Daiwa House Logistics Trust NPI up 4.6% YoY in 1Q24

Its gross rental income also rose 1.9%.

SGX-listed Daiwa House Logistics Trust (DHLT) registered a net property income of JPY1.2b ($8.74m) in 1Q24, reflecting a 4.6% YoY increase.

The company attributed its improved performance to higher portfolio occupancy.

Gross rental income rose 1.9% YoY to JPY1.39b ($12.1m) from JPY1.36b ($11.9m) a year ago, whilst distributable income saw a slight increase of 0.6% YoY due to realised gains from hedges.

Portfolio weighted average lease expiry (WALE) stood at 5.9 years after the REIT renewed the lease of D Project Kuki for 10 years from August, extending the portfolio WALE.

Its aggregate leverage increased to 37.3% following the additional 5-year loan to acquire DPL Ibaraki Yuki.

DHLT expects growth in e-commerce and 3PL logistics in Japan amidst rising demand.