Daiwa House Logistics Trust reported today (Nov, 12 2025) a 3.3% year-on-year increase in net property income for the nine months ended Sep, 30 2025, supported by a full-period contribution from its Vietnam asset, D Project Tan Duc 2, and March 2025 acquisition DPL Gunma Fujioka.

Portfolio occupancy stood at 92.0% as at Sep, 30 2025 after the renewal or replacement of five expiring leases and partial backfilling of FY2024 vacancies. Weighted average lease expiry remained long at 6.5 years.

Aggregate leverage was 41.2%, comfortably below the 50% regulatory limit, while the interest coverage ratio was 6.0 times. Fixed-rate borrowings accounted for 99.3% of total debt. The trust plans to refinance JPY10 billion of loans maturing in late Nov, 2025 with a new five-year fixed-rate facility.

Management said underlying demand for logistics space in Japan remains firm, and Vietnam’s market is expected to benefit from growth in consumer goods, pharmaceuticals and e-commerce sectors. The portfolio comprises 18 properties in Japan and one in Vietnam, totaling more than 499,000 sqm of net lettable area.