Cambridge Industrial Trust (CIT) says it achieved gross revenue of $18.6 million and an NPI (net property income} of $16.3 million for its 1Q2010 financial results.

“CIT has achieved a set of stable first quarter financial results for its Unitholders. Unitholders will receive a DPU of 1.274 cents, which will be payable on Monday, 14 June 2010,” says Chris Calvert, CEO of CIT Management. “While the outlook for 2010 has improved, we remain cautiously optimistic of a full economic recovery. This further reinforces the need for management to maintain its disciplined strategy of prudent capital and risk management, pro-active asset management and the divestment of non-core assets that do not meet the Trust’s investment criteria.”

1Q2010 NPI increased by 1.2% to $16.3 million in comparison to 1Q2009. The increase is attributed to rental escalations and the improved occupancy in CIT’s two multi-tenanted properties. 1Q2010 NPI was marginally lower by 2.4% in comparison to 4Q2009, predominantly due to a reduction in rental revenue arising from asset disposals (i.e. 32 strata units at 48 Toh Guan Road East, Enterprise Hub were divested during 1Q2010). Total gross sale proceeds of $21.5 million exceeded book value by $1.6 million.

As of 31 March 2010, CIT has a portfolio of 42 properties with about 639,800 sq m of lettable area and a carrying value of $854.5 million. These properties are leased to a total of 79 tenants in diverse trade sectors covering the logistics, warehousing and light industrial sectors, which are well spread and strategically located within Singapore.

CIT says the trust’s underlying property fundamentals have remained resilient, with 1Q2010 portfolio occupancy increasing to a robust level of 99.9%, a weighted average lease expiry of 4.4 years and continued low arrears trending at around 1.0% of annualised rent.