Daiwa Hse Log Tr DHLU
Financials
ANNUAL REPORT FY2025
Explore the statements
31 tablesStatements of Financial Position
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsS$ ’000 | 32,060 | 41,598 | 2,374 | 5,763 | PDF p. 161 |
| Restricted cashS$ ’000 | 39,433 | 40,208 | – | – | PDF p. 161 |
| Trade receivablesS$ ’000 | 717 | 792 | – | – | PDF p. 161 |
| Prepaid expenses and other assetsS$ ’000 | 3,488 | 3,778 | 353,280 | 376,654 | PDF p. 161 |
| Derivative assetsS$ ’000 | 104 | 678 | 104 | 678 | PDF p. 161 |
| Total current assetsS$ ’000 | 75,802 | 87,054 | 355,758 | 383,095 | PDF p. 161 |
| Non-current assets | |||||
| Investment propertiesS$ ’000 | 984,117 | 996,406 | – | – | PDF p. 161 |
| Investment in subsidiariesS$ ’000 | – | – | 2,952 | 2,620 | PDF p. 161 |
| Derivative assetsS$ ’000 | 434 | 55 | 434 | 55 | PDF p. 161 |
| Total non-current assetsS$ ’000 | 984,551 | 996,461 | 3,386 | 2,675 | PDF p. 161 |
| Assets | |||||
| Total assetsS$ ’000 | 1,060,353 | 1,083,515 | 359,144 | 385,770 | PDF p. 161 |
| Current liabilities | |||||
| Trade and other payablesS$ ’000 | 9,945 | 12,491 | 1,974 | 1,858 | PDF p. 161 |
| Lease liabilitiesS$ ’000 | 2,430 | 2,525 | – | – | PDF p. 161 |
| Loans and borrowingsS$ ’000 | 97,968 | 86,482 | – | – | PDF p. 161 |
| End-tenants security depositsS$ ’000 | 2,051 | 2,492 | – | – | PDF p. 161 |
| Provision for taxationS$ ’000 | 15 | 65 | 6 | 56 | PDF p. 161 |
| Derivative liabilitiesS$ ’000 | – | 20 | – | 20 | PDF p. 161 |
| Total current liabilitiesS$ ’000 | 112,409 | 104,075 | 1,980 | 1,934 | PDF p. 161 |
| Non-current liabilities | |||||
| Trade and other payablesS$ ’000 | 15,835 | 16,503 | – | – | PDF p. 161 |
| Lease liabilitiesS$ ’000 | 130,269 | 141,025 | – | – | PDF p. 161 |
| Loans and borrowingsS$ ’000 | 252,990 | 251,617 | 24,536 | 26,083 | PDF p. 161 |
| End-tenants security depositsS$ ’000 | 23,501 | 23,966 | – | – | PDF p. 161 |
| Deferred tax liabilitiesS$ ’000 | 32,299 | 28,202 | – | – | PDF p. 161 |
| Total non-current liabilitiesS$ ’000 | 454,894 | 461,313 | 24,536 | 26,083 | PDF p. 161 |
| Liabilities | |||||
| Total liabilitiesS$ ’000 | 567,303 | 565,388 | 26,516 | 28,017 | PDF p. 161 |
| Net assets | |||||
| Net assetsS$ ’000 | 493,050 | 518,127 | 332,628 | 357,753 | PDF p. 161 |
| Represented by | |||||
| Unitholders’ fundsS$ ’000 | 457,289 | 482,358 | 296,867 | 321,984 | PDF p. 161 |
| Perpetual securitiesS$ ’000 | 35,761 | 35,769 | 35,761 | 35,769 | PDF p. 161 |
| Total equity at end of the yearS$ ’000 | 493,050 | 518,127 | 332,628 | 357,753 | PDF p. 161 |
| Units in issue and to be issued (’000)’000 units | 700,739 | 698,920 | 700,739 | 698,920 | PDF p. 161 |
| Net asset value per Unit (S$)S$ per Unit | 0.65 | 0.69 | 0.42 | 0.46 | PDF p. 161 |
Definitions & sources
Original report: PDF p. 161 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Gross revenueS$’000 | 57,794 | 57,100 | PDF p. 162 |
| Property expensesS$’000 | (13,595) | (13,210) | PDF p. 162 |
| Net property incomeS$’000 | 44,199 | 43,890 | PDF p. 162 |
| Manager’s management feesS$’000 | (2,075) | (2,393) | PDF p. 162 |
| Japan asset management feesS$’000 | (1,067) | (1,045) | PDF p. 162 |
