Cache Logistics Trust DPU falls 12.8% in Q3

SINGAPORE - Cache Logistics Trust has posted a third-quarter distribution per unit (DPU) of 1.541 Singapore cents, down 12.8 per cent from a recomputed 1.767 Singapore cents

The lower DPU was due mainly to lower income available for distribution from operations and an enlarged number of units in issue due to the rights issue.

Distributable income in the three months to Sept 30 was S$16.4 million, a 0.8 per cent fall from the same period last year.

Gross revenue dipped 2.2 per cent to S$27.4 million, due to the divestment of Cache Changi Districentre 3 and lower income from 51 Alps Ave due to ongoing legal proceedings, partially offset by higher rental contribution from DHL Supply Chain Advanced Regional Centre, Cache Cold Centre and the Australia portfolio.

Net property income fell 3.3 per cent to S$21.3 million, due mainly to 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.

Portfolio occupancy was 97.2 per cent as at Sept 30, up from 96.4 per cent as at Dec 31.

Earnings per unit was 1.52 Singapore cents, up from a loss per unit of 2.47 Singapore cents in the same period a year earlier.

Net asset value per unit was S$0.77 as at Sept 30, down from S$0.78 as at Dec 31.