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Singapore-listed Cambridge Industrial Trust (CIT) reported on Wednesday a distribution per unit of 1.225 cents for the first quarter of 2015, 2.1 percent lower than its Q42014 DPU of 1.251 cents.
CIT’s revenue rose 16.7 percent year-on-year from S$23.5 million in Q12014 to S$27.5 million in Q1 this year, while its net property income increased by 11.9 percent over the same period from S$19.0 million to S$21.2 million.
According to CIT, the results show a stable quarter for the real estate investment trust (REIT).
Looking ahead, CIT said it will continue to seek quality and yield-enhancing properties while proactively managing both rental income and costs in its 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. In line with our prudent capital and risk management strategy, 85% of our total debt has been fixed for an average of 2.3 years, with no major refinancing till June 2016. These position us well to continue delivering sustainable growth and value to our unitholders,” said Philip Levinson, Cambridge Industrial Trust Management CEO.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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