Daiwa House Logistics Trust · SGX:DHLU
Daiwa House Logistics Trust — H1 2025 Earnings Presentation
25 slides from Daiwa House Logistics Trust's earnings presentation, Aug 8, 2025
Slide 1: Daiwa House Logistics Trust 1H FY2025 Results
Daiwa House Logistics Trust Results for first half ended 30 June 2025 (“1H FY2025”) 8 August 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: 1H FY2025 Highlights
1H FY2025 HIGHLIGHTS Portfolio Portfolio Rent Acquisition of DPL Occupancy(1) WALE(1,2) Uplift(3) Gunma Fujioka(4) 93.2% 6.5 10% YEARS Aggregate Fixed Rate Leverage(1) Borrowings(1) 40.7% 99.3% (1) Information as at 30 June 2025. (2) Weighted average lease expiry (“WALE”) by gross rental income (“GR
Slide 4: Details of distribution: 2.24 cents
Details of distribution August 2025 S M T W T F S Distribution per Unit 1 2 (“DPU”) for the period 1 January 2025 to 2.24 cents 3 4 5 6 7 8 9 10 11 12 13 14 15 16 30 June 2025 17 18 19 20 21 22 23 24 25 26 27 28 29 30 15 August 2025, 31 Ex-Date 9:00 a.m. September 2025 S M T W T F S 18 August 2025,
Slide 5: Operational Performance
Operational D Project Tan Duc 2 Performance
Slide 6: Weighted average rent uplift of 10% for 1H FY2025
Weighted average rent uplift of 10% for 1H FY2025(1) • 6 leases expired in 1H FY2025 : Occupancy 31 Dec 31 Mar 30 Jun Rate 2024 2025 2025 2 leases renewed New tenants secured for 3 leases Japan Premise vacated for 1 lease Portfolio(2) 97.5% 91.8% 92.9% • Space vacated in FY2024 was partially backfil
Slide 7: Well-spread out lease expiries
Well-spread out lease expiries Portfolio Lease Expiry(1) as at 30 June 2025 54.7%(2) Included 2 leases which expired on 30 Portfolio WALE(1,2) June 2025 (3.8%), of which have been renewed / new tenant 6.5YEARS secured Japan Portfolio WALE(1,2) 18.2% 6.0YEARS 10.6% 10.6% Vietnam Portfolio WALE(1,3) 5
Slide 8: Resilience of earnings backed by strong tenant base
Resilience of earnings backed by strong tenant base % of Top 10 Tenant Sector NPI (1) 1 Mitsubishi Shokuhin 3PL 23.3 2 Suntory Logistics 3PL 7.6 Breakdown of Tenant Trade 3 Nippon Express 3PL 5.2 Sector by 4 Meito Vietnam 3PL 5.1 Gross Rental Income(3) 5 Tenant A(2) 3PL 4.2 6 Create SD Retail 4.0 7
Slide 9: DHLT's 19th property - DPL Gunma Fujioka
DHLT’s 19th property - DPL Gunma Fujioka(1) Selected Information on the property Location: Greater Tokyo, Japan Year of Built: January 2022 Land Tenure: Freehold Net Lettable Area: 22,514 sqm Lease Term: 6 years from April 2025(2) • In March 2025, DHLT acquired DPL Gunma Fujioka, a freehold logistic
Slide 10: Financial Performance
Financial DPL Kawasaki Yako Performance
Slide 11: Acquisitions drive topline, distribution lower y-o-y
Acquisitions drive topline, distribution lower y-o-y 1 January to 30 June (1H) 1H FY2024 1H FY2025 Variance Gross Revenue (S$ '000) 27,581 29,174 + 5.8% Net Property Income (S$ '000) 21,233 22,519 + 6.1% Distributable Income to 17,104 15,696 - 8.2% Unitholders (S$ '000) Distribution per Unit (cents)
Slide 12: Stable performance from the Japan Portfolio
Stable performance from the Japan Portfolio Gross Rental Income(1) Net Property Income(1) (JPY million) (JPY million) +1.1% -0.5% 2,766 2,796 2,397 2,386 1H FY2024 1H FY2025 1H FY2024 1H FY2025 • NPI of the Japan Portfolio was relatively stable with a marginal decline of 0.5% y-o-y • Contribution fr
Slide 13: Healthy financial position
Healthy financial position As at As at 31 Dec 2024 30 Jun 2025 (audited) (unaudited) Total Assets (S$ million) 1,083.5 1,130.5 Total Liabilities (S$ million) 565.4 610.6 Net Assets Attributable to Unitholders (S$ million)(1) 482.4 484.1 NAV per Unit attributable to Unitholders (S$)(1) 0.69 0.69 (1)
Slide 14: Aggregate leverage remained at healthy level
Aggregate leverage remained at healthy level Debt Maturity Profile as at 30 Jun 2025 As at (S$ million) 30 June 2025 Total borrowings • S$384.2 million 110.4 105.9 Aggregate leverage(1) • 40.7%(2) 88.3 Weighted average • 2.3 years debt tenure • 1.69% Weighted average 62.0 (all-in rates and borrowing
Slide 15: Interest coverage ratio well above minimum threshold
Interest coverage ratio well above minimum threshold(1) Interest Coverage Ratio(2) 6.6x • The scenario assumed that the increase in interest rate applies to the entire borrowings of DHLT Adjusted ICR Adjusted ICR assuming • As at 30 June 2025, 99.3% of assuming 5% decline in 6.3x 50bps increase in 5
Slide 16: Outlook
Outlook DPL Gunma Fujioka
Slide 17: Japan – Expected to remain well supported in long run
Japan – Expected to remain well supported in long run Supply-demand to balance in coming years(1) Near-term uncertainty from tariffs • New supply of logistics space expected to • United States and Japan agreed decline from 2026 due to factors such as rising trade deal which included lower constructi
Slide 18: Vietnam – Mid-term supply expected
Vietnam – Mid-term supply expected Sector remained healthy, with substantial new supply in near term • Occupancy rate for industrial and Vietnam GDP Growth (y-o-y)(2) logistics facilities generally improved in 8.54% 7.52% 7.09% 1Q2025 due to factors such as growing 5.07% economy and e-commerce activ
Slide 19: Appendix
DPL Ibaraki Yuki Appendix
Slide 20: 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 21: 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 DPL Sapporo Higashi Kariki 2018 60,347 Freehold Multi-tenanted 2.3 100.0% JPY 12,900m DPL Sendai Port 2017 63,119 Freehold Multi-tenanted 0.2 50.1% JPY 13
Slide 22: Summary of green-certified properties
Summary of green-certified properties Solar Energy Capacity Star Rating (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 - DPL Sendai Port 7. DPL Ibaraki Yuki(1) 0.8 8. DPL Gunma Fujioka(
Slide 23: Acquisitions track record
Acquisitions track record Listed with 15th & 16th + 14 properties freehold land 17th 18th 19th DPL Kawasaki Yako DPL Iwakuni 1 & 2 DPL Ibaraki Yuki D Project Tan Duc 2 DPL Gunma Fujioka Acquired for Acquired for Acquired for Acquired for Acquired for JPY71.1 billion JPY4.7 billion JPY2.6 billion VND
Slide 24: 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. 14.9 million sqm(1) Listed on To
Slide 25: www.daiwahouse-logisticstrust.com
www.daiwahouse-logisticstrust.com
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