SINGAPORE (April 20): The manager of Cache Logistics Trust on Thursday announced distribution per unit (DPU) of 1.800 cents for the first quarter ended March, falling 11.7% from DPU of 2.039 cents a year ago.

Income available for distribution fell 11.0% to $16.2 million, from $18.2 million a year ago. This was mainly due to lower income from operations, as well as lower capital distribution from the sale proceeds of Kim Heng Warehouse.

Gross revenue fell 2.9% to $27.1 million in 1Q17, from $27.9 million a year ago. This was mainly due to lower revenue contribution from 51 Alps Ave and the divestment of Cache Changi Districentre 3 in Jan 2017.

Net property income fell 5.8% to $20.8 million, from $22.1 million a year ago, largely due to lower gross revenue and higher property expenses associated with more multi-tenanted properties.

As at end-March, portfolio committed occupancy stood at 97.2% by net lettable area, with a long weighted average lease to expiry of 3.6 years.

Cash and cash equivalents stood at $7.1 million as at March 31, 2017.

“Our focus in FY2017 is on improving operating performance in the Singapore portfolio wherever possible in view of the acute oversupply in the market and industry headwinds,” says Daniel Cerf, Chief Executive Officer of the manager.

“As we have articulated to investors, we intend to continue with our portfolio rebalancing and growth strategy to grow and diversify our revenue contributions outside of Singapore,” he adds.

Units of Cache Logistics Trust closed half a cent lower at 87 cents on Thursday.