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THE distribution per unit (DPU) for Cambridge Industrial Trust (CIT) in the third quarter ended September dipped 0.1 per cent from 1.251 Singapore cents to 1.25 Singapore cents, even as its distributable income rose 2.5 per cent from S$15.4 million to S$15.8 million.
The drop in DPU came from increasing costs in connection with the conversion of single tenanted properties to multi-tenanted ones, and an increase in units in issue due to subscription to its Distribution Reinvestment Plan, said CIT's management on Thursday.
In light of the reduction in income available for distribution as a result of these conversions, the board has resolved that S$0.6 million of fees due to the manager for Q3 will be paid in the form of units; this is in line with the manager's commitment to align its interest with that of its unitholders, it added.
For the quarter under review, net property income inched up 1.8 per cent, from S$19.3 million a year ago to S$19.7 million, while gross revenue rose 5.0 per cent, from S$23.8 million to S$25.0 million.
During Q3, the manager successfully renewed approximately 300,000 sq ft of leases; this amounts to 1.6 million sq ft of leases secured in the year to date and represents about 19 per cent of the Trust's portfolio.