Cambridge Industrial Trust

Cambridge Industrial Trust: DPU increased by 9.9% YoY for 4Q12, and 12.9% on FY12 basis. Gross revenues grew 15.6% YoY, with the Occupancy rate of 99.2% and a Weighted Average Lease to Expiry of 3.3 years. 2 acquisitions were announced in 4Q12 for $52m, bringing the total to 9 acquisitions totalling $280.4m for 2012. The company will maintain its gearing ratio between 30-40%, after reporting a 38.6% gearing ratio for FY12. Distribution reinvestment plan take up of 36.0% for 4Q12. Going forward, the latest cooling measures on sellers stamp duty on industrial property is likely to reduce speculation and moderate industrial value; little impact on CIT given their strategy to hold the properties for long term.