Net property income (NPI) fell by 8.2% y-o-y to $23.1 million also undermined by the weaker JPY. In JPY terms, NPI rose by 2.8% y-o-y to 2.4 billion yen mainly due to the acquisition of DPL Ibaraki Yuki as well as lower property expenses.
Daiwa House Logistics Trust (DHLT) has reported a distribution per unit (DPU) of 2.45 cents for the 1HFY2024 ended June 30, 6.1% lower y-o-y.
Gross revenue fell by 10.7% y-o-y to $30.9 million due to the weaker Japanese yen (JPY). In JPY terms, gross revenue dipped by 0.1% y-o-y to 3.12 billion yen ($28.1 million) due to the lower rental from lower occupancies and lower utilities recoverable income. This was offset by rental income contributed by the REIT’s new acquisition, DPL Ibaraki Yuki. The acquisition was completed on March 15.
