Cambridge Industrial Trust distribution per unit up 0.6%

Cambridge Industrial Trust (CIT) on Friday (Jan 16) reported a 0.6 per cent on-year rise in distribution per unit (DPU) of 5.004 Singapore cents for the financial year ended Dec 31, 2014.

CIT’s gross revenue increased 3 per cent to S$99.3 million for the year, while net property income declined 3.2 per cent to S$77.8 million as a result of higher property expenses due to the conversion of several properties from single-tenancy to multi-tenancy.

CIT said in a statement that it has converted four single-tenanted properties to multi-tenanted properties, with another two to come in 2015. This brings the trust’s total number of converted multi-tenanted properties to 19.

The trust also said it has acquired several value-added properties which will contribute to its rental revenue once they are fully leased.

CIT Management CEO Philip Levinson said: “We will continue to explore value-creating acquisition opportunities, proactively manage our high quality Singapore portfolio and deliver value through ongoing asset enhancement initiatives, whilst maintaining a disciplined financial and capital management approach.”

CIT’s distribution for the year of S$63 million was 2.9 per cent higher than the S$61.3 million it distributed the previous financial year.

Source : Channel NewsAsia – 16 Jan 2015

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