DAIWA House Logistics Trust’s (DHLT) distribution per unit (DPU) remained unchanged for the second half ended Dec 31, 2023, at 2.61 Singapore cents.
Gross revenue was down 2.9 per cent to S$29 million for the half-year period, from S$29.8 million in the year-ago period. It was weighed down by a weaker Japanese yen.
In yen terms, gross revenue was up 4.6 per cent to 3.1 billion yen (S$28 million), supported by higher rental income due to a rise in occupancy, coupled with contributions from acquisitions completed in December 2022.
Net property income (NPI) fell 3.3 per cent on the year to S$22.2 million for the half-year period, from S$23 million. In yen terms, NPI rose 4.1 per cent to 2.4 billion for H2 2023.
Distributable income rose 3 per cent year on year to S$18.2 million from S$17.7 million. The distribution will be paid out on Mar 26, after the record date on Mar 7.
For the full year ended Dec 31, 2023, DPU was 0.2 per cent higher at 5.22 cents versus 5.21 cents recorded in the corresponding 12-month period. Distributable income grew 3.1 per cent to S$35.3 million.
Gross revenue was down 3.7 per cent to S$66.1 million, while NPI eased 5 per cent to S$47.7 million.
DHLT units were trading 0.8 per cent or S$0.005 lower at S$0.64 as at 10.07 am on Wednesday.