Cambridge Q3 2010 Quarterly Earnings Report

Q3 2010 results for Cambridge:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Successfully acquired new assets worth S$37.1 million, supported by a S$40.0 million Private Placement in August 2010.
• Reduced gearing from 42.3% to 39.2%, following loan prepayment of S$32.0 million. Further repayment is planned.
• Improved financial flexibility with a new three-year Acquisition Term Loan and Revolving Credit Facility totalling S$70.0 million.
• Delivered distributable income in 3Q2010 of S$10.8 million, which translated to a distribution per unit (“DPU”) of 1.187 cents.
• Successfully completed an asset enhancement initiative, with three others in the pipeline, plus leases re-negotiated.
• An advanced distribution of 0.680 cents per unit was paid on 16 September 2010 in conjunction with the private placement exercise carried out in August 2010. The balance of 0.507 cents DPU will be payable on 30 November 2010.
• The Trust holds S$86.2 million in cash as at 30 September 2010, including approximately S$35.0 million relating to divestment proceeds. It is committed to use these proceeds to repay the syndicated term loan facility on 17 November 2010. This is expected to further reduce gearing to approximately 36.8%.
• The carrying value of the property portfolio increased by S$7.3 million during the quarter to S$838.5 million as at 30 September 2010.
• The 3Q2010 occupancy rate for CIT of 99.97%, remains higher than the national average of 92.3%.
• Book closure at 5.00 pm on 28 Oct 2010 for the purpose of determining unitholders’ entitlements to distribution.  
• The distribution that will be paid on 30 Nov 2010.

Author's Note
The DPU for the reporting quarter is 1.187 cents. This includes the advanced distribution of 0.680 cents per unit paid on 16 September 2010 for the period 1 July 2010 to 22 August 2010 because of the private placement exercise, and the balance of 0.507 cents per unit to be paid on 30 November 2010. The Manager has determined that the Distribution Reinvestment Plan (DRP) will not apply to the remainder distribution of 0.507 cents for 3Q2010.

DPU was 1.238 cents for the previous quarter.