Cache Logistics Trust posts 9.5% drop in second-quarter distribution to 1.8 cents

SINGAPORE - Cache Logistics Trust has posted a 9.5 per cent drop in distribution per unit (DPU) to 1.8 cents for the second quarter ended June 30, down from 1.989 cents in the same period a year earlier.

Distributable income fell 8.8 per cent to $16.3 million from $17.8 million previously.

Net property income eased 4 per cent to $21.7 million, while gross revenue dipped 0.7 per cent to $27.9 million.

The weaker showing came on the back of a lower contribution from 51 Alps Ave due to ongoing legal proceedings, the conversion of 40 Alps Ave from master lease to multi-tenancy, and the divestment of Cache Changi Districentre 3 in January this year, said the manager in its earnings report on Friday (July 21).

This was offset by a higher contribution from DHL Supply Chain Advanced Regional Centre, Cache Changi Districentre and Cache Cold Centre, all of which enjoyed higher occupancies, as well as the additional contribution from the Spotlight warehouse.

Cache Logistics Trust's portfolio comprises 19 logistics warehouse properties in Singapore, Australia and China. It had a total gross floor area of about 7.6 million sq ft, valued at around $1.2 billion as at June 30.

Units of Cache Logistics Trust closed flat at 94 cents on Friday, before the results were announced.