Cambridge Industrial Trust today announced a distribution per unit (DPU) of 1.251 cents for its first quarter ended 31 March 2014 (1Q2014), up 1.4% from 1.234 cents in the same period a year ago. On an annualised basis, DPU for FY2014 is 5.074 cents, an increase of 1.4% as compared to 5.005 cents a year ago. Net Property Income rose to $20.4 million from $19 million from a year ago.
“During the first quarter, we completed the acquisitions of 30 Teban Gardens Crescent and 11 Chang Charn Road for S$73.0 million. These two properties will start to contribute from 2Q2014 onwards. On the leasing front, we have proactively managed the 2014 lease expiries to spread the WALE beyond 2017. With a gearing ratio of 29.9%, we are well-positioned to pursue growth opportunities both within and outside our portfolio,” said Philip Levinson, Chief Executive Officer of CIT’s manager.
As at 31 March 2014, CIT has 48 properties located in Singapore, with 7.8 million sq ft of gross floor area (GFA), leased to a diversified base of 146 tenants. The portfolio occupancy remains high at 97.0%, with a Weighted Average Lease Expiry (WALE) of 3.6 years (by income) and average security deposits of 11.3 months.
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