distribution per unit (DPU) of Daiwa House Logistics Trust (DHLT) for the first half of fiscal 2024 fell 6.1 per cent year on year to S$0.0245 from S$0.0261.
The manager of the trust on Monday (Aug 12) also posted H1 revenue of S$27.6 million, down 10.7 per cent from S$30.9 million.
Net property income (NPI) decreased 8.2 per cent to S$21.2 million from S$23.1 million.
This was attributed to the weaker yen against the Singapore dollar. The manager added that the average exchange rate for the yen against the Singapore dollar was weaker by about 10 per cent in the first half of the year, compared with H1 FY 2023.
The manager, however, noted that NPI in yen terms recorded a 2.8 per cent year-on-year increase.
Distributable income for H1 FY2024 was S$17.1 million, down 5.7 per cent from S$18.1 million. The distribution will be paid out on Sep 26, after the record date on Aug 20.
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The trust has maintained a portfolio occupancy of 96.6 per cent, with a weighted average lease expiry of 6.3 years.
Additionally, its interest coverage ratio was 11.7 times with an aggregate leverage of 36.8 per cent.
Chief executive officer of the manager Jun Yamamura said: “While a weaker yen has affected DHLT’s results in H1 FY2024, operations have remained steady.”
He added: “Most of the tenants for the leases expiring in H2 FY2024 have indicated intention to renew, and we expect some of these renewals to achieve modest rent uplift.”
Units of the trust closed flat on Thursday at S$0.58.
