CACHE Logistics Trust reported a slight increase of 0.4 per cent for its first-quarter distribution per unit to 1.513 Singapore cents from 1.507 cents a year ago, its manager said on Thursday morning before the market opened.
Gross revenue for the three months ended March 31 grew 6.2 per cent year on year to S$30.8 million, 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 a master lease to a multi-tenancy lease structure.
Net property income likewise rose 4 per cent to S$23.8 million. This was largely attributed to last year’s acquisitions in Australia, and S$1.5 million of land rent that was excluded from property expenses due to the adoption of new financial reporting standards that took effect on Jan 1, 2019.
Distributable income increased by 1.2 per cent to S$16.3 million for the quarter from the year-ago period, thanks to a higher tax-exempt income from overseas subsidiaries and a higher capital distribution of S$200,000.During the quarter, the real estate investment trust acquired a single-storey warehouse and office facility in Altona, Victoria, Australia for A$41.2 million , and the transaction is expected to complete by the end of April.
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