Distributable income for the quarter fell to 9.9% y-o-y to $8.2 million mainly due to lower realised exchange rate gains and higher interest expenses from additional borrowings and higher interest rates from the refinancing and restructuring of loans.
Daiwa House Logistics Trust (DHLT) has reported net property income (NPI) of $11.1 million for the 1QFY2025 ended March 31, 2.7% higher y-o-y. This was mainly due to the contribution from D Project Tan Duc 2 that was acquired in July 2024 but partly offset by the weaker Japanese yen (JPY) and slightly lower contributions from the Japanese portfolio.
In JPY terms, NPI fell by 1% y-o-y to 1.19 billion yen ($10.59 million) as the REIT’s contribution from DPL Ibaraki Yuki, which was acquired on March 15, was offset by vacancies in the Japanese portfolio and higher property-related expenses. Gross rental income inched up by 0.1% y-o-y to 1.39 billion yen.
