Daiwa House Logistics Trust Q1 distributable income grows 2.5% to S$9.1 million

DAIWA House Logistics Trust 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.