Cambridge Industrial Trust's DPU slips 0.1% in Q3

But net property income climbed 1.8%.

Cambridge Industrial Trust’s distribution per unit slipped marginally by 0.1% in Q3. DPU for the quarter dipped marginally year-on-year at 1.250 cents, due to increasing costs in connection with the conversion of single-tenanted properties to multi-tenanted, and an increase in units in issue due to subscription of the Trust’s Distribution Reinvestment Plan.

The firm’s net property income grew 1.8% year-on-year to $19.7m in Q3. The firm also reported 5.0% year-on-year growth in revenue to $25.0 million for the third quarter.

The increase in its NPI was mainly as a result of the contribution from the completion of AEIs. DIn light of the reduction in income available for distribution as a result of these conversions, the Board has resolved that S$0.6 million of fees due to the trust manager for 3Q2014 will be paid in the form of units. Accordingly, DPU for 3Q2014 is 1.250 cents, compared to 1.251 cents a year ago.