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new buildings) remained high at 97% as at 31st March 2012,
compared to the average occupancy of comparable micro-
markets which ranged from 75% to 97%9. Leasing momentum
remained robust as well. Over 1.8 million square feet of foor
space was leased or renewed during FY2011/12, exceeding
the foor space freed up by expired or pre-terminated leases.
In addition, a further 0.7 million square feet of space was
leased in the 3 new buildings. a-iTrust has a spread-out lease
expiry profle, with a weighted average lease term of 4.8 years.
a-iTrust has a well-diversifed portfolio with many tenants
from different industries. As at 31st March 2012, a-iTrust has
over 300 tenants. They come from diverse industries, including
retail, fnancial services, IT services, manufacturing and
pharmaceutical. The majority of offce tenants perform a variety
of IT functions, including software development, business
process off-shoring, research and development, and animation
and gaming design. The top ten tenants contributed 34% to the
portfolio base rent, with the largest tenant accounting for 5% of
the portfolio base rent10.
Growth strategy
Since listing in 2007, a-iTrust has nearly doubled its portfolio
foor area from 3.6 million square feet to 6.9 million square feet
as we resolutely executed our growth strategy. By leveraging
on organic development growth, and potentially acquiring
sponsor and third party properties, a-iTrust has a well-
developed growth platform to take it to the next level.
a-iTrust possesses a sizeable land bank in International Tech
Park Bangalore (“ITPB”) that provides both immediate and
long-term development opportunities. a-iTrust is developing a
600,000 square feet multi-tenanted building in ITPB’s special
economic zone. There is additional 1.9 million square feet of
potential built-up area to be developed progressively to meet
the growing demand for offce space in Bangalore.
As a developer-sponsored trust, we enjoy access to high-
quality properties developed in India by Ascendas Group and
its affliated entities. Both Ascendas India Development Trust
and Ascendas Land International have given a-iTrust a right
of frst refusal to their properties in India. With over 13 million
square feet of potential business space to be developed
between both entities, this arrangement underpins a-iTrust’s
future growth plans by providing a strong acquisition pipeline
of high-quality properties.
a-iTrust remains on the look-out for attractive third-party
properties. Our investment criteria include location, tenancy
profle, design, clean and marketable land titles, land tenure,
and the opportunity to add value to the property. Aside
from opportunistic acquisitions, we have secured a second
acquisition pipeline to fuel a-iTrust’s continued growth. a-iTrust
has a conditional purchase agreement with the vendor of
aVance to acquire another three buildings totaling 1.75 million
square feet. In addition, a-iTrust has the right of frst refusal to
buy four other buildings with a foor area of 1.16 million square
feet in the park.
Positioned for growth
a-iTrust is well positioned for growth in the new fnancial year.
Voyager, Zenith and Park Square are expected to increase
their revenue contributions in view of their higher occupancy
levels compared to a year ago. In addition, their fnancial
performance will likely improve further as we continue to lease
out the remaining vacant space. The income contribution from
aVance will also bolster a-iTrust’s earnings. A 660,000 square
feet building in aVance is currently under construction and is
expected to be completed by early 2013. a-iTrust will seek
to acquire the property, subject to, amongst other conditions,
occupancy levels being met.
By leveraging on organic
development growth, and
potentially acquiring sponsor
and third party properties,
a-iTrust has a well-
developed growth platform
to take it to the next level.”
Note to Unitholders
9Source: Jones Lang LaSalle.
10Includes leases in Zenith (ITPC), Park Square (ITPB) & Voyager (ITPB) for which possession of units have taken place.
A-ITRUST ANNUAL REPORT 2011/2012 7