CIT posts 9% drop in Q4 DPU

Singapore

CAMBRIDGE Industrial Trust (CIT) reported a 9 per cent decline in distribution per unit (DPU) for the fourth quarter ended Dec 31, 2015 to 1.139 Singapore cents due to reduced capital distributions.

Its manager said that it will be conducting a strategic review of its business and operations in view of current market conditions and latest developments in the Singapore real estate investment trust (Reit) market.

Capital top-ups on DPU were reduced as CIT racked up a 10.7 per cent increase in net property income to S$21.61 million during the quarter. Gross revenue for the quarter rose 8.7 per cent to S$28.49 million on the back of full-period revenue contribution from property acquisitions and asset enhancement in…