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Cache Logistics Trust's DPU down 12.8% in Q3

WAREHOUSE owner Cache Logistics Trust reported a distribution per unit (DPU) of 1.54 cents for the third quarter ended Sept 30, 2017, down 12.8 per cent from 1.77 cents a year ago.

The DPU this quarter was affected by its rights issue which was recently completed on Oct 9, where 162.57 million new units were launched to raise gross proceeds of approximately S$102.7 million.

Its distributable income fell 0.8 per cent to S$16.45 million, mainly due to lower income from operation.

Gross revenue fell 2.2 per cent to S$27.43 million, mostly attributed to the divestment of Cache Changi Districentre 3 and lower income received under protest for 51 Alps Avenue, which is the subject of legal proceedings.

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Net property income (NPI) for the quarter was S$21.34 million, a decline of 3.3 per cent year-on-year. The drop in NPI was on the back of lower revenue and higher property related expenses as a result of the conversion of certain properties from master leases to multi-tenancies, mainly attributable to 51 Alps Ave and 40 Alps Ave.

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