Cache's NPI rises 10.2% to $23.52m in Q4

It gained from the rental top-up of 51 Alps Avenue and other properties.

Cache Logistics Trust's (Cache) net property income (NPI) rose by 10.2% YoY from $23.52m to $21.34m in Q4.

According to its financial statement, distributable income (DI) gained 2.5% YoY to $17.1m.

Meanwhile, revenue increased 8.5% YoY from $27.27m to $29.58m due to the rental top-up in respect of 51 Alps Avenue as well as higher revenue from DHL Supply Chain Advanced Regional Centre (DSC ARC), Cache Cold Centre, and the Australian portfolio.

This was partly offset by the divestment of Cache Changi Districentre 3 (DC3) on 23 January 2017 and lower contribution from Cache Changi Districentre 2 (DC2).

Property expenses inched up by 2.2% due to higher land rent, repair and maintenance expenses, lease commission, and other property related expenses involved in the conversion of master leased premises into multi-tenancies.

For the full year, NPI was slipped 0.8% YoY to $87.3m, whilst revenue inched up 0.6% YoY to $112m.