Daiwa House Logistics Trust · SGX:DHLU
Daiwa House Logistics Trust — FY2024 Earnings Presentation
29 slides from Daiwa House Logistics Trust's earnings presentation, Feb 28, 2025
Slide 1: Financial results for financial year ended 31 December 2024
Daiwa House Logistics Trust Financial results for financial year ended 31 December 2024 (“FY2024”) 28 February 2025
Slide 2: Important Notice
Important Notice This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Daiwa House Logistics Trust (“DHLT”, and the units in DHLT, the “Units”). The past performance of DHLT is not necessarily indicative of the future
Slide 3: FY2024 Key Highlights
FY2024 Key Highlights Portfolio Portfolio Portfolio Occupancy(1) WALE(1,2) Valuation(3) 97.6 % 6.6 YEARS S$ 835.9 MN DPU for Aggregate Unencumbered FY2024 Leverage(1) Properties(1) 4.79 CENTS 38.5 % 100 % % of Portfolio Properties Rated Green(1,4) Added in FY2024 95.7 % 2 (1) Information as at 31 De
Slide 4: Details of distribution
Details of distribution February 2025 S M T W T F S Distribution per Unit 1 for the period 1 July 2024 to 2.34 cents 2 3 4 5 6 7 8 31 December 2024 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Ex-Date 7 March 2025, 9:00 a.m. March 2025 S M T W T F S 1 Record Date 10 March 2025, 5:00 p.
Slide 5: Operational Performance
Operational Performance Operational Performance
Slide 6: Healthy renewal rate in FY2024
Healthy renewal rate in FY2024 LEASING ACTIVITIES IN FY2024 • 12 leases expired in FY2024: 9 leases renewed, with rent uplift achieved for 6 renewals(1) Weighted 2 leases partially renewed at same rent average rent uplift of Space vacated in 2QFY2024 was leased at higher rent(1) approx. 5%(1) • Of t
Slide 7: Portfolio occupancy remained healthy
Portfolio occupancy remained healthy Occupancy Rate 31 Dec 2023 30 Jun 2024 31 Dec 2024 Japan Portfolio(1) 100.0% 96.6% 97.5% Vietnam Portfolio(2) - - 100.0% Overall Portfolio 100.0% 96.6% 97.6% • As at 31 December 2024, 17 out of the 18 properties are fully occupied • D Project Tan Duc 2 in Vietnam
Slide 8: Well distributed lease expiry profile
Well distributed lease expiry profile Overall Portfolio Lease Expiry(1) as at 31 December 2024 Portfolio WALE(1) 6.6YEARS 24.5% Built-to-Suit WALE(1) 10.7YEARS Multi-tenanted WALE(1) 24.9% 19.3% 10.1% 16.0% 1.5% 1.1% 5.0YEARS 2.6% 2025 2026 2027 2028 2029 2030 and beyond Multi-tenanted Built-to-Suit
Slide 9: DHLT’s portfolio anchored by strong tenant base
DHLT’s portfolio anchored by strong tenant base 3PL 78.7% % of Top 10 Tenant Sector NPI (1) 1 Mitsubishi Shokuhin 3PL 22.3 2 Nippon Express 3PL 7.8 3 Suntory Logistics 3PL 7.5 4 Nitori Retail 5.6 Breakdown of Tenant Trade 5 Tenant A(2) 3PL 4.1 Sector by Gross Rental Income(3) 6 Create SD Retail 4.0
Slide 10: Portfolio valuation remained stable
Portfolio valuation remained stable Japan Portfolio Valuation Overall Portfolio Valuation (Japan properties only) (18 properties) (JPY million)(1) (S$ million)(1,2) 0.5% 4.5% 93,116 831.9 835.9 89,108 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 • The valuation of the Japan Portfolio grew by 4.5%
Slide 11: DHLT has a well diversified portfolio
DHLT has a well diversified portfolio % contribution to Hokkaido / Tohoku Greater Tokyo Property Portfolio Valuation(1) 34.6% 40.9% JAPAN - Hokkaido / Tohoku DPL Sapporo Higashi Kariki 13.4% DPL Sendai Port 13.9% DPL Koriyama 7.3% JAPAN - Greater Tokyo D Project Nagano Suzaka S 2.8% D Project Maebas
Slide 12: DHLT maintains a GREEN portfolio
DHLT maintains a GREEN portfolio 9 properties awarded the highest star-rating >95% of the portfolio Solar Panels Rated GREEN Installed 73.8% 6-Stars 63.6% Breakdown of Breakdown of Properties with Properties with Solar Panels Green Rating Installed by by Portfolio Portfolio Valuation(1) Valuation(1)
Slide 13: Financial Performance
Financial Performance
Slide 14: Acquired properties boost NPI
Acquired properties boost NPI 1 July to 31 December 2H FY2023 2H FY2024 Variance Gross Revenue (S$ '000) 28,951 29,519 + 2.0% Net Property Income (S$ '000) 22,192 22,657 + 2.1% Distributable Income to 18,244 16,412 - 10.0% Unitholders (S$ '000) Distribution per Unit (cents) 2.61 2.34 - 10.3% • Gross
