ESR-LOGOS REIT The Directors of Cambridge Industrial Trust Management Limited ("CITM"), as manager ("Manager") of Cambridge Industrial Trust ("CIT") are pleased to announce the unaudited results of the Group and CIT for the first quarter ended 31 March 2017.
CIT is a Singapore-based real estate investment trust constituted by the Trust Deed entered into on 31 March 2006 between CITM as the Manager of CIT and RBC Investor Services Singapore Limited as the Trustee of CIT, as amended and restated. CIT was listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 25 July 2006.
CIT's distribution policy is to distribute at least 90% of its annual distributable income, comprising income from letting of its properties after deduction of allowable expenses. The actual level of distribution will be determined at the Manager's discretion.
As at 31 March 2017, CIT and its subsidiaries (the "Group") have a diversified portfolio of 49 properties located across Singapore with a diversified tenant base of around 213 tenants across the following business sectors: logistics, warehousing, light industrial, general industrial properties, car showroom and workshop, and business park. The portfolio has a carrying value of approximately S$1.35 billion and a total gross floor area of approximately 8.4 million square feet.
The Group's results include the consolidation of its wholly-owned subsidiaries, Cambridge-MTN Pte. Ltd. ("Cambridge MTN"), Cambridge SPV1 LLP ("Cambridge LLP") and Cambridge SPV2 Pte. Ltd. ("Cambridge SPV2"). The commentaries below are based on Group results unless otherwise stated.
Summary of Group's Results
1Q2017 S$'000 | 1Q2016 S$'000 | Inc/ (Dec) % |
27,737 | 28,365 | (2.2) |
19,692 | 21,492 | (8.4) |
13,105 | 14,512 | (9.7) |
1.004 | 1.112 | (9.7) |
6.92 | 7.67 | (9.7) |
(a) Annual Distribution Yield is computed based on the closing price of S$0.58 as at 31 March 2017, being the last trading day of the quarter.
Distribution and Book Closure Date Details
Distribution period | 1 January 2017 to 31 March 2017 |
Distribution rate | 1.004 cents per unit |
Books closure date | 4 May 2017 |
Payment date | 31 May 2017 |
The Manager has determined that the distribution reinvestment plan ("DRP") will not apply to the distribution for the period from 1 January 2017 to 31 March 2017.
1(a) Income statement together with a comparative statement for the corresponding period of the immediately preceding financial yearStatement of Total Return
Note | Group | Trust | ||||
1Q2017 S$'000 | 1Q2016 S$'000 | Inc/ (Dec) % | 1Q2017 S$'000 | 1Q2016 S$'000 | Inc/ (Dec) % | |
(a) | 27,737 | 28,365 | (2.2) | 27,080 | 27,713 | (2.3) |
(1,431) | (1,295) | 10.5 | (1,413) | (1,278) | 10.6 | |
(1,861) | (1,642) | 13.3 | (1,861) | (1,642) | 13.3 | |
(2,226) | (2,046) | 8.8 | (2,226) | (2,046) | 8.8 | |
(2,527) | (1,890) | 33.7 | (2,526) | (1,884) | 34.1 | |
(8,045) | (6,873) | 17.1 | (8,026) | (6,850) | 17.2 | |
19,692 | 21,492 | (8.4) | 19,054 | 20,863 | (8.7) | |
(b) | (1,669) | (1,766) | (5.5) | (1,669) | (1,766) | (5.5) |
(c) | (382) | (466) | (18.0) | (374) | (453) | (17.4) |
(d) | 11 | 5 | 120.0 | 11 | 5 | 120.0 |
(e) | (5,011) | (5,051) | (0.8) | (5,011) | (5,051) | (0.8) |
(7,051) | (7,278) | (3.1) | (7,043) | (7,265) | (3.1) | |
12,641 | 14,214 | (11.1) | 12,011 | 13,598 | (11.7) | |
- | - | - | 440 | 430 | 2.3 | |
12,641 | 14,214 | (11.1) | 12,451 | 14,028 | (11.2) | |
- | (428) | (100.0) | - | (428) | (100.0) | |
12,641 | 13,786 | (8.3) | 12,451 | 13,600 | (8.4) | |
- | - | - | - | - | - | |
12,641 | 13,786 | (8.3) | 12,451 | 13,600 | (8.4) | |
Property manager's fees Property tax
Land rental
Other property expenses
Property expenses Net property incomeManagement fees Trust expenses Interest income Borrowing costs
Non-property expenses Net income before distribution income from subsidiaryDistribution income from subsidiary
Net income after distribution income from subsidiaryChange in fair value of financial derivatives
Total return for the period before income tax and distributionLess: Income tax expense*
Total return for the period after income tax before distribution*Amounts less than S$1,000
Distribution Statement
Group | Trust | |||||
Note | 1Q2017 S$'000 | 1Q2016 S$'000 | Inc/ (Dec) % | 1Q2017 S$'000 | 1Q2016 S$'000 | Inc/ (Dec) % |
(f) | 12,641 | 13,786 | (8.3) | 12,451 | 13,600 | (8.4) |
464 | 726 | (36.1) | 654 | 912 | (28.3) | |
13,105 | 14,512 | (9.7) | 13,105 | 14,512 | (9.7) | |
(g) | 1.004 | 1.112 | (9.7) | 1.004 | 1.112 | (9.7) |
4.016 | 4.448 | (9.7) | 4.016 | 4.448 | (9.7) | |
Net effect of non-taxable items
Net income available for distribution for the period Distribution per unit (cents): For the period Annualised- Not meaningful
Notes:The net property income in 1Q2017 decreased by 8.4% to S$19.7 million, mainly due to full quarter effect of property conversions and divestments since 1Q2016 resulting in:
loss of revenue during the transition phase of the properties moving from single- tenanted to multi-tenanted;
increase in property operating expenses (property tax, land rental, maintenance costs and other property expenses), as a result of the above conversions; and
property divestments in FY2016.
The Manager has elected to receive its management fee wholly in cash for 1Q2017. Management fee decreased due to lower assets under management, a result of property divestment proceeds being used to repay borrowings.
Trust expenses comprised statutory expense, professional fees, compliance costs, listing fees and other non-property related expenses. Trust expenses for 1Q2017 were lower mainly due to lower statutory and consultancy fees than 1Q2016.
Cambridge Industrial Trust published this content on 25 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 April 2017 22:36:09 UTC.
Original documenthttp://cambridgeindustrialtrust.listedcompany.com/newsroom/20170425_062600_NULL_BAO7VF5XHJL4HUX8.1.pdf
Public permalinkhttp://www.publicnow.com/view/7751CCC2A3FC89F556434C96A299A64C3B7CF50E
