ARA LOGOS Logistics Trust's Changi Districentre 2. (Photo: REITsWeek)ARA LOGOS Logistics Trust's Changi Districentre 2. (Photo: REITsWeek)

Cache Logistics Trust has reported a distribution per unit (DPU) of 1.597 Singapore cents for its 4Q 2017, a decline of 9.8% from the 1.77 cents achieved in the corresponding period of 2016.

The industrial REIT’s gross revenue and net property income (NPI) for the quarter rose by 8.5%, and 10.2% year-on-year to SGD29.6 million, and SGD23.5 million respectively.

The growth in revenue and NPI are mainly attributable to the rental top-up in respect of 51 Alps Avenue, and incremental contribution from the Spotlight warehouse located at Laverton North in Australia, which was acquired in March 2017, said the REIT.

However these were offset by a drop in revenue from the divestment of Changi Districentre 3, a lower contribution from Changi Districentre 2, and higher property expenses.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.