- Daiwa House Logistics Trust posted an increase in revenue and net property income (NPI) for 1H FY2025, with gross revenue rising by 5.8% to S$29.2mil and NPI up 6.1% to S$22.5mil compared to 1H FY2024.
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Despite the higher revenues, DPU for 1H FY2025 was 2.24 cents, an 8.6% decline y-o-y.
- The decrease in Daiwa House Logistics Trust's DPU was a result of lower distributable income for unitholders, which fell by 8.2% to S$15.7mil, from S$17.1mil in 1H24.
- Higher interest expenses due to additional loans drawn for acquisitions, higher interest rate from refinancing, and lower realised gains (weaker S$/JPY exchange rate in FY25) led the dip in distributable income.
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Backfilling of some vacancies lifted occupancy rate to 93.2%.
- Portfolio occupancy remained relatively healthy at 93.2% in 2Q25, marking a 1.1ppt q-o-q improvement from 92.1% in 1Q25. This was driven by the backfilling of previously vacated space at DPL Koriyama, which saw its occupancy rate increase from 66.6% (4Q24) to 92.3%.
- Of the six leases that expired in 1H25, only one was vacant, with the rest being renewed or backfilled with new tenants.
A total of six additional leases (~10.6% of NLA) are due to expire in 2H25.
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