Cambridge Industrial Trust grows payout by 5.4% for Q1

Cambridge Industrial Trust (CIT) has chalked up a 5.4 per cent rise in distribution per unit to 1.234 cents for its first quarter.

This works out to an annualised yield of 6.3 per cent, based on the unit's closing price of 79 cents as at March 31.

The improvement was contributed by the additional income from three acquisitions and completion of various developments and asset enhancement initiatives, as well as the increase in rent from multi-tenanted properties and rental escalations.

Gross revenue for the three months ended March 31 soared by 18.6 per cent to $24.8 million.

Net property income amounted to $21.3 million, up 18.8 per cent.

CIT has 51 properties located in Singapore, with some eight million square feet of gross floor area , leased to a diversified base of 157 tenants.

The portfolio occupancy remains high at 98.6 per cent, with a weighted lease to expiry, by income, of 3.4 years and average security deposits of 12.7 months per tenant.

"For this quarter, we completed three of our acquisitions and obtained temporary occupation permit for the phase II acquisition of 16 Tai Seng Street," said CIT manager's chief executive Chris Calvert.

"For CIT's leases expiring in 2013, we remain confident of achieving positive rent reversions, given the quality of our portfolio and will continue to focus on developments, AEIs and strategic acquisitions for this year," he added.