Daiwa House Logistics Trust posts H1 DPU of S$0.0309; NPI down 4.5%
DAIWA House Logistics Trust on Wednesday (Aug 3) posted a distribution per unit (DPU) of S$0.0309 for the period between Nov 26, 2021 (its listing date) and Jun 30, 2022.
This was in line with its pro-rated forecast disclosed in its initial public offering prospectus, the manager said.
A weaker yen against the Singapore dollar led net property income and gross revenue to fall short of the real estate investment trust’s (Reit) pro-rated forecasts from the prospectus.
Net property income slid 4.5 per cent to S$30 million from the pro-rated forecast of S$31.5 million, while gross revenue dropped 3.6 per cent to S$38.9 million from the S$40.4 million projected.
On a yen basis, gross revenue was 0.4 per cent higher at 3.5 billion yen, due to higher utilities income and other income compared with what was assumed in the manager’s forecast.
Higher capital returns from Japan entities had also lifted distributable income to S$20.9 million, in line with estimates, despite the weaker yen against the Singapore dollar.
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The Reit’s DPU of S$0.0309 will be paid out on Sep 6, after the record date on Aug 12.
On top of bagging a new lease, all leases due to expire during the half year were renewed, bringing the occupancy rate to 98.6 per cent as at Jun 30. Rents also rose at an average of 3.1 per cent during the period.
The Reit’s weighted average lease expiry stood at 6.8 years, while gearing was 34 per cent as at end-June.
Units of Daiwa House Logistics Trust closed at S$0.75 on Wednesday, up S$0.01 or 1.4 per cent, after the results release.
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