Daiwa House Logistics Trust · SGX:DHLU
Daiwa House Logistics Trust — Investor Presentation (November 2025)
29 slides from Daiwa House Logistics Trust's investor presentation, November 2025
Slide 1: Daiwa House Logistics Trust Investor Presentation
Daiwa House Logistics Trust Investor Presentation November 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: Overview of Daiwa House Logistics Trust
DPL Kawasaki Yako Overview of Daiwa House Logistics Trust
Slide 4: 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 5: History of the Sponsor - Daiwa House Industry
History of the Sponsor - Daiwa House Industry Founding of Daiwa House Industry and First Product: The Pipe House • In 1950, many houses were destroyed by a powerful typhoon that hit the Kansai area • Wanting to provide housing solutions to the population, Mr Nobuo Ishibashi established Daiwa House I
Slide 6: 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 7: High quality portfolio of DHLT
High quality portfolio of DHLT Hokkaido / Freehold Tohoku 32.9% 60.4% Greater Tokyo 44.1% > 40 Years 27.2% Breakdown by Greater Breakdown by Region(1) Nagoya 8.2% Land Tenure(1) 20 – 40 Years Chugoku / Shikoku / 9.1% Kyushu 12.0% Vietnam < 20 Years 2.8% 3.3% ✓ 18 properties well diversified across J
Slide 8: DHLT maintains a GREEN portfolio
DHLT maintains a GREEN portfolio 6-Stars 60.5% 5-Stars(2) Solar Panels 34.2% Breakdown Installed 75.3% Breakdown by Solar by Green Panels Rating(1) 4-Stars Solar Panels Not 1.5% Installed(1) Installed 24.7% Non-Rated 3.8% ✓ 9 properties, were awarded the highest star- ✓ Solar panels installed on roo
Slide 9: Growing the DHLT Portfolio
Growing the DHLT Portfolio DPL Gunma Fujioka
Slide 10: 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 11: Steady growth of DHLT Portfolio since IPO
Steady growth of DHLT Portfolio since IPO 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 JP
Slide 12: 3Q FY2025 Operational Performance
3Q FY2025 Operational DPL Ibaraki Yuki Performance
Slide 13: Maintaining healthy portfolio occupancy
Maintaining healthy portfolio occupancy • Leasing update for 9M FY2025(1): Occupancy 31 Mar 30 Jun 30 Sep Rate 2025 2025 2025 2 leases renewed 3 leases signed with new tenants Japan 3 leases expired and vacated Portfolio(2) 91.8% 92.9% 91.6% 2 leases signed to partially backfill space vacated in FY2
Slide 14: Well-spread out lease expiry profile
Well-spread out lease expiry profile Portfolio Lease Expiry(1) as at 30 September 2025 59.9%(2) Portfolio WALE(1,2) 6.5YEARS Included a lease (2.5%) which expired on 30 Japan Portfolio WALE(1,2) September 2025 6.0YEARS 18.1% Vietnam Portfolio WALE(1,3) 10.5% 5.6% 4.9% 1.1% 18.1YEARS 2025 2026 2027 2
Slide 15: Portfolio anchored by stable and strong tenant base
Portfolio anchored by stable and strong tenant base % of Top 10 Tenant Sector NPI (1) 1 Mitsubishi Shokuhin 3PL 23.0 2 Suntory Logistics 3PL 7.3 Breakdown of 3 Meito Vietnam 3PL 5.3 Tenant Trade 4 Nippon Express 3PL 5.2 Sector (3) 5 Tenant A(2) 3PL 4.1 6 Create SD Retail 3.9 7 Tenant B(2) E-commerce
Slide 16: 3Q FY2025 Financial Performance
3Q FY2025 Financial Performance D Project Kuki S
Slide 17: 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% 4,175 4,220 -0.3% 3,618 3,608 9M FY2024 9M FY2025 9M FY2024 9M FY2025 • Performance of the Japan portfolio was marginally lower y-o-y as contributions from DPL Gunma Fujioka wh
Slide 18: Vietnam property drive overall NPI growth
Vietnam property drive overall NPI growth Net Property Income Distributable Income (S$ million) (S$ million) +3.3% 32.6 33.7 -8.4% 25.5 23.4 9M FY2024 9M FY2025 9M FY2024 9M FY2025 • Overall NPI increased by 3.3% y-o-y mainly due to the full 9-month contribution from D Project Tan Duc 2 (acquired in
Slide 19: Healthy financial position
Healthy financial position As at As at 31 Dec 2024 30 Sep 2025 (audited) (unaudited) Total Assets (S$ million) 1,083.5 1,105.8 Total Liabilities (S$ million) 565.4 602.1 Net Assets Attributable to Unitholders (S$ million)(1) 482.4 468.2 NAV per Unit attributable to Unitholders (S$)(1) 0.69 0.67 (1)
Slide 20: Refinancing progressing as scheduled
Refinancing progressing as scheduled Debt Maturity Profile as at 30 Sep 2025 As at (S$ million) 30 Sep 2025 Loan maturing in Nov 25 expected to be refinanced with 5-year loan Total borrowings • S$379.2 million Extends average debt tenure from 2.0 years to 3.1 years(1) Aggregate leverage(2) • 41.2% 1
Slide 21: ICR well above minimum threshold
ICR well above minimum threshold(1) Interest Coverage Ratio(2) 6.0x • The scenario assumed that the increase in interest rate applies to the entire borrowings of DHLT Adjusted ICR Adjusted ICR assuming • As at 30 September 2025, assuming 5% decline in 5.7x 50bps increase in 4.7x 99.3% of DHLT’s borr
Slide 22: Outlook
Outlook DPL Okayama Hayashima 1
Slide 23: Japan – Robust demand to support market
Japan – Robust demand to support market Easing supply after 2025(1) • The logistics sector in Japan was stable in general, with demand remaining firm • New supply of logistics facilities expected to decrease further after 2025 due to high construction and land costs • With the expected moderation of
Slide 24: Vietnam – Prospects promising despite supply
Vietnam – Prospects promising despite supply RBW market in the SKEZ expected to be well-supported(1) • Average occupancy rate of ready-built warehouse (“RBW”) in 3Q2025 in the Southern Key Economic Zone (“SKEZ”) was approximately 89% • Demand driven by sectors relating to essential goods such as con
Slide 25: Appendix
Appendix DPL Koriyama
Slide 26: Structure of DHLT
Structure of DHLT(1) Unitholders REIT Manager Provides REIT Acts on behalf of REIT Trustee Daiwa House Asset Management Services the Unitholders HSBC Institutional Management Asia Trust Services Pte. Ltd. (Singapore) Limited Singapore SPCs Singapore Overseas Japan Vietnam Provides Asset Japan Asset
Slide 27: 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 2.4 50.1% JPY 13
Slide 28: 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 29: www.daiwahouse-logisticstrust.com
www.daiwahouse-logisticstrust.com
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