Daiwa House Logistics Trust Q1 distributable income grows 2.5% to S$9.1 million
DAIWA House Logistics Trust : DHLU 0% on Thursday (May 11) said its distributable income grew 2.5 per cent year on year to S$9.1 million, from S$8.9 million in Q1 FY2022.
Net property income for the real estate investment trust (Reit) rose 0.1 per cent in Q1 to 1.1 billion yen (S$11.3 million), while gross rental income gained 5.3 per cent to 1.4 billion yen, based on unaudited figures.
The Reit’s weighted average lease expiry by gross rental income – based on monthly rent as at March 2023 – was 6.9 years. Portfolio occupancy remained at 98.6 per cent, the same as recorded in the past four quarters.
Aggregate leverage rose slightly from 35.9 per cent to 36.2 per cent as at Mar 31, well below the 50 per cent limit imposed by the Monetary Authority of Singapore.
The manager aims to increase its supply of properties in Japan in 2023, mostly in Greater Tokyo. Demand for its properties is expected to be buoyed by third-party logistics companies, as well as those in e-commerce.
Units of the Reit closed flat at S$0.565 on Wednesday.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hugo Boss and David Beckham partner up for design collection
Under Armour forecasts downbeat annual sales and profit, shares slump
J&J to acquire Proteologix for US$850 million
Walmart sales surge as higher-income shoppers flock to retailer
NetLink NBN Trust posts 1.1% increase in H2 DPU to S$0.0265
US dollar rebounds after falling on weaker inflation, yen ticks up