Cambridge Industrial Trust sees Q1 DPU dip 2.1% to 1.225 cents

SINGAPORE - Mainboard-listed Cambridge Industrial Trust reported on Wednesday that a distribution per unit (DPU) of 1.225 cents for the first quarter ended March 31, 2015, a 2.1 per cent decline from 1.251 cents a year ago.

Based on a closing price of 71.5 cents on Tuesday, this works out to an annualised distribution yield of 6.9 per cent.

The industrial real estate investment trust (Reit) said revenue rose 16.7 per cent to $27.5 million, while net property income (NPI) increased 11.9 per cent to $21.2 million.

Net asset value per unit at end-March was 68 cents, compared with 68.1 cents at end-2014.

Commenting on the results, Mr Philip Levinson, CEO of the Reit manager, said: "Growth in NPI, despite being strong, continues to be impacted by higher property expenses resulting from conversions of properties from single-tenanted to multi-tenanted."

"Looking ahead, we will continue to seek quality and yield-enhancing properties while proactively managing both rental income and costs in our portfolio. Our team is committed to renewing leases, as shown by the increase in our Weighted Average Lease Expiry to 4.2 years which contributes to income stability.