In 2025, the overall economic environment continued to recover gradually. The warehouse and logistics sector remained one of the industries that directly benefited from this recovery and demonstrated stronger growth prospects compared to many others. During the year, the WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (“WHART”) reported improved operating performance, particularly in terms of occupancy rate, which increased from 2024. Nevertheless, WHART remains committed to executing its business plan to achieve its strategic objectives through the dedicated efforts of its management team and employees. Most importantly, the Trust continues to maintain its ability to deliver consistent returns to unitholders.

As of 31 December 2025, WHART reported an average occupancy rate of 87.15% (excluding undertaking agreements), supported by a diversified base of key tenants across resilient and growing sectors, including Consumer Goods, Fast-Moving Consumer Goods (FMCG), Capital Goods, Third-Party Logistics (3PLs), Fourth-Party Logistics (4PLs), E-Commerce, Last-mile logistics, as well as Food Chain and Pet Food industries. The Trust’s weighted average lease expiry (WALE) stood at 3.61 years, which is considered relatively long compared to other industrial REITs of similar size, reflecting the stability of WHART’s income base.

In terms of financial management, as of 31 December 2025, WHART had interest-bearing debt of THB 15,445.00 million, comprising debentures and bank loans at 72.00% and 28.99%, respectively. During 2025, the policy interest rate continued to decline from 2024, which is a positive factor for the Trust’s cost of funds and supports the overall Thai economic environment. WHART maintains a prudent financial position, with a loan-to-value (LTV) ratio of 28.35%, reflecting its strong financial discipline and capacity for future growth. Supported by its solid performance and financial position, WHART declared a distribution of THB 0.7735 per unit, in line with the previous year.

WHART recognizes the importance of sustainable business practices and integrates Environmental, Social and Governance (ESG) principles into its operations to deliver stable long-term returns to unitholders. In 2025, the Trust participated in the assessment conducted by GRESB (Global Real Estate Sustainability Benchmark), a leading global standard for sustainability performance in the real estate sector. This reflects the WHART commitment to elevating the management of its warehouse and distribution center assets to meet international standards, while enhancing its competitiveness on a global scale. Participation in GRESB enables the Trust to benchmark its performance against leading global peers and to continuously refine its strategies and operations, particularly in areas such as resource efficiency, environmental impact reduction, and the enhancement of management standards. These efforts aim to create sustainable long-term value for WHART, its unitholders, and all stakeholders. This also reinforces the position of the WHART as one of Thailand’s leading REITs at the forefront of the industry, contributing to the advancement of the country’s real estate sector toward global sustainability standards

Finally, the REIT Manager, WHA Real Estate Management Co., Ltd., would like to express its sincere appreciation to all unitholders for their continued support over the years. The REIT Manager remains fully committed to managing the Trust with diligence and professionalism to maximize value for all unitholders.

Sincerely yours,

REIT Manager
WHA Real Estate Management Company Limited