Daiwa House Logistics Trust posts 0.8% rise in Q1 DPU to S$0.0131

Vivienne Tay

Published Thu, May 12, 2022 · 11:27 AM

DAIWA House Logistics Trust : DHLU 0% on Thursday (May 12) posted a distribution per unit (DPU) of S$0.0131 for the first quarter ended Mar 31, 2022. This was up 0.8 per cent from its pro-rated forecast of S$0.013, the manager said in its first business update since the real estate investment trust’s (Reit) listing on Nov 26, 2021.

It added that financials for the quarter were in line with the pro-rated forecasts disclosed in its initial public offering (IPO) prospectus.

Gross revenue for the 3 months ended March was down 0.8 per cent to S$16.8 million for the period from the S$16.9 million pro-rated forecast, while net property income (NPI) stood at S$13.3 million – 1.4 per cent higher than the pro-rated forecast of S$13.2 million.

Distributable income was 0.6 per cent higher at S$8.9 million, from the S$8.8 million listed in the pro-rated forecast.

For the period between the listing date and end-March, DPU stood at S$0.018, up 0.6 per cent from pro-rated forecast. Distributable income was 0.5 per cent higher than the IPO forecast at S$12.2 million.

NPI for the Nov 26, 2021 to Mar 31, 2022 period was 1.6 per cent higher than the forecast at S$18.6 million, but gross revenue was 0.4 per cent lower than forecast at S$23.4 million.

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Overall portfolio occupancy improved to 98.6 per cent as at Mar 31, with all properties except for 1 at full occupancy. The Reit’s weighted average lease expiry by occupied net lettable area stood at 6.8 years. Gearing meanwhile, stood at 38.2 per cent as at end March.

The Reit will pay its first distribution for the period from listing date to Jun 30, 2022 on or before Sep 30, 2022. The Reit will distribute 100 per cent of its annual distributable income for that period, as per its distribution policy.

Daiwa House Logistics Trust closed 3.1 per cent or S$0.025 lower at S$0.78 on Thursday.