Cambridge Industrial Trust posts 18% drop in Q3 DPU

Singapore

CAMBRIDGE Industrial Trust (CIT) reported an 18 per cent drop in distribution per unit (DPU) to 0.987 Singapore cent for the third quarter ended Sept 30.

Its net property income fell 8.3 per cent to S$19.9 million, mainly due to higher operating expenses of properties converted from single-tenanted property to multi-tenancy, which was partially offset by revenue contribution from leasing and rental escalations of several properties.