The year 2024 is considered another year of volatility and uncertainty, with geopolitical tensions, persistently high inflation rates, and a slowing Thai economy posing significant challenges. Nevertheless, in 2024, the WHA Premium Growth Real Estate Investment Trust (“WHART”) remains committed to operating according to its plans to achieve goals, thanks to the efforts of management and all employees. Most importantly, we aim to provide consistent distribution to unitholders.

As of December 31, 2024, WHART had an average occupancy rate of 84.9% (excluding undertaking agreements). The main tenants are in stable and fast-growing businesses, such as Fast-Moving Consumer Goods, Third-Party Logistics (3PLs), E-Commerce, and Automotive. The Weighted Average Lease Expiry remaining lease term (WALE) of WHART was 3.79 years, which is considered longer than other trusts in the same size. This reflects WHART’s stable sources of revenue.

In terms of financial management, as of December 31, 2024, WHART had an interest-bearing debt amounting to THB 15,385 million, and the proportion of debenture and loans were 70.33% and 29.67%. In 2024, there was the sign of reducing the policy interest, which is a good signal for the financial costs and overall Thai economy. The loan-to-value (LTV) ratio of WHART remains low and manageable. WHART also had an LTV ratio of 28.14%, reflecting good performance and a strong financial position. WHART has announced a benefit distribution at the rate of THB 0.7735 per unit, which is the same as the previous year.

This year, WHART has also participated in GRESB (Global Real Estate Sustainability Benchmark) for the first time, which is an international standard for assessing the sustainability of the real estate business. This represents a significant step in enhancing operational approaches to align with global standards in environmental, social, and governance (ESG) areas. WHART places great importance on ESG principles and is committed to integrating these approaches in all dimensions of its business operations, considering environmental impacts, community development participation, and good corporate governance, to create long-term added value for unitholders and stakeholders. Implementing ESG principles not only strengthens WHART’s business but is also a key factor in building trust with investors, partners, and business allies. WHART will continue to develop and improve its business practices in line with international standards while enhancing measures to elevate responsibility for environmental and social issues to adapt to global changes, providing a solid foundation for sustainable growth in the future.

Finally, the REIT Manager, WHA Real Estate Management Co., Ltd., would like to thank you all trust unitholders for their continued support over the years, and the REIT Manager will strive to manage our trust to maximize benefits for all unitholders.

Sincerely yours,

REIT Manager
WHA Real Estate Management Company Limited