost of debt is high at 5.9% which is normal in India. Fixed rate debt is high at 81%...