- Daiwa House Logistics Trust (SGX:DHLU)'s earnings in JPY terms continue to outperform projections due to higher occupancy rates and higher rents achieved. NPI in JPY terms outperformed IPO forecasts by ~2.5%. However, the weaker JPY vs S$ has had a drag on earnings in S$ terms.
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- JPY depreciated by ~18% against the S$ y-o-y.
Positive rental reversions continued; portfolio occupancy remains very healthy
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- Daiwa House Logistics Trust's portfolio occupancy was maintained at a very strong 98.6%. Portfolio WALE is 6.4 years. 15 out of 16 properties are 100% occupied. Only vacancy is at DPL Koriyama (occupancy rate of 82.3%).
Borrowing costs maintained at 0.99% with all loans hedged to fixed rates
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