| Trustee’s feeS$’000 | (283) | (284) | PDF p. 162 |
| Trust expensesS$’000 | (773) | (1,671) | PDF p. 162 |
| Finance expensesS$’000 | (9,216) | (6,630) | PDF p. 162 |
| Other incomeS$’000 | 884 | 2,013 | PDF p. 162 |
| Net income before tax and fair value changesS$’000 | 31,669 | 33,880 | PDF p. 162 |
| Fair value change in investment propertiesS$’000 | 10,232 | 8,483 | PDF p. 162 |
| Fair value change in derivativesS$’000 | (174) | (1,024) | PDF p. 162 |
| Net income before taxS$’000 | 41,727 | 41,339 | PDF p. 162 |
| Tax expensesS$’000 | (6,073) | (6,634) | PDF p. 162 |
| Total return for the yearS$’000 | 35,654 | 34,705 | PDF p. 162 |
| Attributable to | |||
| UnitholdersS$’000 | 34,881 | 33,921 | PDF p. 162 |
| Perpetual securities holdersS$’000 | 773 | 784 | PDF p. 162 |
| Total return for the yearS$’000 | 35,654 | 34,705 | PDF p. 162 |
| Earnings per Unit (cents) | |||
| Basic and dilutedcents per Unit | 5.10 | 4.98 | PDF p. 162 |
Definitions & sources
Original report: PDF p. 162 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statement of Changes in Unitholders’ Funds
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| Balance at beginning of yearS$’000 | 659,607 | 657,720 | 321,984 | 376,391 | PDF p. 164 |
| Operations | |||||
| Total return for the year attributable to UnitholdersS$’000 | 35,654 | 34,705 | 6,630 | (21,589) | PDF p. 164 |
| Less: Amount reserved for distribution to perpetual securities holdersS$’000 | (773) | (784) | (773) | (784) | PDF p. 164 |
| Net increase/(decrease) in net assets resulting from operationsS$’000 | 34,881 | 33,921 | 5,857 | (22,373) | PDF p. 164 |
| Unitholders transactions; Movement during the year | |||||
| GST refunds on IPO issue costS$’000 | 21 | 1,520 | 21 | 1,520 | PDF p. 164 |
| Manager’s fee paid/payable in unitsS$’000 | 1,037 | 1,690 | 1,037 | 1,690 | PDF p. 164 |
| Unitholders transactions | |||||
| Distribution to unitholdersS$’000 | (32,032) | (35,244) | (32,032) | (35,244) | PDF p. 164 |
| Net change in unitholders’ transactionsS$’000 | (30,974) | (32,034) | (30,974) | (32,034) | PDF p. 164 |
| Unitholders’ funds | |||||
| Balance at end of the yearS$’000 | 663,514 | 659,607 | 296,867 | 321,984 | PDF p. 164 |
| Foreign currency translation reserve | |||||
| Balance at beginning of yearS$’000 | (177,249) | (140,017) | – | – | PDF p. 164 |
| Net change in foreign currency transaction reserveS$’000 | (28,976) | (37,232) | – | – | PDF p. 164 |
| Balance at end of the yearS$’000 | (206,225) | (177,249) | – | – | PDF p. 164 |
| Unitholders’ funds | |||||
| Net assets attributable to UnitholdersS$’000 | 457,289 | 482,358 | 296,867 | 321,984 | PDF p. 164 |
| Perpetual securities | |||||
| Beginning balance of yearS$’000 | 35,769 | 35,777 | 35,769 | 35,777 | PDF p. 164 |
| Amount reserved for distribution to perpetual securities holdersS$’000 | 773 | 784 | 773 | 784 | PDF p. 164 |
| Distribution to perpetual securities holdersS$’000 | (781) | (792) | (781) | (792) | PDF p. 164 |
| Balance at end of the yearS$’000 | 35,761 | 35,769 | 35,761 | 35,769 | PDF p. 164 |
| Total | |||||
| TotalS$’000 | 493,050 | 518,127 | 332,628 | 357,753 | PDF p. 164 |
