Daiwa House Logistics Trust maintains DPU S$0.0261 for H2

DAIWA House Logistics Trust : DHLU 0%’s (DHLT) distribution per unit (DPU) remained unchanged for the second half ended Dec 31, 2023, at 2.61 Singapore cents.

Gross revenue was down 2.9 per cent to S$29 million for the half-year period, weighed down by a weaker Japanese yen. In the same period last year, gross revenue was $29.8 million.

In yen terms, gross revenue was up 4.6 per cent to 3.1 billion yen (S$28 million), supported by higher rental income due to a rise in occupancy, coupled with contributions from acquisitions completed in December 2022.

Net property income (NPI) fell 3.3 per cent on the year to S$22.2 million for the half-year period, from S$23 million. In yen terms, NPI rose 4.1 per cent to 2.4 billion for H2 2023.

Distributable income rose 3 per cent year on year to S$18.2 million from S$17.7 million. The distribution will be paid out on Mar 26, after the record date on Mar 7.

For the full year ended Dec 31, 2023, DPU was 0.2 per cent higher at 5.22 cents versus 5.21 cents recorded in the corresponding 12-month period. Distributable income grew 3.1 per cent to S$36.4 million.

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Gross revenue was down 3.7 per cent to S$59.9 million, while NPI eased 5 per cent to S$45.3 million.

DHLT’s aggregate leverage stood at 35.2 per cent as at Dec 31, 2023, with all borrowings on a fixed-rate basis, the manager said.

All leases that expired in FY2023 were renewed, capping off the year with a full portfolio occupancy after the real estate investment trust leased its remaining vacant space at DPL Koriyama. Its portfolio’s weighted average lease expiry by gross rental income now stands at 6.2 years.

Meanwhile, property valuations grew 1.8 per cent on the year in Japanese yen terms.

DHLT units were trading 0.8 per cent or S$0.005 lower at S$0.64 as at 10.07 am on Wednesday.