Cambridge Industrial Trust's net property income slips 8.3% to $19.9m

Blame it on increased maintenance costs.

With the ongoing conversion of some of its single-tenancy units, Cambridge Industrial Trust (CIT) incurred higher expenses in 3Q16 which ultimately send its earnings down 8.3%.

According to the group, its net property income were down to $19.9m compared to $21.7m recorded during the same period last year.

"The decrease was mainly attributed to the conversion of properties from single-tenancy to multi-tenancy, divestment of a property and head lease expiry of a property," CIT said.

Overall, these contributed to the 14.4% jump in property expenses to $7.7million.

This muted earnings may have caused distribution per unit (DPU) to decline 18% from 1.204 Singapore cents last year to 0.987 Singapore cents.

Looking forward, CEO of CIT’s Manager Philip Levinson said the group performed steadily in the past quarter despite the challenging economic environment.

"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. In this quarter, we have fully unencumbered our property portfolio and have no major refinancing requirements until 2H2018, which provide us with greater operational and financial flexibility,” he said.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia