Cambridge Industrial Trust’s 4Q DPU posted a 9% fall to 1.139 cents from 1.252 cents a year ago.
The drop was due to a change in form of payment of management from units to cash as well as the absence of capital distribution compared to 4Q14.
For the full year, DPU fell 4.2% to 4.793 cents from 5.004 cents a year ago due to lower distributions from capital and capital gains.
Philip Levinson, CEO of CIT’s manager, said, “Despite a difficult year, we stayed focused on our business in 2015, in short we did what we said we would do. CIT’s portfolio sustained double digit NPI growth for three consecutive quarters this year, with positive rental reversions of 9.1 percent and above industry average occupancy. Our prudent capital management has been the highlight of 2015.”
Gross revenue had increased 13% year-on-year to $112.2 million while net property income (NPI) increased 10.7% to $86.2 million.
As at Dec 31 2015, CIT’s portfolio consisted of investment properties of around $1.2 billion. More than 97% of interest rate exposure have been fixed for the next there years and no refinancing requirements until FY2017. Gearing remains at 36.9%.
CIT’s portfolio of 51 properties is leased to 187 tenants, with a total GFA of 8.5 million square feet. Weighted Average Lease Expiry (WALE) and portfolio occupancy remain steady at 3.8 years and 94.3% respectively.
Units of CIT last closed at 55 cents.
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The drop was due to a change in form of payment of management from units to cash as well as the absence of capital distribution compared to 4Q14.
For the full year, DPU fell 4.2% to 4.793 cents from 5.004 cents a year ago due to lower distributions from capital and capital gains.
Philip Levinson, CEO of CIT’s manager, said, “Despite a difficult year, we stayed focused on our business in 2015, in short we did what we said we would do. CIT’s portfolio sustained double digit NPI growth for three consecutive quarters this year, with positive rental reversions of 9.1 percent and above industry average occupancy. Our prudent capital management has been the highlight of 2015.”
Gross revenue had increased 13% year-on-year to $112.2 million while net property income (NPI) increased 10.7% to $86.2 million.
As at Dec 31 2015, CIT’s portfolio consisted of investment properties of around $1.2 billion. More than 97% of interest rate exposure have been fixed for the next there years and no refinancing requirements until FY2017. Gearing remains at 36.9%.
CIT’s portfolio of 51 properties is leased to 187 tenants, with a total GFA of 8.5 million square feet. Weighted Average Lease Expiry (WALE) and portfolio occupancy remain steady at 3.8 years and 94.3% respectively.
Units of CIT last closed at 55 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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