Cache Logistics Trust's Q3 DPU unchanged at 2.14 cents

Cache Logistics Trust on Wednesday posted an unchanged distribution per unit (DPU) of 2.14 Singapore cents for the third quarter ended September 30, 2015.

Gross revenue rose 11.3 per cent to S$23.1 million, while net property income fell 3.6 per cent to S$18.8 million.

The Reit manager said: "Compared to Q3 2014, this quarter's net performance was impacted by conversions of four properties from single-tenanted master leases to multi-tenancies during the year in a soft rental market, leading to a slight increase in vacancy.

"Also, Cache assumed direct obligation for property expenses including land rent, property tax and leasing expenses for the new multi-tenanted premises."

For the nine-month period, DPU stayed flat at 6.426 Singapore cents. Gross revenue rose 5.5 per cent to S$65.7 million, while net property income fell 2.8 per cent to S$57 million.

Units of the Reit added half a cent to S$1.025 on the stock market, before the results were released.