In accordance with the listing prospectus, while a-iTrust was listed on 1 August 2007, unitholders will receive income distribution for the financial year 1 April 2007 to 31 Mar 2008. The prospectus dated 24 July 2007 had set out a DPU forecast of 5.6 Singapore cents for the financial year from 1 April 2007 to 31 March 2008.

a-iTrust delivered a strong set of results for the first half of the year ended 30 September 2007. Net property income was S$28.7 million or 66% higher than the same period last year, and 18% higher than its forecast for the period.

Distributable income for the half year was S$22.2 million or 17% above forecast(1). DPU was 2.95 Singapore cents, which represented an annualized yield of 5.0% over the Initial Public Offer price of S$ 1.18 per unit.

(1) A full-year distributable income of S$ 42.3 million was disclosed in the prospectus; if segregated into half years, the distributable income forecast for 1H is S$ 19.0 million and for 2H, S$ 23.3 million. Details of the full results announcement can be found at www.sgx.com and www.a-itrust.com.

The Trustee-Manager expects the trust to deliver the forecast performance for the second half of the year, and hence, given the first half’s results, is confident of at least meeting its DPU forecast of 5.6 Singapore cents for the full year, barring any unforeseen circumstances.

Net asset value (“NAV”) as at 30 September 2007 was S$ 869.6 million or S$ 1.16 per unit, which was higher than the pro forma NAV of S$ 1.05 per unit disclosed in the Capitalization and Indebtedness section of the prospectus dated 24 July 2007.

A key contributor to the sound results was the strong operational performance of aiTrust’s assets, underpinned by the quality of the assets and the booming Indian economy. Higher revenue and cost control had boosted operational performance and cash flows.

Chief Executive Officer of the Trustee-Manager, Mr. Jonathan Yap said, “We are pleased to report a strong set of results which has benefited from the vibrant Indian ITITES sector, resounding support from the user-clients and Trustee-Manager’s proactive asset and portfolio management. We remain focused to build on the momentum and deliver returns to unitholders.”

A Well Diversified Portfolio with High Occupancy

India is the world leader and centre for IT and ITES outsourcing with about 60% global market share and the cities a-iTrust invest in, namely Bangalore, Chennai and Hyderabad have a combined 64% of India’s IT and ITES revenue. a-iTrust has a diversified portfolio of four IT Parks in those cities.

Over the first half year, 700,000 sq. ft. of space within the portfolio of operating buildings was renewed or leased, at higher average rental rates than before. The overall occupancy rate of a-iTrust’s portfolio was 99% as at 30 September 2007.

a-iTrust’s portfolio spreads across a number of sub-sectors such as software development, business process off-shoring, research and development, and data centres. Presently, no single tenant accounts for more than 6% of the total monthly base rental.

Portfolio to Grow through Organic Growth and Three-Pronged Acquisition Strategy

The two completing buildings in the a-iTrust’s portfolio, namely Crest, the 2nd building at International Tech Park Chennai (“ITPC”) and Vega, the 5th building at The V had enjoyed strong pre-commitment of 73% and 72% of space respectively, and marketing of the balance space is in progress. The leased space is being progressively handed over to tenants for fitting-out, and income contribution is expected to commence in 2H FY2007/2008. These 2 buildings will add another 1.1 million sq. ft. of space to aiTrust’s current portfolio of 3.6 million sq. ft. of completed space, increasing a-iTrust’s total lettable space by more than 30% to 4.7 million sq. ft. of space.

There is additional 1.5 million sq. ft. of new space being planned for construction commencement in this financial year. Thereafter, there is still a development potential of 2.7 million sq. ft. within a-iTrust portfolio.

a-iTrust enjoys a right of first refusal from Ascendas Land International Pte Ltd. (“ALI”) to acquire substantially income producing business space. ALI owns Cybervale, (comprising of 4 completed/ potential buildings with a total built up of 1.1 million sq. ft.), an IT Park spreading over 18.5 acres of land within Mahindra World City, an IT Special Economic Zone (“SEZ”) in Chennai.

The first building (250,000 sq ft) of Cybervale, named “Lakeside” has recently been completed and is fully leased out. The development of 2 of the 3 remaining potential buildings are in different stages of implementation. The Trustee-Manager intends to explore with ALI on the acquisition of Cybervale upon its stabilisation.

a-iTrust also has a similar right of first refusal from Ascendas India Development Trust (“AIDT”). AIDT has committed equity of S$ 500 million and target investment size of S$ 1 billion. AIDT has already identified investments with about 7 million sq. ft. of development potential and is currently pursuing more opportunities. AIDT will make such announcements at the appropriate stage.

The Trustee-Manager is also concurrently pursuing acquisition opportunities from themarket.

Looking Forward

The Trustee-Manager will continue to focus on growing the operating earnings of its assets, optimizing its capital structure, and growing the portfolio through acquisition and developing its in-built development pipeline.

Source : SGX