Cambridge Industrial Trust

Cambridge Industrial Trust: 1Q13 results in-line with consensus; - NPI increased 18.8% y/y to $21.3m, due to additional income from three acquisitions and completion of AEIs. - DPU increased 5.4% y/y to 1.234¢, implied dividend yield of 6% based on yesterday's closing price of $0.83; - Portfolio occupancy rate of 98.6%; - Gearing of 35.3%; Mgmt expect overall values of property and rents expect to remain flat or grow moderately due to various measures introduced by government, and expect positive rental reversions for renewals due in 2013/2014. Cambridge trades at 1.3x P/B, historical yield of 5.9%.