SINGAPORE - Cambridge Industrial Trust, a Singapore-listed trust that invests in industrial property, will pay a distribution per unit (DPU) of 1.251 cents for its first quarter ended March 31.
This is 1.4 per cent higher than the 1.234 cents it paid a year ago, said the trust's manager Cambridge Industrial Trust Management.
This is despite a 5.1 per cent fall in revenue for the first quarter over the year before to $23.54 million. Revenue dropped largely because of a change in accounting adjustments for rent as well as property divestments, Cambridge Industrial Trust Management said.
Cambridge Industrial Trust's net property income also slipped 11.1 per cent in the period to $18.97 million as expenses rose.
But distributable income rose 3.3 per cent to $15.6 million, as the trust recognised a $1.3 million gain from the sale of investment properties.
The trust completed two property acquisitions in the first quarter and expect these properties to contribute to income starting in the second quarter of this year, it said.
"During the first quarter, we completed the acquisitions of 30 Teban Gardens Crescent and 11 Chang Charn Road for $73.0 million. These two properties will start to contribute from Q2 onwards," said Cambridge Industrial Trust Management's chief executive Philip Levinson.
"With a gearing ratio of 29.9 per cent, we are well-positioned to pursue growth opportunities both within and outside our portfolio," he added.