DHLT’s nine-month distributable income falls 8.4% to $23.4m

Higher interest costs offset NPI growth from its Vietnam asset.

Daiwa House Logistics Trust (DHLT) posted an 8.4% decline in distributable income to $23.4m (¥ 2.79b) in the first nine months, as higher interest expenses offset a 3.3% rise in net property income (NPI) to $ 33.7m (¥ 4.01b).

The increase in NPI was driven by the first full-year contribution from the Vietnam property Tan Duc 2.

Aggregate leverage stood at 41.2%, with 99.3% of borrowings on fixed rates and a weighted average cost of 1.69%. DHLT is refinancing a $84m (¥ 10b) loan due November 2025, expected to extend its average debt tenor to 3.1 years from 2. The interest coverage ratio was 6.0 times, above the regulatory minimum.

Over 95% of assets by valuation are green-certified, with 13 properties equipped with solar panels generating 18.6 MWp. The portfolio’s concentration in Japan and Vietnam continues to support stable long-term cash flow visibility.

(1 JPY = 0.0084 SGD)

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