Key Points
- The Trust has delivered a distribution per unit (“DPU”) of 1.001 cents to its Unitholders for 1Q2011, which will be payable to Unitholders on 14 June 2011.
- 1Q2011 DPU of 1.001 cents is 16.1% less than the DPU for 4Q2010. This is largely attributable to the distribution being diluted as a result of the recent Rights Issue.
- Fully underwritten and renounceable Rights Issue of approximately 132.1 million units raising gross proceeds of approximately S$56.7 million. Issue price of S$0.429 per Unit. Rights Issue was 2.51 times subscribed.
- Debt refinancing with S$320.0 million new term loan agreed (subject to loan documentation) with a syndicate of financial institutions. All-in debt cost is approx. 4.4% p.a.
- CIT increased its Acquisition Term Loan Facility from S$50.0 million to S$120.0 million. All-in debt cost is approx. 3.0% p.a.
- Distributable income for 1Q2011 was S$11.9 million, representing a 1.0% decrease from 4Q2010 distributable income of S$12.0 million.
- In 1Q2011, the Trust achieved healthy portfolio occupancy of 98.83%, weighted average lease to expiry of 3.9 years, low arrears of around 0.7% of annualised rent, and average security deposits equivalent to 14.1 months rent.
- As part of CIT’s efforts to enhance the intrinsic value of the portfolio, various initiatives were carried out, including:
- Divestment of 29 units at 48 Toh Guan Road East in 1Q2011 with total sale proceeds exceeding book value by 11.3%.
- Upgrading of 30 Toh Guan Road to improve the building façade and technical capabilities to enhance the quality of the property.
- Renegotiation of several leases which resulted in the smoothing out of CIT’s lease expiry profile, reducing the combined lease expiry concentration in 2013/2014 from 54.6% (by income) as at 31 December 2010 to 53.4% (by income) as at 31 March 2011.
- The Books will close from 5pm on 9 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution.
- Gearing at 33.3% as at 31 Mar 2011.
- NAV per unit of 61.2 cents as at 31 Mar 2011.
The DPU for the reporting quarter is 1.001 cents. It will be paid on 14 Jun 2011, with the Books closure on 9 May 2011.
The DPU was 1.193 cent in the previous quarter.
The DPU is significantly lower in the reporting quarter compared to the last quarter primarily because of the distribution being diluted as a result of the recent Rights Issue in Apr 2011.
Related Posts
- Results Release
- DPU History
- Cambridge Q4 2010 Quarterly Earnings Report
- Cambridge Q3 2010 Quarterly Earnings Report
- Cambridge - Rights Issue to Raise Approx S$56.7 million for the Acquisition of Three Properties in Singapore
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