Cache Logistics Trust reported Thursday its first quarter net property income increased 4.0 percent on-year to S$23.77 million on the acquisition of properties in Australia.
Gross revenue for the quarter ended 31 March rose 6.2 percent on-year to S$30.83 million, the trust said in a filing to SGX before the market open.
“The increase in gross revenue was 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 master lease to multi-tenancy lease structure,” Cache Logistics Trust said.
That was partly offset by higher expenses from the CWT Commodity Hub conversion and the divestment of 40 Alps Avenue, it said.
The distribution per unit (DPU) was 1.513 Singapore cents, up 0.4 percent from 1.507 Singapore cents in the year-ago quarter, the filing said.
The portfolio’s occupancy was 94.8 percent in the quarter, above the average from JTC of 89.5 percent, the trust said.
Cache Logistics Trust has a portfolio of 26 logistics warehouse properties in Singapore and Australia.