Cambridge Industrial Trust: DBSV maintains Buy with $0.58 TP. 3Q results in line. Gross revs and NPI were up by 13.9% and 10.3% at $ 20.7 m and $ 17.6m respectively. This increase was contributed by additional rental income from new acquisitions, which more than offset the income vacuum from its divestments.
Occupancy levels remain high at 98.7%. Interest costs also saw a dip of 43% yoy due to refinancing at a lower all–in-rate of 4.1% (5.9% previously). As a result, distributable income came in at $12.9m, +19% yoy. DPU was lower by 8.8% yoy due to increased share base from share placement in April’11, but is an improvement from a qtr ago.
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