Cache Logistics Trust's Q4 DPU down 3.4%

WAREHOUSE owner Cache Logistics Trust posted a smaller distribution per unit (DPU) for the fourth quarter as an increase in distributable income was outpaced by a spike in the number of units issued.

DPU fell 3.4 per cent from the previous year to 2.074 Singapore cents for the three months ended Dec 31, 2015, the trust said in a Singapore Exchange filing on Monday.

Distributable income rose 4.7 per cent to S$17.57 million year on year, which included about S$2.12 million in partial sales proceeds from the trust's sale of a warehouse at Penjuru Lane.

Net property income slid one per cent to S$19.18 million, even though gross revenue jumped 16.6 per cent to S$24.03 million from the previous year.

Over the same time frame, the number of units used to calculate DPU went up from about 781.76 million to around 893.47 million.

The trust manager said in its statement that the drop in net property income was partly due to a "marginal decline" in occupancy rates and other property-related expenses as some master leases were converted to multi-tenanted leases.

The manager's fee climbed 13.7 per cent from the previous year to S$1.96 million.

Cache Logistics Trust units rose a cent to S$0.87 before the results were released.