Cache Logistics Trust reports 4Q18 net property income slipped on lower Singapore income

Singapore two-dollar bills

Cache Logistics Trust reported on Friday its fourth quarter net property income slipped 0.6 percent on-year to S$23.37 million on lower contributions from the Singapore portfolio.

The Australia portfolio’s net property income rose 71.1 percent in the quarter on an additional nine-property portfolio acquired in February 2018, the Singapore portfolio’s net property income fell 13.7 percent on lower contributions from Commodity Hub, the absence of income from Hi-Speed Logistics Centre, which was divested in May 2018, and a lower contribution from 51 Alps Avenue due to a year-earlier rental top-up, it said in a filing to SGX before the market open on Friday.

The top-up was S$8.2 million, paid in October 2017, to resolve a lease dispute, Cache Logistics Trust said.

Gross revenue for the quarter ended 31 December was S$30.99 million, up 4.8 percent on-year, Cache said.

The distribution per unit (DPU) was 1.502 Singapore cents, down 5.9 percent from 1.597 Singapore cents in the year-earlier quarter, it said.

For the full year, it reported net property income of S$90.92 million, up 4.2 percent on-year, on gross revenue of S$121.54 million, up 8.6 percent on-year. Full-year DPU was 5.903 Singapore cents, down 10.3 percent on-year from 6.583 Singapore cents in the previous year.

Committed portfolio occupancy was at 95.0 percent, it said.

Cache Logistics Trust has 10 properties in Singapore and 16 in Australia.


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