News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

Photo from Freepik

Daiwa House Logistics Trust NPI down 8% YoY in H1 2024

Gross rental income also decreased by 9.3%.

Daiwa House Logistics Trust (DHLT) registered a net property income (NPI) of $21.2m in the first half of 2024, an 8% contraction year-on-year (YoY). This was attributable to the weaker Japanese Yen.

The company's gross revenue, likewise, fell 10.7% YoY to $27.6m, resulting from lower rental given the lower occupancy and lower utilities recoverable income but partially offset by rental income contributed by the new acquisition, DPL Ibaraki Yuki.

Due to a weaker Japanese yen against the Singapore dollar, distributable income decreased by 5.7% year-on-year, resulting in a distribution of $0.245 per unit.

DHLT expects demand for logistics facilities to remain healthy, driven by growth in Japanese e-commerce and third-party logistics markets, limited logistics facilities, reshoring of manufacturing facilities, and restriction on truck drivers’ overtime which may drive demand for transition locations.

The REIT also expects demand for logistics facilities to grow in Vietnam due to the growth of e-commerce and the growing middle class.

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