SINGAPORE (Oct 27): Cambridge Industrial Trust (CREIT) posted a 19% drop in 3Q DPU to 0.987 cents from a year ago while net property income fell 8.3% to $19.9 million. Revenue also fell 2.9% to $27.6 million.
The drop in revenue was mainly due to conversion of single tenanted properties to multi-tenancy, divestment of a property, and a head lease expiry.
“Despite challenging economic conditions during the quarter, I am encouraged to report steady progress in our strategy to divest non-core properties and recycle capital to optimise our portfolio and capital structure,” says Philip Levinson, chief executive officer of Cambridge Industrial Trust Management.
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