Key Highlights and Price-Sensitive Developments

• Record Portfolio Expansion: CLINT’s portfolio floor area has grown over 5 times since IPO, reaching 21.7 million sq ft of completed assets and 4.6 million sq ft of development potential. The Trust has achieved a robust 11% CAGR in portfolio size, underlining its aggressive expansion strategy.
• Steady Distribution Growth: Distribution per Unit (DPU) has shown a 10-year CAGR of +6% in INR terms and +4% in SGD terms, reflecting solid, consistent returns for investors. The Trust maintains a dividend yield of 6.5% and delivered a total shareholder return of 21.6% for 2025.
• Strategic Divestments and Capital Recycling:
  • CLINT completed its maiden divestment of CyberPearl and CyberVale in September 2025, generating net proceeds of INR10.8 billion (S\$158.8 million). The sale achieved a 3% premium to valuation and improved balance sheet flexibility by reducing gearing from 42.3% to 40.9%. Returns included an IRR of 19.1% in INR and 13.9% in SGD, with a multiple on invested capital of 4.0x (INR) and 2.8x (SGD).
  • In a further step, CLINT announced the divestment of a 20.2% stake in three data centre developments to CapitaLand India Data Centre Fund, unlocking an estimated net gain of INR8,656 million (S\$123 million), at a 13.7% premium to independent valuation. This move enables capital recycling, enhances financial agility, and allows CLINT to remain invested in the fast-growing data centre sector.
• New Developments and Forward Purchases:
  • Major construction projects are underway, including Ebisu (Bangalore, 1.2 million sq ft, 100% pre-committed) and MTB 7 (ITPB Bangalore, 0.9 million sq ft). CLINT’s development pipeline stands at 4.6 million sq ft, with a forward purchase program adding another 7.3 million sq ft of committed assets.
  • Data Centre growth is a focus, with Tower 1 in Navi Mumbai becoming operational in 3Q 2025 and additional MW capacity in the pipeline.
• Financial Strength and Proactive Capital Management:
  • CLINT issued its first onshore bond (INR9.15 billion/S\$130 million, 7.25% coupon, AAA rated) in January 2026. This onshoring strategy is anticipated to deliver significant tax advantages by reducing withholding tax from 15% to 0% and improving interest deductibility. The Trust aims to increase onshore debt to 40-50% in 3-4 years for a stronger natural hedge against forex risk.
  • The Trust maintains a well-spread debt maturity profile, with S\$1,757 million in borrowings and an average term to maturity of 2.5 years. Gearing is held at a prudent ~41%, with available debt headroom of S\$780 million and 77% of borrowings on fixed rates.
• Operational Performance and Occupancy:
  • Portfolio occupancy stands at 91% as of October 2025, with strong committed occupancy across key assets. Rental reversion across the portfolio was a robust +15% over the last year, with certain cities like Hyderabad achieving +33%.
  • Tenant diversification remains strong, with 302 tenants across sectors like IT/ITES, electronics, healthcare, BFSI, and e-commerce. The largest tenant accounts for only 12% of base rent, mitigating concentration risk.
• ESG and Sustainability Leadership:
  • CLINT ranks 14th in the Singapore Governance & Transparency Index (2025) among REITs and business trusts, maintains an “A” rating from MSCI ESG, and has a 5-Star GRESB score with 92 points.
  • Carbon emission intensity has reduced by 65% (vs. 2019 baseline), and renewable energy consumption has reached 56%, including commissioning of its first captive solar plant in Tamil Nadu.
• Macroeconomic and Regulatory Updates:
  • Investors should note recent US tariffs (50% on Indian exports since August 2025) and H-1B visa fee hikes, which may have long-term impacts on India’s export and tech sectors. However, India’s GDP growth is forecast at ~7% for 2025, with resilient fundamentals and ongoing GST reforms simplifying the tax structure.

Investor Takeaways and Price-Sensitive Considerations

• Portfolio reconstitution and divestments are unlocking significant value for shareholders, with direct impacts on financial agility and future DPU growth. The premium achieved on divestments could positively influence market sentiment and share price.
• Capital management strategies, including the shift to onshore debt and first onshore bond issuance, are expected to materially improve tax efficiency and reduce forex risks — a notable upside for future earnings and distributions.
• Continued expansion in high-growth segments such as data centres, with pre-commitments from hyperscalers and increasing MW capacity, positions CLINT at the forefront of India’s digital infrastructure boom.
• Strong operational metrics, including robust occupancy and rental growth, underpin stable cash flows and dividend sustainability.
• ESG leadership and sustainability achievements enhance CLINT’s appeal to institutional investors and support long-term valuation.
• External macro and regulatory risks (US tariffs, H-1B visa changes) should be monitored, though current exposure to US demand is limited (~2% of India’s GDP).

Conclusion

CLINT’s 2026 outlook combines aggressive growth, capital recycling, and prudent financial management. The ongoing portfolio reconstitution, premium divestments, strategic debt onshoring, and continued expansion in data centres and IT parks present clear potential catalysts for share price appreciation. Investors should closely monitor execution on development pipelines and capital management, as well as any macro developments that could impact tenant demand or regulatory costs.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Actual results and future performance may differ from forward-looking statements due to various risks, uncertainties, and market conditions. Investors should perform their own due diligence and consult professional advisors before making any investment decisions.

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