Cambridge Industrial Trust’s net property income up 3% to $19.5m in Q4

Its revenue jumped 12.6%.

Cambridge Industrial Trust reported that its net property income increased 3% year-on-year to $19.5m in the fourth quarter, mainly driven by contributions from a net increase in portfolio size.

CIT’s portfolio grew to 50 properties last quarter against 47 properties a year ago. CREIT acquired $140.8m worth of acquisitions across 2014 which will contribute positively to earnings in 2015.

According to DBS, additional growth will come from the completion of asset enhancement initiatives at two properties located at 31 Changi South Avenue 2 and 3 Pioneer Sector 3 phase II in 1Q15.

“With close to 13.4% of topline to be renewed in FY15, a majority are derived from single-tenanted properties (three properties) of which two are expected to be converted into multi-tenanted ones. During the course of conversion, we expect to see occupancy dip slightly. However, earnings is expected to be remain stable as income from completed acquisitions/developments are likely to offset income loss from these conversions,” stated DBS.

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