vinciee88
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Cambridge Industrial Trust (“CIT”) announces its unaudited first quarter financial results ended 31 March 2011.
Key highlights include:
• 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.
Singapore, 28 April 2011 - Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT registered gross revenue of S$19.3 million and a net property income (“NPI”) of S$16.6 million for its first quarter financial results ended 31 March 2011 (“1Q2011”).
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. Unitholders who exercised their Rights, and as a result have been issued additional Units, will receive a distribution payment not affected by this dilution.
If the Rights Units had been excluded from the distribution calculation (as the capital raised did not contribute to the 1Q2011 earnings), the 1Q2011 DPU would have been 1.126 cents, which is 5.6% less than the previous quarter. This decrease is attributable to dilution from the equity raising in November 2010 and the time being taken to deploy the proceeds of this raise into income earning assets.
Key highlights include:
• 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.
Singapore, 28 April 2011 - Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT registered gross revenue of S$19.3 million and a net property income (“NPI”) of S$16.6 million for its first quarter financial results ended 31 March 2011 (“1Q2011”).
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. Unitholders who exercised their Rights, and as a result have been issued additional Units, will receive a distribution payment not affected by this dilution.
If the Rights Units had been excluded from the distribution calculation (as the capital raised did not contribute to the 1Q2011 earnings), the 1Q2011 DPU would have been 1.126 cents, which is 5.6% less than the previous quarter. This decrease is attributable to dilution from the equity raising in November 2010 and the time being taken to deploy the proceeds of this raise into income earning assets.
