Cambridge Industrial Trust (CIT) says it achieved a total distributable income attributable to unitholders of $10.8 million in 2Q2010. This translates into a DPU (distribution per unit) of 1.238 cents for the quarter.
Although CIT posted a 0.5% fall in gross revenue to $18.3 million in 2Q2010 from $18.4 million in 2Q2009, net property income (NPI) rose by 0.6% to $16.1 million from $16.0 million.
In 2Q, the trust completed the divestments of 27 Pandan Crescent, 37 Tampines Street 92 and 17 strata units at 48 Toh Guan Road East with total gross sale proceeds of $31.3 million, exceeding book value by $1.1 million.
In 2Q, CIT’s properties experience an almost full occupancy rate of 99.97% compared with Singapore’s industrial average of 92.3%.
At June 30, Cambridge Industrial Trust’s property portfolio was revalued at $831.1 million which translates into an NTA per unit of $0.60.
While the outlook for the Singapore economy continues to improve, CIT says it remains cautious about the speed of the economic recovery given the heightened market anxiety over the possibility of sovereign debt defaults in Europe, and the impact of monetary tightening in China.
