Cambridge Industrial Trust

Cambridge Industrial Trust: 1Q14 DPU was 1.4% y/y higher at 1.251¢ while distributable income rose 3.3% to $15.6m. Revenue fell 5.1% to $23.5m, while NPI fell 11.1% to $19m. In the quarter, acquisition at 30 Teban Gargens Cresent and 11 Chang Charn Road were completed for $73.0m and will contribute revenue from 2Q14 onwards. CIT also completed the divestment of 81 Defu Lane for $7.8m in the quarter at ~16% above book value. Occupancy was 97%, while WALE was 3.6 years. Gearing ratio was 29.9%. NAV at end Mar was $0.694, translating to P/B of ~1.1x, while yield was annualized 1Q14 yield was 6.9%