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Distributions Increase at Cambridge Industrial Trust

cambridge industrial trust Cambridge Industrial Trust (SGX: J91U), or CIT, just released its 2nd Quarter of Financial Year 2013 this morning.  It recorded a 14.1% increase in gross revenue to $24.6 million, from the previous year.

Its net property income rose to $20.8 million, an increase of $18.4 over the same period last year. Distribution per unit (DPU) was 1.24 cents for its 2Q2013, up 5.1% from 1.180 cents in the same period a year ago. Based on an annualised DPU of 4.974 cents for 2Q2013 and the current price of $0.74 at the time of writing, CIT’s annualised yield is 6.7%. The improved performance in DPU was contributed mainly by the completion of new acquisitions, development projects and asset enhancement initiatives (AEI).

Gearing stands at 35.8%. The average interest cost is at 4.01%. The net asset value stands at $0.67. The portfolio occupancy remains strong at 98.4%, with a weighted lease to expiry of 3.4 years (by income).

Commenting on the performance of CIT, Mr Chris Calvert, Chief Executive Officer of Cambridge Industrial Trust Management Limited, said, “2Q2013 has been a busy quarter as we commenced further AEI works designed to maximise part of the Trust’s under-utilised plot ratio. Moving forward, the Manager will continue to pursue AEI opportunities within the Trust in its efforts to improve portfolio total returns.”

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.