Blame the higher property-related expenses.
Cache Logistics Trust reported a decline in its net property income for the quarter ending in March, down 5.8% to $20.8m.
This came as its gross revenue fell 2.9% to $27.1m. According to OCBC Investment Research, the declines across the board was largely attributable to higher property related expenses arising from the conversion of certain properties from master leases to multi-tenancies.
The group's DPU fell 11.7% YoY to 1.80 S cents and constituted 25.5% of our full-year projection.
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