Definitions & sources
Original report: PDF p. 164 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income before tax but after fair value changesS$’000 | 41,727 | 41,339 | PDF p. 165 |
| Cash flows from operating activities; Adjustments for | |||
| Amortisation and straight lining of rentsS$’000 | (628) | 32 | PDF p. 165 |
| Manager’s fee paid in unitsS$’000 | 1,037 | 1,196 | PDF p. 165 |
| Manager’s acquisition fee payable in unitsS$’000 | – | 494 | PDF p. 165 |
| Finance expensesS$’000 | 7,292 | 4,980 | PDF p. 165 |
| Amortisation of financing costsS$’000 | 1,924 | 1,650 | PDF p. 165 |
| Amortisation of prepaid expensesS$’000 | 389 | 317 | PDF p. 165 |
| Amortisation of leasing commissionS$’000 | 370 | 263 | PDF p. 165 |
| Fair value change in investment propertiesS$’000 | (10,232) | (8,483) | PDF p. 165 |
| Fair value change in derivativesS$’000 | 174 | 1,024 | PDF p. 165 |
| Interest incomeS$’000 | (316) | (184) | PDF p. 165 |
| Cash flows from operating activities | |||
| Operating income before working capital changesS$’000 | 41,737 | 42,628 | PDF p. 165 |
| Cash flows from operating activities; Changes in working capital | |||
| Trade receivablesS$’000 | 33 | (174) | PDF p. 165 |
| Prepaid expenses and other assetsS$’000 | (111) | (227) | PDF p. 165 |
| Trade and other payablesS$’000 | (2,749) | (980) | PDF p. 165 |
| Cash flows from operating activities | |||
| Cash flows generated from operationsS$’000 | 38,910 | 41,247 | PDF p. 165 |
| Taxes paidS$’000 | (143) | (397) | PDF p. 165 |
| Net cash flows generated from operating activitiesS$’000 | 38,767 | 40,850 | PDF p. 165 |
| Cash flows from investing activities | |||
| Acquisition of investment properties and related assets and liabilitiesS$’000 | (34,949) | (23,649) | PDF p. 165 |
| Capital expenditure on investment propertiesS$’000 | (111) | (431) | PDF p. 165 |
| Acquisition of a subsidiary, net of cash acquiredS$’000 | – | (23,285) | PDF p. 165 |
| Refund of security depositsS$’000 | (496) | (1,093) | PDF p. 165 |
| Payment of leasing commissionS$’000 | (401) | (633) | PDF p. 165 |
| Cash flow used in investing activitiesS$’000 | (35,957) | (49,091) | PDF p. 165 |
| Cash flows from financing activities | |||
| Repayments of lease liabilityS$’000 | (2,992) | (2,975) | PDF p. 165 |
| GST refunds on IPO issue costS$’000 | 21 | 1,520 | PDF p. 165 |
| Repayment of debt financingsS$’000 | (82,914) | (87,973) | PDF p. 165 |
| Proceeds from debt financingsS$’000 | 118,353 | 136,071 | PDF p. 165 |
| Payment of transaction costs for debt financingS$’000 | (2,710) | (3,867) | PDF p. 165 |
| Payment of the finance expensesS$’000 | (6,286) | (4,063) | PDF p. 165 |
| Payments of perpetual securities distributionS$’000 | (781) | (792) | PDF p. 165 |
| Distribution paid to unitholdersS$’000 | (32,032) | (35,244) | PDF p. 165 |
| Receipt of interestS$’000 | 242 | 200 | PDF p. 165 |
| Restricted cash for financing activitiesS$’000 | (1,573) | (247) | PDF p. 165 |
| Net cash (used in)/generated from financing activitiesS$’000 | (10,672) | 2,630 | PDF p. 165 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalents:S$’000 | (7,862) | (5,611) | PDF p. 165 |
