Daiwa House Logistics Trust's (SGX:DHLU) distributable income dropped 8.4% to SG$23.4 million for the nine months ended Sept. 30 from SG$25.5 million a year earlier, according to a Wednesday filing with the Singapore Exchange.
Total distributable income was lower due to interest expenses from additional borrowings for acquisitions and higher interest rates.
Overall net property income, or NPI, was up 3.3% year over year.
The Japan portfolio's rental income was up 1.1% year over year to 4.22 billion yen, while NPI fell 0.3% to 3.61 billion Japanese yen.
Meanwhile, Vietnam portfolio's net property income was up 3.3% to SG$33.7 million from SG$32.6 million a year earlier.
Portfolio occupancy stood at 92% with the weighted average lease expiry at 6.5 years.