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Cambridge Industrial Trust DPU Fall for 4QFY15

Cambridge Industrial Trust Logo

Cambridge Industrial Trust announces its results for 4QFY15 on 14th January 2016. DPU fell 9% to 1.139 cents as compared to 1.252 cents the same period last year. This brought the full year DPU for year 2015 to 4.793 cents which is a fall of 4.2% as compared to 5.004 cents in year 2014.

Enough of the bad news, there are some good points about Cambridge Industrial Trust. Cambridge Industrial Trust achieves positive rental reversion of 9.1%. It also have a well-staggered debt maturity profile with 97.4% of interest rates fixed for the next 3 years and thus further Fed rate hikes will have minimal impact on Cambridge Industrial Trust.

4Q2015
(S$ million)
4Q2014
(S$ million)
YoY(%)
Gross Revenue 28.5 26.2 8.7
Net Property Income 21.6 19.5 10.7
Distributable Amount 14.8 15.9 (7.2)
Distribution Per Unit (“DPU”) (cents) 1.139 1.252 (9.0)
Annualised DPU (cents) 4.519 4.967 (9.0)

Key Financial Indicators

The weighted average debt expiry is at 3.2 years. Unencumbered investment properties close to S$1.2bn. Gearing ratio is at 36.9% which is a slight reduction from 37.2% in 3Q2015.

Cambridge Industrial Trust 4Q2015 Key Financial Indicators

Debt Maturity Profile

As mentioned in the 3QFY2015 results, Cambridge Industrial Trust has a well-staggered debt maturity profile, with no major refinancing due till FY2017.

Cambridge Industrial Trust also has 97.4% of interest rate exposure fixed for next 3.0 years. Thus, the borrowing costs are significantly insulated against interest rate increases.

Weighted Average Lease Expiry

Weighted Average Lease Expiry remains steady at 3.9 years.

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