The Year 2023 was another year of fluctuation and uncertainty. The geopolitics tensions, inflation, and economic slowdown have caused negative impacts to both investment and business sectors. However, the Year 2023 was still considered another satisfactory year for WHA Premium Growth Real Estate Investment Trust (“WHART Trust”) in several aspects ranging from successful capital increase, operation, financial management and, most importantly, improvement of benefit distribution to unitholders.

WHART Trust successfully completed investment on 3 additional projects (8th Capital Increase) on 2 strategic locations such as Bangna-Trad and Chonburi which is located on Eastern Economic Corridor (EEC) Area with all new units issued 100-percent subscribed. The total leasable area of these 3 projects is 142,896 Sq.m. with total asset value of Baht 3,566.49 million and the Trust obtain quality tenants from growing industries such as Perfect Companian Group, Nippon Express, DB Schenker, and Hankyu Hanshin which will strengthen tenant portfolio of the Trust in a long run.

After the completion of Capital Increase, WHART has become the largest industrial REIT in Thailand. As of 31 December 2023, the total asset value of the Trust has reached Baht 55,300.24 million and the leasable area under management will be 1,886,703.83 Sq.m. Investment Portfolio of the Trust has been more diversified in many aspects ranging from asset locations, tenant nationalities, tenant business sectors, and so on. The risk diversification strategy enables the Trust to get through expected obstacles and enables the Trust to maintain high level of benefit distribution to unitholders.

In terms of operation, as of 31 December 2023 the average occupancy rate of the Trust is at 88 percent (excluded undertaking). The key tenants are mostly from stable sectors such as Third-Party Logistics (3PLs), Fast-Moving Consumer Goods, E-Commerce, and Home Appliances. The Weighed Average Lease Expiry (WALE) of the Trust is also considered long compared to other industrial REITs with similar sizing. As of 31 December 2023, the WALE of the WHART Trust was at 4.11 years which provides sense of stable revenue stream to the Trust.

According to Financial Management, as of 31 December 2023, the Trust has interest-bearing debt of Baht 15,385.00 million. The proportion of debenture and loans are at 72.80 percent and 27.20 percent respectively. As most of debt is in the form of debenture with fixed rate, huge increase of policy rate throughout 2023 did not impact overall performance of the Trust. In addition, the Loan-to-value Ratio (LTV) of WHART was at a low and manageable level. After the completion of the 8th Capital Increase, the LTV Ratio of the Trust was at 27.82 percent.

For benefits to unitholders, WHART Trust had announced to pay distribution in form of dividend at the rate of Baht 0.7735 per unit which was approximately 1.07 percent increase from previous year, and this dividend level is considered another highest amount paid since the establishment of the WHART Trust. The REIT Manager, WHA Real Estate Management Company Limited would like to thank all unitholders for continuous support over the years and will manage our Trust with best efforts to ensure highest benefits to all unitholders.

Sincerely yours,

REIT Manager
WHA Real Estate Management Company Limited