Cambridge Industrial Trust's Q3 distribution per unit rises 3.9% to 1.251 cents

Cambridge Industrial Trust has chalked up a 6 per cent rise in third quarter distributable income to $15.4 million.

Gross revenue was up 5.9 per cent at $23.8 million for the three months to Sept 30.

Distribution per unit amounted to 1.251 cents, 3.9 per cent higher than the same period last year.

This translates to an annualised yield of 7.4 per cent, based on the unit's closing price of 67 cents as at Sept 30.

The third quarter distribution will be paid on Dec 17.

The trust has a diversified portfolio of 48 properties, with a combined carrying value of some $1.2 billion located across Singapore, with a total gross floor area of about 7.7 million square feet.

They range from logistics and warehousing properties to light industrial properties located close to major transportation hubs and key industrial zones.

Group net asset value per unit climbed to 69.6 cents compared to 64.7 cents as at Dec 31.

Of the eight properties with head leases expiring by end of 2014, the trust manager expects to lease one property to a principal tenant, divest three properties and convert the other four properties to multi-tenancy.

The manager will continue to proactively manage the group's portfolio to maximise occupancy to ensure that the portfolio value and the rental yields are maximised.