DHLT’s 1QFY2025 distributable income down by 9.9% to $8.2 mil on lower exchange gains and higher interest expenses

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.