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.

 

Get the Shenton Wire morning briefing in your inbox