Fourth quarter distributable income at Cambridge Industrial Trust rose 3.8 per cent as the real estate investment trust (Reit) saved on paying performance fees to its manager.
Distributable income was $15.5 million for the three months to Dec 31, up from $14.9 million a year before.
Distribution per unit was up 1.8 per cent to 1.251 cents. The distribution for the fourth quarter will be paid on Feb 28, with the books closure date on Jan 27.
Cambridge continued to pay management fees for the three months, but did not fork out performance fees. In contrast, it had paid performance fees of about $3.34 million a year ago.
The result was that distributable income rose despite gross revenue and net property income both falling.
Revenue was down 3.1 per cent to $23.3 million as Cambridge sold some properties, although this was partially offset by some purchases and the completion of development projects.
Net property income fell 8.7 per cent to $18.95 million for the quarter. This was dragged down by increased costs as some real estate converted from single-tenant to multi-tenant leases.
Distributable income for the year rose 6.4 per cent to $61.3 million, boosting distributions per unit by 4 per cent to 4.976 cents.
Full-year gross revenue rose 8.4 per cent to $96.5 million.
"Financial year 2013 was a year of repositioning," said Mr Chris Calvert, chief executive officer of the Reit manager.
"With a gearing ratio of 28.7 per cent, and no major refinancing due till June 2016, we are well-positioned for future acquisition opportunities and further asset enhancement initiatives," he added in a statement.
Last month, the manager proposed the purchase of a warehouse and light industrial building in Bukit Merah for $32 million. Purchases completed last year included 15 Jurong Port Road while the Reit sold properties such as 361 Ubi Road 3.
Cambridge units were flat at 69.5 cents around 11.30am.