| Cash and cash equivalents at beginning of the yearS$’000 | 41,598 | 45,801 | PDF p. 165 |
| Effect of exchange rate changes on cash and cash equivalentsS$’000 | (1,676) | 1,408 | PDF p. 165 |
| Cash and cash equivalents at end of the yearS$’000 | 32,060 | 41,598 | PDF p. 165 |
Definitions & sources
Original report: PDF p. 165 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Summary of Financial Results for FY2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; reported FY2024 | 2025Group; reported FY2025 | Source |
|---|---|---|---|
| Summary of Financial Results for FY2025 | |||
| Gross Revenue (S$’000)S$’000 | 57,100 | 57,794 | PDF p. 53 |
| Net Property Income (S$’000)S$’000 | 43,890 | 44,199 | PDF p. 53 |
| Distributable Income (S$’000)S$’000 | 33,518 | 30,378 | PDF p. 53 |
| Distribution per Unit (cents)cents per Unit | 4.79 | 4.33 | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
The report describes FY2025 distributable income as 9.4% lower year on year and DPU as 9.6% lower year on year.
FY2025 highlights: financial metrics
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025, unless the metric is a distribution figure for FY2025 | Source |
|---|---|---|
| Highlights of FY2025 — Financials | ||
| PORTFOLIO VALUATION(2)S$ million | 835.2 | PDF p. 7 |
| DISTRIBUTION PER UNITcents per Unit | 4.33 | PDF p. 7 |
| AGGREGATE LEVERAGE(1)% | 40.2 | PDF p. 7 |
| BORROWINGS ON FIXED RATE(1)% | 99.3 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
(1) Information as at 31 December 2025. (2) Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50.
Original PDF p. 7 footnotes: 1. Information as at 31 December 2025. 2. Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50. 3. GRI is based on the monthly rent as at December 2025.
Key financial information and indicators
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 | Source |
|---|---|---|
| Prudent Capital Management — Key financial information and indicators | ||
| Total assetsS$ million | 1,060.4 | PDF p. 54 |
| Total liabilitiesS$ million | 567.3 | PDF p. 54 |
| Net assetS$ million | 493.1 | PDF p. 54 |
| Prudent Capital Management — Net assets represented by | ||
| Unitholders’ fundsS$ million | 457.3 | PDF p. 54 |
| Perpetual securitiesS$ million | 35.8 | PDF p. 54 |
| Prudent Capital Management — Key financial information and indicators | ||
| NAV per UnitS$ per Unit | 0.65 | PDF p. 54 |
| Total borrowingsS$ million | 356.7 | PDF p. 54 |
| Aggregate leverage(1)% | 40.2 | PDF p. 54 |
| Interest coverage ratio(2)times | 5.5 | PDF p. 54 |
| Weighted average debt maturityyears | 2.9 | PDF p. 54 |
| Proportion of borrowings in fixed interest rate% | 99.3 | PDF p. 54 |
| Proportion of borrowings denominated in JPY% | 100.0 | PDF p. 54 |
| Weighted average borrowing cost% (all-in rate) | 2.04 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
(1) Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. (2) The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. (3) The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. (4) Based on the independent valuation of the properties as at 31 December 2025.
