Cache Logistics Trust Q1 DPU falls to 1.507 Singapore cents on larger unit base

CACHE Logistics Trust, which owns logistics warehouse properties in Singapore, China and Australia reported that first-quarter distribution per unit slipped to 1.507 Singapore cents from 1.723 Singapore cents a year ago.

The fall came as Q1 income available for distribution dipped 0.6 per cent to S$16.1 million from the preceding year due to a larger unit base following a rights issue in September 2017.

For the three months ended March 31, gross revenue increased 7.3 per cent from S$27.1 million to S$29 million from the year-ago period.

"The increase in gross revenue was mainly attributable to new income contribution from the nine-property Australian portfolio acquired in February 2018, higher revenue from 51 Alps Ave and its rental top-up, as well as higher revenue from several Singapore properties," the trust's manager said in a filing with the Singapore Exchange on Wednesday evening.

This was partly offset by lower contribution from Cache Changi Districentre 2, 40 Alps Ave and Pandan Logistics Hub, it added.

Net property income grew 10 per cent from S$20.8 million in the year ago period to S$22.9 million.

Cache units finished S$0.005 or 0.6 per cent down at S$0.83 on Wednesday.