Cache Logistics Trust reports distribution per unit of 2.14 cents for Q3

SINGAPORE - ARA-CWT Trust Management (Cache) Limited, the manager of Cache Logistics Trust, has announced a distribution per unit (DPU) of 2.14 cents for the third quarter, up 0.7 per cent from the same period a year ago.

In the three months ended Sept 30, gross revenue rose 0.4 per cent from a year ago to $20.8 million, while property expenses increased, which led to a slightly lower net property income of $19.5 million for the period.

Income available for distribution rose 1.2 per cent from the year before to $16.7 million.

"In the quarter we have successfully addressed our financing needs, increased our financial flexibility, and continue to secure lease commitments for upcoming expiries," said Mr Daniel Cerf, the chief executive officer of the manager.

"Despite the significant increase in supply, the Cache portfolio is well-suited to attract large third-party logistics operators given the attractive attributes of the individual properties, particularly those with ramp-up features and optimal floor plates."

As at Sept 30, Cache's portfolio comprised 13 high-quality logistics warehouse properties strategically located in established logistics clusters in Singapore and China, with a total gross floor area of 5.1 million square feet and a property value of about $1.04 billion.

The portfolio is near full occupancy at 99.5 per cent, with a weighted average lease to expiryof 3.6 years.