SINGAPORE (Apr 28): The manager of Cache Logistics Trust has declared a distribution per unit (DPU) of 0.997 cents for 1Q2020 ended March. This is down 34.1% from 1Q2019’s DPU of 1.513 cents.

Distributable income to unitholders fell 33.5% to $10.9 million; $2.5 million was retained mainly to conserve capital to address potential rental deferment, as well as potential waivers required to support some tenants through this challenging period.

Excluding one-off items, adjusted DPU for 1Q2020 would have been 1.226 cents, some 14.1% lower than a year ago.

Revenue for the quarter fell 6.6% y-o-y to $28.8 million due to the conversion of Cache Gul LogisCentre from master lease to multi-tenancy in April 2019, transitory vacancy downtime between leases, lower signing rents for leases as compared to the previous leases, and a weaker Australian dollar. This was partially offset by additional rental and contributions from the warehouse in Altona, Victoria in Australia that was acquired in April 2019.

The Trust also reported a lower net property income (NPI) of $22.0 million, 7.3% lower y-o-y, which fell as a result of the lower revenue, higher expenses due to the conversion of Cache Gul LogisCentre, and was partially offset by lower expenses from its Australia portfolio.

The Trust’s portfolio committed occupancy as of end March, was reported at 97.1%, with a weighted average lease to expiry (WALE) of 2.9 years.

Cache Logistics Trust has also announced its rebranding to become ARA LOGOS Logistics Trust. The partnership between ARA Asset Management and integrated logistics property specialist Logos Group was announced in December 2019.

“This rebranding exercise reflects ALOG’s enhanced growth potential, supported by the complementary strengths, capabilities and resources of ARA and LOGOS,” says Daniel Cerf, CEO of the Manager.

“We are now able to leverage on LOGOS’ established track record and enlarged network of high-quality, modern logistics warehouses and strong tenant relationships across Asia Pacific. Coupled with its extensive development expertise, we are confident that ALOG will continue to deliver sustainable growth for our Unitholders in the future,” he adds.

As of 9.03am, shares in Cache Logistics Trust are trading at 1 cent higher, or 1.9% higher, at 52.5 cents.