Cambridge Industrial Trust

Cambridge Industrial Trust: 4Q2013 distributable income increased 3.8%y/y to $15.5m, while DPU inched up 1.8% to 1.251¢. Gross revenue inched down 3.1% to $23.3m mainly due to property divestments, net of acquisitions and completion of development projects, while net property income shrunk at a faster clip by 8.7% to $19.0m due to increases in property expenses. Gearing is low at 28.7%, and 83% of its debt is already fixed for the next 2 years. The trust enjoys a healthy occupancy of ~97%, and currently has a WALE of 3.6 years. In the quarter, the trust has completed 4 acquisitions totaling $92.7m in the quarter, and will be finalizing the acquisition at 11 Chang Charn Road for $32m in 1Q2014. At NAV of 69.5¢ at end FY2013, annualized 4Q13 yield is 7.2%, and is trading at ~1x P/B