Cache distributable income rose to S$17.1m

Cache distributable income rose to S$17.1m


Singapore, 19 Jan 2018 – Cache Logistics Trust reported a 2.5% year-on-year increase in its distributable income to S$17.1 million for the Q4 ended Dec 31, 2017.

Its distribution per unit (DPU) was 1.597 Singapore cents for the quarter, compared to 1.770 Singapore cents the year before, based on an enlarged units base following a rights issue in October 2017. Excluding the effects of the rights issue, its DPU would have been 1.829 Singapore cents for Q4 2017, compared to 1.850 Singapore cents in Q4 2016.

Its gross revenue was up 8.5% y-o-y to S$29.6 million, and its net property income was 10.2% higher y-o-y at S$23.5 million. This was mainly attributable to the rental top-up at its 51 Alps Ave property and the incremental contribution from its Spotlight warehouse in Melbourne, Australia, offset by a drop-in revenue from its divestment of Changi Districentre 3, a lower contribution from Changi Districentre 2 and higher property expenses.

Cache Logistics Trust is also proposing a divestment of Hi-Speed Logistics Centre at 40 Alps Ave in Singapore for S$73.8 million. The sale price represents an approximate 7% gain over the valuation of the property as at Dec 31, 2017.