Cache Logistics' net property income surged 8.5% to $19.6m

But DPU dipped by 0.8% YoY.

According to OCBC Investment Research, Cache Logistics Trust (CACHE) reported 3Q13 NPI of S$19.6m and distributable income of S$16.5m, up 8.5% and 9.6% YoY respectively.

Here's more:

DPU for the quarter came in at 2.126 S cents, down marginally by 0.8% YoY. For 9M13, DPU amounted to 6.507 S cents, up 4.8%.

This forms 76.2% of our FY13 DPU projection. Management noted that the portfolio assets remains fully leased with only 3% of the leases due to expire in 2014, and that it will continue its pursuit of yieldaccretive acquisitions as well as organic growth opportunities in both asset enhancement initiatives and built-to-suit projects.

As at 30 Sep, aggregate leverage stood at a comfortable 29.2%, with 70% of the total borrowings hedged into fixed interest rates. We will speak to management later to get more details on its outlook.