Cambridge Industrial Trust posts 7.8% rise in 2Q distributable income to $15.3m

Cambridge Industrial Trust (CIT) logged higher distributable income for the second quarter ended June 30, on the back of new acquisitions and higher rentals from its properties.

Distribution income for the three months to June 30 rose 7.8 per cent from the same period a year ago to $15.3 million, the trust said on Wednesday.

Net property income for the quarter rose 13.4 per cent to $20.8 million, it added.

Distribution per unit came in at 1.24 cents, up 5.1 per cent from the same period last year. This will be paid out on Sept 9.

The distribution works out to an annualised yield of 6.9 per cent, based on the unit's closing price of 72.5 cents as at June 28.

The trust also said the acquisition of its 16 Tai Seng Street (Phase 2) was completed for $13.7 million, adding a total gross floor area of 40,403 sq ft to the trust's portfolio.

CIT added that it has approximately 8.2 million sq ft of gross floor area in its portfolio, with an occupancy of 98.4 per cent.