Daiwa House Logistics Trust Review @ 21 August 2022

Basic Profile & Key Statistics

Main Sector(s): Logistics & Retail
Country(s) with Assets: Japan
of Properties (exclude development/associate/fund): 14

Key Indicators Performance Highlight Gross revenue and NPI are lower than forecast due to weaker JPY/SGD forex. However, distributable income and DPU are meeting forecast due to lower finance expenses and tax expenses. Related Parties Shareholding

REIT sponsor's shareholding: Below median for more than 20%
REIT manager's shareholding: 0%
Directors of REIT manager's shareholding: Below median for more than 20%

Lease Profile

Occupancy: ± 5% from medianAdvertisements
WALE: Above median for more than 20%
Highest lease expiry within 5 years: Below median for more than 10%; Falls in 2024
Weighted average land lease expiry: ± 10% from median

Debt Profile

Gearing ratio: ± 10% from median Advertisements
Gearing ratio including perps: ± 10% from median
Cost of debt: Below median for more than 20%
Fixed rate debt %: 100%
Unsecured debt %: 0%
WADM: Above median for more than 10%
Highest debt maturity within 5 years: Above median for more than 10%; Equally divided into 2024,2025 and 2026.
Interest coverage ratio: Above median for more than 20%

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