Daiwa House Logistics Trust's 1H FY24 Result Review
Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue and NPI declined YoY, primarily due to the weakening JPY against SGD. However, the impact on distributable income was less severe, thanks to lower finance expenses and higher realized exchange gains.
Rental Reversion
In 1H, DHLT achieved a weighted average rent reversion of approximately 6%.
Acquisition
DHLT completed the acquisitions of DPL Ibaraki Yuki on 15 March and D Project Tan Duc 2 on 5 July.
Related Parties Shareholding
The REIT manager holds a relatively high proportion of shares while the REIT sponsor and directors of the REIT manager hold a relatively low proportion.
Lease Profile
Overall, the lease profile falls within the median range, with a long WALE.
Debt Profile
The debt profile shows a mix of positive and negative aspects: high adjusted interest coverage ratio, low cost of debt, and 100% fixed-rate debt are positives, while a short WADM, 0% unsecured debt, and a high proportion of perpetual securities are less favorable.
Diversification Profile
The portfolio is geographically diversified but concentrated in properties and tenants.
Key Financial Metrics
Operating distributable income on capital and operating distributable income margin are high. Additionally, the management fee is low compared to operating distributable income. However, property yield is low.
DPU Breakdown
TTM Distributable Income Breakdown:96.1%from Operation3.7% from Management Fees Paid in Units0.2% being Retained
Trends (Up to 10 Years)
Uptrend: Adjusted Interest Coverage Ratio, Operating Distributable Income on Capital, Operating Distributable Income Margin
Flat: DPU from Operation, Committed Occupancy, Operating Distributable Income over Manager's Fees, Operating Distribution Proportion
Downtrend: NAV per Unit, Property Yield
Price Range & Relative Valuation Metrics
Dividend Yield - Average for 1y & 3y
P/NAV - Average for 1y & 3y
Author's Opinion
Compared to the previous half-year, gross revenue and DPU have declined mainly due to the depreciation of JPY against SGD and lower realized exchange gains. Regarding debt, approximately 27.4% of debt requires refinancing this year.
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- FrancesWesley·08-27Thanks for sharing the comprehensive review of Daiwa House Logistics Trust's 1H FY24 results.LikeReport