Cache Logistics Trust Q4 DPU falls 8.4% to 1.376 S cents

CACHE Logistics Trust's distribution per unit (DPU) fell by 8.4 per cent to 1.376 Singapore cents for its fourth quarter ended Dec 31, from 1.502 cents a year ago, the real estate investment trust's manager said on Thursday morning.

Gross revenue was down 12.2 per cent to S$27.2 million for the quarter, from S$31 million a year ago.

This was due to lower revenue from converting the master lease to a multi-tenancy lease structure at Cache Gul LogisCentre, transitory vacancy downtime between leases and lower signing rents for leases compared with previous ones. 

The lower gross revenue was also due to a lack of rental contribution from Jinshan Chemical Warehouse - which was divested in December 2018, and a weaker Australian dollar. The drop was partially offset by additional rental contribution by an Australia warehouse acquired in April 2019.

Net property income (NPI) fell 12.4 per cent on the year to S$20.5 million for the quarter, from S$23.4 million.

Distributable income declined 7.6 per cent year on year to S$14.9 million, from S$16.2 million.

The distribution will be paid out on Feb 27, after books closure on Feb 3.

Meanwhile, for the full year ended Dec 31, DPU was 6.4 per cent lower at 5.523 Singapore cents, versus 5.903 cents a year ago, and distributable income fell 5.7 per cent to S$59.8 million. Gross revenue was 6.6 per cent lower at S$113.6 million, while NPI eased 5.6 per cent to S$85.8 million for the full year.

Cache Logistics Trust units closed flat at S$0.735 on Wednesday.