Singapore-listed Industrial REIT Cache Logistics Trust (CLT) (SGX:K2LU) has reported a slight drop in Distribution per Unit (DPU) for its 4Q 2013. DPU for the quarter came in at 2.137 cents, a 0.8 per cent decline as compared to the 2.154 cents reported in the corresponding quarter of 2013. However DPU for the year came in at 8.644 cents, a 3.3 per cent increase compared to the 8.365 cents from a year ago.
|The portfolio of Cache Logistics Trust is currently 100% occupied.|
Gross revenue for the REIT increased 11.4 per cent to S$81.0 million while net property income rose 11.1 per cent to S$76.8 million. On the back of these strong numbers, distributable income grew 14.1 per cent to S$65.6 million.
The management for CLT has attributed the growth in gross revenue to rental contribution from the acquisition of Precise Two in April 2013 as well as built-in rental escalation within the portfolio. The REIT continues to maintain a fully occupied portfolio in 2013 compared to the average Singapore warehouse occupancy of 93.3 per cent with a Weighted Average Lease to Expiry (WALE)
of 3.1 years as at end-December.
Units of CLT closed the day 1.35 per cent higher from its previous close to end at S$1.12 on the Singapore Exchange.