SEO Version
28
Asset review
Leasing report
Leasing remained healthy in FY13/14. Over 2.4 million
sq ft of foor space was leased or renewed during
FY13/14, exceeding the foor space freed up by expired
or pre-terminated leases. This includes 0.6 million sq
ft of space leased in Aviator, as the building was fully
committed ahead of completion. We retained 94% of
leases that expired during the fnancial year.
Leasing activities from 1 April 2013 to 31 March 2014
Area ('000 sq ft)
Expired leases/
pre-terminations
2,195
1,701
238
2,433
Renewed/
extended/
new leases
Forward
leasing
Total leases
concluded
Retention rate
94%
No.
Top ten tenants
(in alphabetical order)
Parent company
1 Affliated Computer Services of India
Pvt. Ltd.
Xerox
2 Applied Materials India Pvt. Ltd.
Applied Materials
3 BA Continuum Pvt. Ltd.
Bank of America
Merrill Lynch
4 BallyTechnologies India Pvt. Ltd.
BallyTechnologies
5 CognizantTechnology Solution
(India) Pvt. Ltd.
Cognizant
6 General Motors India Pvt. Ltd.
General Motors
7 iNautixTechnologies India
Pvt. Ltd.
BNY Mellon
8 Mu Sigma Business Solutions
Pvt Ltd.
Mu Sigma
9 Societe Generale Global Solution
Centre Pvt. Ltd.
Societe Generale
10 Technicolor India Pvt. Ltd.
Technicolor
Operational risk
We integrate risk management measures into our
day-to-day activities across all functions. These include
comprehensive operating, reporting and monitoring
controls put in place to manage risks arising from
Credit risk
Credit risk is the potential fnancial loss resulting from
the failure of a customer or counterparty to settle its
fnancial and contractual obligations to the Trust, as and
when they fall due.
The property manager conducts fnancial assessments
on tenants before entering into lease agreements.
Tenants are required to place signifcant amount of
security deposits for lease and ft-out rentals. The
property manager monitors their account receivable
balances on an ongoing basis to minimise the impact of a
defaulting customer on the performance of the property.
Accounting provision for impairment is made when rental
arrears exceeds the security deposits.
The table shows our top ten tenants (by portfolio base
rent) in alphabetical order, with the name of their parent
company on the right-hand column. All of our top ten
tenants, many of whom are in the Fortune 500 list, are
multinational corporations with excellent credit standing.
Lease expiry profle
Sq ft expiring ('m)
Weighted average lease term
5.1 years
15/16
12%
17/18
15%
20/21
&
beyond
17%
18/19
8%
19/20
0%
14/15
26%
16/17
22%
2.0
1.5
1.0
0.5
0
FY
26% or 1.8 million sq ft of leases would be expiring in
FY14/15. We commence lease renewal negotiations with
our tenants six months prior to the expiry of their leases.
This gives us time to secure a replacement tenant should
the existing customer choose not to renew their lease.
leasing, management and maintenance activities of
a-iTrust. We monitor and review such controls regularly
and improve them where necessary.
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