Daiwa House Logistics Trust · SGX:DHLU
Daiwa House Logistics Trust — Q1 2025 Earnings Presentation
24 slides from Daiwa House Logistics Trust's earnings presentation, May 9, 2025
Slide 1: Business Update for first quarter ended 31 March 2025
Daiwa House Logistics Trust Business Update for first quarter ended 31 March 2025 (“1Q FY2025”) 9 May 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: 1Q FY2025 Highlights
1Q FY2025 New Property Acquired JPY 4.0bil (1) HIGHLIGHTS Portfolio WALE Occupancy(2) 92.1% (by GRI)(2,3) 6.7YEARS Proportion of Aggregate Leverage(2) 41.1% Fixed-Rate Loans(2) 99.3% (1) Refers to the purchase consideration for the acquisition of DPL Gunma Fujioka. Please refer to the announcement d
Slide 4: Operational Performance
Operational Performance DPL Gunma Fujioka
Slide 5: Healthy rent uplift for renewed leases
Healthy rent uplift for renewed leases • 3 leases expired in 1Q FY2025 : Occupancy 30 Jun 31 Dec 31 March Rate 2024 2024 2025 new tenants were secured for 2 of these leases, with weighted average rent uplift of Japan approximately 13%(1) Portfolio(2) 96.6% 97.5% 91.8% the Manager will continue to wo
Slide 6: Maintaining long WALE
Maintaining long WALE Portfolio Lease Expiry(1) as at 31 March 2025 Portfolio WALE(1) Included 2 leases which expired on 31 25.5% 6.7YEARS March 2025 (c. 2.5%), of which new tenants have been secured Built-to-Suit WALE(1) 10.4YEARS 29.5% (2) Multi-tenanted WALE(1) 13.3% 10.6% 16.1% 1.4% 4.3YEARS 2.5
Slide 7: Tenant base anchored by blue-chip names
Tenant base anchored by blue-chip names % of Top 10 Tenant Sector NPI (1) 1 Mitsubishi Shokuhin 3PL 24.2 2 Nippon Express 3PL 6.8 Breakdown of Tenant Trade 3 Suntory Logistics 3PL 6.5 Sector by 4 Meito Vietnam 3PL 5.5 Gross Rental Income(3) 5 Tenant A(2) 3PL 4.2 6 Create SD Retail 4.0 7 Tenant B(2)
Slide 8: Adding a high-quality property – DPL Gunma Fujioka
Adding a high-quality property – DPL Gunma Fujioka • In March 2025, DHLT added a 19th property to its growing portfolio with the addition of DPL Gunma Fujioka(1) ✓ On a pro forma basis, the DPU of DHLT in relation to FY2024 would increase by approximately 3.3%(1,2) ✓ DHLT gained a new blue-chip tena
Slide 9: Growing the DHLT Portfolio
Growing the DHLT Portfolio 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 VN
Slide 10: Financial Performance
Financial Performance DPL Ibaraki Yuki
Slide 11: Performance of Japan Portfolio
Performance of Japan Portfolio Gross Rental Income(1) Net Property Income(1) (JPY million) (JPY million) +0.1% -1.0% 1,389 1,390 1,200 1,188 1Q FY2024 1Q FY2025 1Q FY2024 1Q FY2025 • NPI of the Japan Portfolio was lower by 1.0% year-on-year (“y-o-y”) as contribution from DPL Ibaraki Yuki, which was
Slide 12: DI impacted by lower exchange gains and interest costs
DI impacted by lower exchange gains and interest costs Net Property Income(1) Distributable Income(1) (S$ million) (S$ million) +2.7% 10.8 11.1 9.2 -9.9% 8.2 1Q FY2024 1Q FY2025 1Q FY2024 1Q FY2025 • NPI for 1Q FY2025 increased by 2.7% y-o-y in SGD terms mainly due to contribution from D Project Tan
Slide 13: Healthy financial position
Healthy financial position As at As at 31 Dec 2024 31 Mar 2025 (audited) (unaudited) Total Assets (S$ million) 1,083.5 1,140.3 Total Liabilities (S$ million) 565.4 617.7 Net Assets Attributable to Unitholders (S$ million)(1) 482.4 487.1 NAV per Unit attributable to Unitholders (S$)(1) 0.69 0.70 • Ne
Slide 14: High proportion of fixed-rate borrowings
High proportion of fixed-rate borrowings Debt Maturity Profile as at 31 March 2025 As at (S$ million) 31 March 2025 Total borrowings • S$389.7 million 111.9 107.4 Aggregate leverage(1) • 41.1% 89.5 Weighted average • 2.5 years debt tenure • 1.69% 62.9 Weighted average (all-in rates and borrowing cos
Slide 15: Sensitivity analysis on Interest Coverage Ratio
Sensitivity analysis on Interest Coverage Ratio Interest Coverage Ratio(1) 7.4x • The scenario assumed that the increase in interest rate applies to the entire borrowings of DHLT Adjusted ICR Adjusted ICR assuming • As at 31 March 2025, 99.3% assuming 5% decline in 7.1x 50bps increase in 5.5x of DHL
Slide 16: Outlook
Outlook D Project Tan Duc 2
Slide 17: Long term prospects of JP / VN logistics sector healthy
Long term prospects of JP / VN logistics sector healthy • Japan logistics market faced near term • The logistics market in Vietnam, valued at challenges due to large supply of logistics US$48.6 billion in 2024, is projected to space in recent years continue its expansion • However, the logistics sec
Slide 18: Near term economic uncertainties due to trade tensions
Near term economic uncertainties due to trade tensions Potential impact to DHLT: Potential impact to DHLT • Majority of tenants distribute goods • One property in Vietnam, which domestically, with less than 10% of accounted for 3.3% of total valuation the tenants (by GRI)(1) involved in • The facili
Slide 19: Appendix
Appendix DPL Iwakuni 1 & 2
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 2.5 100.0% JPY 12,900m DPL Sendai Port 2017 63,119 Freehold Multi-tenanted 0.5 50.1% JPY 13
Slide 22: 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 - DPL Sendai Port 7. DPL Ibaraki Yuki(1) 0.8 8. DPL Gunma Fujioka(1) 2
Slide 23: 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. 14.0 million sqm(1) Listed on TS
Slide 24: www.daiwahouse-logisticstrust.com
www.daiwahouse-logisticstrust.com
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