Daiwa House Logistics Trust (SGX:DHLU) reported first-half distribution per unit (DPU) of SG$0.0182, down 19% from SG$0.0224 a year earlier, according to a Thursday filing with the Singapore Exchange.

Distributable income to unitholders fell 8% to SG$12.8 million from SG$15.7 million.

Net property income slipped 13.4% to SG$19.5 million from SG$22.5 million a year earlier.

Gross revenue was down 11.8% year over year to SG$25.7 million from SG$29.2 million, mainly due to higher portfolio vacancy and partially offset by full six-month contribution from DPL Gunma Fujioka, which was acquired in March 2025.

These levels were further weighed down by a weaker yen, which declined by approximately 9.6% year over year against the Singapore dollar.

The company's shares were down 2% in recent trade.