Cache Logistics Trust Q4 DPU falls 8.4% to 1.376 S cents
Singapore
CACHE Logistics Trust's distribution per unit (DPU) fell 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.
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.
As at Dec 31, Cache maintained a committed portfolio occupancy of 95.3 per cent. Its weighted average lease expiry by net lettable area was three years after signing some 1.5 million square feet of leases in the year. Aggregate leverage ratio was at 40.1 per cent, and the full year all-in financing cost was 3.84 per cent.
In December 2019, ARA Asset Management entered into a strategic deal with fund manager Logos Group to establish a logistics real estate platform in the Asia-Pacific region.
As part of the deal, ARA Asset Management said it will transfer its entire holdings in both Cache Logistics Trust and ARA Trust Management (Cache) to Logos. ARA Trust Management (Cache) is the manager of Cache Logistics Trust.
Subject to regulatory approvals, the deal is expected to be completed by Q1 this year.
Cache Logistics Trust closed at 72.5 Singapore cents on Thursday, down one cent or 1.36 per cent.
