The income available for distribution fell marginally by 0.6% to $16.1 million in 1Q18, compared to $16.2 million a year ago.
This was mainly due to the absence of a capital distribution in 1Q18. Excluding the capital distribution of $0.9 million paid in 1Q17, on a like-for-like basis, the income available for distribution was up 5.5%.
1Q18 gross revenue rose 7.3% to $29.0 million, from $27.1 million a year ago.
This was mainly attributable to new income contribution from the Australian portfolio comprising nine properties acquired in February 2018, higher revenue from 51 Alps Ave and its rental top-up, as well as higher revenue from several Singapore properties.
Net property income (NPI) grew 10.0% to $22.9 million in 1Q18, from $27.1 million a year ago, on the back of lower property expenses from the Singapore portfolio.
Cache’s portfolio committed occupancy stood at 97.3% as at Mar 31, with weighted average lease expiry (WALE) by net lettable area at 3.5 years.
As at end March, cash and cash equivalents stood at $18.0 million.
“This is the first quarter where the number of properties in Australia outnumber that in Singapore, reflecting the success of Cache’s ongoing portfolio rebalancing and growth strategy,” says Daniel Cerf, CEO of the manager.
The manager says it remains focused on proactive lease and asset management to maintain high occupancy and optimise overall returns.
As part of its portfolio rebalancing and growth strategy, it will also continue to pursue opportunities for strategic acquisitions and asset enhancement initiatives to grow its portfolio and earnings over time.
Units of Cache Logistics Trust closed half a cent lower at 83 cents on Wednesday.
