Unit price of Cambridge Industrial Trust has been creeping upwards, probably in anticipation of the Trust going CD.
Total assets under management exceed $1b with recent revaluation of properties. This resulted in a lower gearing level apart from boosting NTA/unit to 62c. Year on year, gearing ratio has fallen from 34.7% to 33.1%. The REIT has no borrowings due until June 2014.
Interest cover ratio: 5.0x
Average land lease remaining: 36 years.
DPU increased quarter on quarter from 1.082c to 1.118c, representing an increase of 3.33%. Annualised, the distribution yield at 50c per unit is 8.94%.
The REIT will go XD on 6 February and the income distribution is payable on 29 February.
See presentation slides: here.
On 14 October 2011, I said that Cambridge Industrial Trust could be worth another look. That view has not changed.
See blog post here:
Cambridge Industrial Trust: Worth another ...
