Cache Logistics Trust Q1 DPU down 5%

CACHE Logistics Trust posted a distribution per unit (DPU) of 2.039 Singapore cents for the first quarter ended March, down 5.0 per cent from a year ago. Distributable income was S$18.2 million, up 8.6 per cent year-on-year; the dip in DPU was primarily due to an enlarged units base.

For the quarter under review, gross revenue increased 32.7 per cent year-on-year to S$27.9 million while net property income rose 12.0 per cent to S$22.05 million. Net property income increased by a slower pace as the incremental income contribution from the Australian portfolio and DHL Supply Chain Advanced Regional Centre was offset by lower income from those Singapore properties converted from single-tenant master leases to multi-tenancies.

Daniel Cerf, chief executive officer of the manager said: "Our long-term diversification and growth strategy is yielding results. During the quarter, we received revenue contribution from DHL Supply Chain Advanced Regional Centre, our first successful build-to-suit warehouse. Likewise, our Australian strategy is also paying off with the portfolio there contributing 13.8 per cent of Q1 FY2016 gross revenue. We look to continue to expand our footprint in the country with good quality assets."