Gross revenue increased by 6.2% to $30.8 million from $29.0 million in the previous year, mainly attributable to the 9-property Australia portfolio acquired on 15 February 2018 and CWT Commodity Hub’s conversion from a master lease to a multi-tenancy lease structure. This was partly offset by lower contribution from the divestment of 40 Alps Ave and Jinshan Chemical Warehouse in China.
As property expenses increased by 14.5% y-o-y to $7.1 million, 1Q19 net property income saw a growth of 4.0% to $23.8 million from $22.9 million in 1Q18.
During the quarter, the group recorded foreign exchange gains of $96,000, compared to a loss of $4.9 million last year.
Profit attributable to unitholders came in at $13.2 million, 32.1% higher than $10.0 million a year ago.
Looking ahead, the manager remains committed to its proactive asset management strategy to maintain high occupancy and optimise overall returns. As part of its portfolio rebalancing and growth strategy, the manager will also continue to prudently seek strategic acquisitions and asset enhancement opportunities to strengthen its portfolio and grow sustainable earnings over time.
As at 4.00pm, units in Cache Log Trust are trading at 74 cents.
