Daiwa House Logistics Trust - DBS Research 2022-11-10: Lost In Translation

• See Daiwa House Logistics Trust's announcement dated 09 Nov for its 3Q22 business update:

Higher revenues and NPI in JPY terms

• - Read this at SGinvestors.io -
• Despite this, distributable income in S$ was in line with IPO forecasts, mainly due to lower finance expenses due to;
  • Lower interest rates compared to forecasts and weaker JPY.
  • Lower asset management expenses, perpetual coupon payments, and other trust expenses, also due to weaker JPY.

Positive rental reversions

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• Year-to-date, FY22 achieved positive rental reversions of +2.9%.

All leases that have expired so far have been renewed. Only ~5.4% of leases will be due to expire in 4Q22, and a further ~20.1% in FY23. No master leases expiring until FY24.

Low borrowing costs of ~1.0%

• Read more at SGinvestors.io.

Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-11-10 SGinvestors.io

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