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Cambridge Industrial Trust (CIT) says it registered a gross revenue of $74.4 million and a net property income (NPI) of $65.1 million for its financial year ended Dec 31 2009 (FY2009).
“We operated in very difficult market conditions in 2009. However, we achieved a set of stable financial results enabling our unitholders to enjoy improved returns from their investment in CIT,” says Chris Calvert, Chief Executive Officer of Cambridge Industrial Trust Management. “Unitholders will receive a DPU of 1.377 cents, which is a 2.5% increase quarter-on-quarter.”
CIT’s portfolio of properties was revalued at Dec 31 2009 by an independent valuer, CB Richard Ellis, resulting in a total portfolio value of $874.2 million, and a NTA per unit of 60 cents. The portfolio valuation as at Dec 31 2009 remains unchanged from the June 30 2009 valuation after netting off the divestments of 16 Tuas Avenue 18A and six of the strata units at 48 Toh Guan Road East.
As of Dec 31 2009, CIT has a portfolio of 423 properties with 648,000 sq m of lettable area, with a carrying value of $874.2 million. Through an active tenant management strategy, CIT’s arrears in 4Q2009 against CIT’s annualised gross rent reduced to a low of 0.5%, as compared to 1.4% in 3Q2009 and FY2008. In addition, the portfolio occupancy rate increased to 99.8% in 4Q2009, as compared with the country’s average of 91.9% as per URA’s 4Q2009 Real Estate Statistics report.
NPI for 4Q2009 increased by 10.2% to $16.7 million in comparison to 4Q2008. The increase is attributed to rental escalations in FY2009 and a drop in property tax as a result of government rebates. This brings the total NPI for FY2009 to $65.1 million, a 3.7% increase year-on-year.
As of Dec 31 2009, CIT has a gearing of 42.6% and an interest cover ratio for the quarter of 3.3 times. With the syndicated term loan of $390.1 million completed in February 2009, 100% of CIT’s debt is locked-in until February 2012.
CIT has also launched a Distribution Reinvestment Plan (DRP) which will apply from the 4Q2009 distribution.
