Cambridge Industrial Trust Management's gains jump 8.9% to S$19.2m

Thanks to robust sales and acquisitions.

According to a release, Cambridge Industrial Trust Management Limited, the Manager of Cambridge Industrial Trust, today announced its financial results for the third quarter ended 30 September 2012.

On the back of contributions from newly acquired properties and positive rental renewals, the reporting quarter saw gross revenue rise 8.5% year-on-year (“Y-o-Y”) to S$22.5 mil, while net property income increased 8.9% to S$19.2 mil. Distributable amount grew 13.0% Y-o-Y to S$14.5 mil.

Distribution per unit (“DPU”) improved for the sixth consecutive quarter to 1.204 cents in 3Q2012, up 11.3% from 1.082 cents in the same period a year ago. Based on the annualised DPU of 4.790 cents for 3Q2012 and the closing price of S$0.64 as at 28 September 2012, CIT’s annualised yield is approximately 7.5%.

In 3Q2012, the Trust enjoyed a high occupancy rate of 98.9% which compares favourably to URA’s industrial average of 93.8%, with a weighted average lease expiry of 3.0 years and an average security deposit of 12.5 months.

“We have again grown our portfolio and DPU this quarter by acquiring yield accretive properties and through our leasing activities. Since the start of this year, we have acquired seven properties totalling S$228.4 mil, with the latest acquisition being 54 Serangoon North Avenue 4. In October, we have completed the acquisitions of 30 Marsiling Industrial Estate Road 8 and 11 Woodlands Walk, and are on track to complete two of our asset enhancement initiatives by end of this year which will contribute positively to distributions from 4Q2012,” said Mr Chris Calvert, Chief Executive Officer of CITM.