Cache Logistics Trust reports 0.8% dip in quarterly distribution per unit to 2.126 cents

Cache Logistics Trust has reported a 0.8 per cent dip in distribution per unit ( DPU) to 2.126 cents for the third quarter.

Based on an annualised DPU of 8.435 cents and a closing price of $1.18 per unit as at quarter end, distribution yield works out to about 7.1 per cent.

Distributable income rose by 9.6 per cent to $16.5 million on the back of an 8.5 per cent increase to $19.6 million in net property income for the three months to Sept 30.

For the first three quarters of 2013, Cache registered a 12.5 per cent and 15.7 per cent increase in net property income and distributable income to $57.2 million and $48.9 million respectively.

The increase was primarily attributable to rental contribution from new acquisitions made in 2012 and 2013 as well as built-in rental escalation within the portfolio.

At the end of the third quarter, Cache's portfolio included 13 logistics warehouse properties in Singapore and China, with a gross floor area of some 5.1 million square feet and valued at $1.03 billion.

Cache continued to maintain a portfolio occupancy at 100 per cent, compared to the average Singapore warehouse occupancy of 92.8 per ecnt - with a relatively high weighted average lease to expiry of 3.4 years as at Sept 30.