Singapore-listed industrial REIT, Cambridge Industrial Trust (CIT) (SGX:J91U), has announced a distribution per unit (“DPU”) of 1.225 Singapore cents for its 2Q15, a decline of 2.1% from the corresponding period in 2014.
Gross revenue for the period increased 13.2% to SGD27.8 million while net property income (NPI) increased 9.9% to SGD21.6 million from 2Q14.
CEO of the REIT’s manager, Philip Levinson, has indicated that CIT will in the second half of 2015 embark on asset enhancement initiatives to further enhance portfolio value. .
“The increase in our portfolio occupancy from 95.0% to 95.5% and WALE of 4.0 years attests to the manager’s efforts to enhance CIT’s portfolio”, said Levinson. CIT’s gearing for the quarter stands at 37.2%.
“As at 30 June 2015, CIT’s portfolio of 51 properties is leased to a diversified base of 177 tenants, with a total GFA of approximately 8.5 million sq ft. CIT’s portfolio has a well-balanced mix of both single-tenanted and multi-tenanted assets, at 53.6% and 46.4% respectively”, said the REIT in an announcement on the results.
Units of Cambridge Industrial Trust closed the trading day almost 1.5% lower from its previous close to end at SGD0.69.