Cambridge Industrial Trust's Q2 distribution per unit rises by 0.9%
Published on Jul 24, 2014 9:46 AM
SINGAPORE - Cambridge Industrial Trust is raising its distribution per unit for the second quarter by 0.9 per cent from a year ago to 1.251 cents, its manager said on Thursday.
Distributable income for the industrial property trust rose 3 per cent in the quarter from the year before to $15.7 million, while revenue was flat at $24.6 million.
Net property income, however, dipped 5.6 per cent to $19.7 million in the second quarter, which ended on June 30.
This was due to higher costs such as property manager's fees - which included marketing service commissions for securing new leases and lease renewals for the properties - as well as higher utilities costs, increased legal and professional fees, and a $0.25 million provision for doubtful debts.
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