CCT

CCT: DPU of 1.9c declared, with annualized yield at 6.1%. Results in line with expectations. Rev at $87.4m -3.9% yoy -2.7% qoq with net income at $49.0m +6.0% yoy -1.8% qoq. Distributable income at $53.9m +3.4% yoy -0.9% qoq. Co also recorded yield protection income of $3.6m from One George Street and $0.2m from Twenty Anson. Twenty Anson is expected to fully contribute from 2Q2012 and is expected to be DPU accretive. Gearing is approx at 30% after the Mar refinancing of a $570.0m term loan with unsecured facilities. Co has guided for a subdued outlook for the demand in office space.