Slide 15: Healthy operations affected by weaker JPY
Healthy operations affected by weaker JPY 1 January to 31 December FY2023 FY2024 Variance Gross Revenue (S$ '000) 59,852 57,100 - 4.6% Net Property Income (S$ '000) 45,324 43,890 - 3.2% Distributable Income to 36,373 33,518 - 7.8% Unitholders (S$ '000) Distribution per Unit (cents) 5.22 4.79 - 8.2%
Slide 16: Underlying performance of Japan Portfolio healthy
Underlying performance of Japan Portfolio healthy Gross Rental Income Net Property Income (JPY million) (JPY million) +2.1% +1.8% 4,838 5,583 5,483 4,736 FY2023 FY2024 FY2023 FY2024 • Underlying performance of the Japan Portfolio remained healthy as gross rental income and NPI improved y-o-y in JPY
Slide 17: Healthy financial position
Healthy financial position As at As at 31 Dec 2023 31 Dec 2024 (audited) (unaudited) Total Assets (S$ million) 1,101.7 1,083.5 Total Liabilities (S$ million) 548.3 565.4 Net Assets Attributable to Unitholders (S$ million)(1) 517.7 482.4 NAV per Unit attributable to Unitholders (S$)(1) 0.74 0.69 • Ne
Slide 18: Enhanced financing flexibility post loan restructuring
Enhanced financing flexibility post loan restructuring Debt Maturity Profile as at 31 December 2024 As at (S$ million) 31 December 2024 Total borrowings • S$343.3 million 108.5 104.2 Aggregate leverage(1) • 38.5%(2) 86.8 Weighted average • 2.7 years debt tenure • 1.66% Weighted average (all-in rates
Slide 19: Steady Growth
Steady Growth
Slide 20: Steady growth since IPO
Steady growth since IPO • DHLT was listed on the Singapore Stock Exchange in November 2021 with 14 properties and has grown steadily since then • With 2 further acquisitions in FY2024, the portfolio now comprises 18 high quality properties ✓ Acquired DPL Ibaraki Yuki, a freehold logistic property lo
Slide 21: Outlook
Outlook tie Ss a = 5 — 4 = a see Aes] =
Slide 22: Long term prospects of Japan logistics market healthy
Long term prospects of Japan logistics market healthy Japan Logistics Sector • The e-commerce sector in Japan continued to grow, increasing by 4.8% in 2023 to a market • The logistics sector in Japan continued to size of JPY14.7 trillion(3) face near-term challenges from increase in • However, the e
Slide 23: Vietnam logistics market to remain supported
Vietnam logistics market to remain supported • Vietnam logistics sector is expected to be supported by factors such as: Growing • Disbursement of foreign direct investments (FDI) in 2024 FDI grew by 9.4% y-o-y(1) to a record high of US$25.4 billion • Government to increase infrastructure spending, a
Slide 24: Appendix
Appendix
Slide 25: Asia-focused with strong sponsor support
Asia-focused with strong sponsor support ASIA-FOCUSED LOGISTICS REIT WITH STRONG AND COMMITTED DEVELOPER HIGH QUALITY MODERN PROPERTIES SPONSOR TO SUPPORT FUTURE GROWTH Daiwa House Logistics Trust (DHLT) is established with the investment strategy of principally investing, directly or indirectly, in
Slide 26: Portfolio Summary
Portfolio Summary Completion NLA Land Property WALE by Year (sq m) Tenure Type GRI(1) (years) Occupancy(2) Valuation(3) JAPAN - Hokkaido / Tohoku 1. DPL Sapporo Higashi Kariki 2018 60,347 Freehold Multi-tenanted 2.8 100.0% JPY 12,900m 2. DPL Sendai Port 2017 63,119 Freehold Multi-tenanted 0.4 100.0%
Slide 27: Summary of Green Rated Properties
Summary of Green Rated Properties Solar Energy Star Rating Capacity (MWp) 1. DPL Sapporo Higashi Kariki - 2. DPL Sendai Port 2.6 3. DPL Koriyama 3.0 4. D Project Nagano Suzaka S 0.9 5. D Project Maebashi S 1.4 6. D Project Kuki S - 7. DPL Ibaraki Yuki(1) 0.8 8. D Project Misato S - 9. D Project Irum
Slide 28: Sponsor - Daiwa House Industry Co., Ltd
Sponsor - Daiwa House Industry Co., Ltd ✓ One of the largest construction and real estate development companies in Japan ✓ Comprehensive property-related businesses across multiple asset-class and countries ✓ A leader in logistics development having developed approx. 12.9 million sqm(1) Listed on TS
Slide 29: www.daiwahouse-logisticstrust.com
www.daiwahouse-logisticstrust.com
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