Cache Logistics Trust's net property income down 5.4% to $18.5m in Q2

Due to ongoing asset conversion.

Cache Logistics Trust reported that its net property income declined 5.4% year-on-year to $18.5m in the second quarter.

The quarter’s net performance was impacted by the conversion of three buildings from single-tenanted master leases to multi-tenancies in a soft rental market, leading to a slight increase in vacancy and Cache assuming direct obligation for all property expenses including land rent, property tax and leasing expenses.

Distributable Income in 2Q 2015 amounted to S$16.8 million, up 0.3% from the corresponding period last year. This included a partial capital distribution of S$1.45 million received from the proceeds from the divestment of Kim Heng Warehouse. Unitholders will receive a Distribution Per Unit of 2.140 cents this quarter.