Rent increases and new properties lift income at Cache Logistics Trust

Distributable income at Cache Logistics Trust rose 9.6 per cent in the fourth quarter due to rent increases and investment properties bought in 2012 and 2013.

Distributable income was $16.6 million for the three months to Dec 31, from $15.2 million a year ago. Gross revenue rose 8.2 per cent to $20.7 million.

But distribution per unit fell 0.8 per cent to 2.137 cents as a dilutive placement in March last year raised the number of issued units.

The quarter's distributions will be paid on Feb 25.

Full-year distributable income rose 14.1 per cent to $65.6 million as revenue climbed 11.4 per cent to $81 million.

Full-year distribution per unit rose 3.3 per cent to 8.644 cents.

Net asset value per unit was 98 cents at Dec 31, up from 96 cents a year ago. Cache's units rose 1.5 cents to $1.125 on Tuesday.