Daiwa House Logistics Trust’s Q1 NPI up 2.7% YoY

NPI rose to $11.1m from $10.8m in Q1 2024.

Daiwa House Logistics Trust (DHLT) reported a 2.7% year-on-year (YoY) rise in net property income (NPI) to $11.1m in Q1 2025.

This growth was due to the acquisition of D Project Tan Duc 2, partially offset by weaker JPY and lower contribution from the Japan portfolio.

Overall distributable income dropped 9.9% YoY to $8.2m due to lower realised exchange gains and increased interest expenses from additional borrowings and higher interest rates due to the refinancing and restructuring of loans.

NPI from the Japan portfolio slipped 1.0% YoY to $10.6m (¥1.19b) as contribution from DPL Ibaraki Yuki, which was acquired on 15 March 2024, was offset by the vacancies in the Japan portfolio and higher property-related expenses

As of 31 March, overall occupancy stood at 92.1%, with two of the three expired leases in Q1 securing new tenants and a space vacated during FY2024 being partially leased.

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