The quarter’s gross rental income rose by 5.3% y-o-y to JPY1.36 billion ($13.4 million).

Net property income (NPI) rose by 0.1% y-o-y to JPY1.15 billion as the larger contribution from the REIT’s properties acquired in December 2022 and rent increases from leases in 2022 were mostly offset by higher expenses incurred from the earthquake.

NPI in Singapore dollar (SGD) terms stood lower y-o-y due to the weaker JPY against the SGD although the impact to distributable income was mitigated due to the exchange gains on the forwards and lower finance and other trust expenses from the weaker JPY.

As at March 31, the REIT’s occupancy rate stood at 98.6%, stable q-o-q. Its weighted average lease expiry (WALE) stood at 6.9 years by gross rental income (GRI).

The REIT’s aggregate leverage as at March 31 stood at 36.2% with an interest coverage ratio of 11.2x.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

Net asset value (NAV) attributable to unitholders as at March 31 fell 3.75% q-o-q to 0.77 cents.

As at 10.36am, units in DHLT are trading 1 cent higher or 1.77% up at 57.5 cents.

Daiwa House Logistics Trust reports 2.5% higher distributable income of $9.1 mil

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