SINGAPORE - Mainboard-listed Cambridge Industrial Trust (CIT) announced on Friday a distribution per unit (DPU) of 5.004 cents for its financial year ended December 31, 2014, up 0.6 per cent from 4.976 cents in the same period a year ago.

During the year, gross revenue increased 3.0 per cent to $99.3 million, while net property income declined 3.2 per cent to $77.8 million as a result of higher property expenses due to the conversion from single-tenancy to multi-tenancy. We have converted four single-tenanted properties to multi-tenanted properties with another two to come in 2015.

CIT added that as part of its strategy, it acquired a number of value-add properties which will contribute to rental revenue once fully leased.

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