SINGAPORE - Cache Logistics Trust reported a slight increase of 0.4 per cent for its first-quarter distribution per unit (DPU) to 1.513 cents from 1.507 cents a year ago, its manager said on Thursday morning (April 25) before the market opened.

Gross revenue for the three months ended March 31 grew 6.2 per cent year on year to $30.8 million, mainly due to higher contributions from the nine-property Australia portfolio acquired in February 2018, as well as the conversion of CWT Commodity Hub from a master lease to a multi-tenancy lease structure.

Net property income likewise rose 4 per cent to $23.8 million. This was largely attributed to last year's acquisitions in Australia, and $1.5 million of land rent that was excluded from property expenses due to the adoption of new financial reporting standards that took effect on Jan 1, 2019. However, the increase was partially offset by lower contribution from the divestment of 40 Alps Ave, as well as weaker performance of the Singapore portfolio amid higher property expenses incurred from the CWT Commodity Hub conversion.

Distributable income increased by 1.2 per cent to $16.3 million for the quarter from the year-ago period, thanks to a higher tax-exempt income from overseas subsidiaries and a higher capital distribution of $200,000.

During the quarter, the real estate investment trust (Reit) acquired a single-storey warehouse and office facility in Altona, Victoria, Australia for A$41.2 million ($39.4 million), and the transaction is expected to complete by the end of April.

The Reit had a committed occupancy rate of 94.8 per cent as at March 31, and the weighted average lease expiry by net lettable area was 3.1 years.

Cache Logistics Trust units were trading at S0.725 as at 9.20am on Wednesday, up 0.5 cent.