CLT – Lim & Tan

• Cache Logistics Trust posted 1Q ’13 distributable income of S$15.8 million, up 18.3% y-o-y. Distribution per unit (DPU) for 1Q ’13 came in at 2.234 cents (including the advanced distribution of 2.121 cents scheduled to be paid on 26 April 2013). This amounts to an annualized dividend yield of 6.9%.
  
• The increase in distributable income came mainly from the upward rental adjustments and rentals from investments properties acquired in 2012.
  
• The trust’s aggregate gearing ratio fell to 29.2%, down from 31.7% in the previous quarter, after it raised approximately S$84.8 million by way of a private placement in March 2013.
  
• With the current portfolio of assets running at 100% occupancy and 0% of its gross floor area (GFA) due for lease renewal for the remaining of FY ’13, there is little room for earnings from existing assets to surprise in the near term. Going forward, key catalysts would be coming mainly from accretive acquisitions.