CAMBRIDGE Industrial Trust's (CIT) distribution per unit (DPU) for the second quarter fell 2.1 per cent year on year to 1.225 Singapore cents.
This despite distributable amount expanding 0.5 per cent to S$15.79 million in the three months ended June 30, 2015.
Gross revenue climbed 13.2 per cent to S$27.81 million while net property income rose 9.9 per cent to S$21.6 million in the same period, the trust manager said on Thursday.
Philip Levinson, chief executive of the trust manager, said in a statement that the company continued to strengthen its capital structure in the second quarter, having recently done a medium term note (MTN) issuance and successfully refinanced its S$250 million club loan.
The trust, which owns 51 properties, had announced the pricing of a S$130 million five-year MTN at 3.95 per cent per annum in May.
It said on Thursday that its borrowing costs are now "significantly insulated" against interest-rate hikes, with 96.5 per cent of its interest-rate exposure fixed for the next 31/2 years.
Mr Levinson also noted that portfolio occupancy grew from 95 per cent to 95.5 per cent, adding that the trust plans to carry out some refurbishments in the second half of 2015.
CIT units closed half a cent up at S$0.70 on Wednesday.