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Distribution statement and DPU
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended 31 December 2025 | 2024Group; year ended 31 December 2024 | Source |
|---|---|---|---|
| Distribution Statement | |||
| Amount available for distribution to Unitholders at the beginning of the yearS$’000 | 16,547 | 18,273 | PDF p. 163 |
| Net income for the periodS$’000 | 34,881 | 33,921 | PDF p. 163 |
| Distribution adjustments (Note A)S$’000 | (4,503) | (403) | PDF p. 163 |
| Income available for distribution to Unitholders for the yearS$’000 | 30,378 | 33,518 | PDF p. 163 |
| Amount available for distribution to UnitholdersS$’000 | 46,925 | 51,791 | PDF p. 163 |
| Distribution Statement — Distributions to Unitholders | |||
| Distribution of 2.61 cents per Unit for the period from 1 July 2023 to 31 December 2023S$’000 | – | (18,167) | PDF p. 163 |
| Distribution of 2.45 cents per Unit for the period from 1 January 2024 to 30 June 2024S$’000 | – | (17,077) | PDF p. 163 |
| Distribution of 2.34 cents per Unit for the period from 1 July 2024 to 31 December 2024S$’000 | (16,355) | – | PDF p. 163 |
| Distribution of 2.24 cents per Unit for the period from 1 January 2025 to 30 June 2025S$’000 | (15,677) | – | PDF p. 163 |
| Distribution Statement | |||
| Net amount available for distribution to Unitholders at end of the yearS$’000 | 14,893 | 16,547 | PDF p. 163 |
| Distribution Statement — Distribution per Unit (“DPU”) (cents) | |||
| DPUcents per Unit | 4.33 | 4.79 | PDF p. 163 |
| Note A – Distribution Adjustments | |||
| Manager’s management fees paid/payable in UnitsS$’000 | 1,037 | 1,196 | PDF p. 163 |
| Fair value change in investment propertiesS$’000 | (13,591) | (11,619) | PDF p. 163 |
| Fair value change in derivativesS$’000 | 174 | 1,024 | PDF p. 163 |
| Unrealised forex (gain)/lossS$’000 | (18) | 822 | PDF p. 163 |
| Amortisation of loan/bond upfront feeS$’000 | 1,924 | 1,650 | PDF p. 163 |
| Deferred tax expensesS$’000 | 5,971 | 6,439 | PDF p. 163 |
| Issue costs partly reimbursed from government grantS$’000 | – | – | PDF p. 163 |
| OthersS$’000 | – | 85 | PDF p. 163 |
| Total distribution adjustmentsS$’000 | (4,503) | (403) | PDF p. 163 |
Definitions & sources
Original report: PDF p. 163 ↗
Note A – Distribution Adjustments. Full table includes all individually printed adjustment rows and total.
FY2025 highlights: OCCUPANCY RATE
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025; portfolio highlight | Source |
|---|---|---|
| FY2025 highlights | ||
| OCCUPANCY RATE% | 87.8 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Original PDF p. 7 footnotes: 1. Information as at 31 December 2025. 2. Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50. 3. GRI is based on the monthly rent as at December 2025.
FY2025 highlights: WEIGHTED AVERAGE LEASE EXPIRY (BY GRI)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025; portfolio highlight | Source |
|---|---|---|
| FY2025 highlights | ||
| WEIGHTED AVERAGE LEASE EXPIRY (BY GRI)years | 6.6 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Original PDF p. 7 footnotes: 1. Information as at 31 December 2025. 2. Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50. 3. GRI is based on the monthly rent as at December 2025.
FY2025 highlights: GREEN-RATED PROPERTIES (BY PORTFOLIO VALUATION)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025; portfolio highlight | Source |
|---|---|---|
| FY2025 highlights | ||
| GREEN-RATED PROPERTIES (BY PORTFOLIO VALUATION)% | 96.0 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Original PDF p. 7 footnotes: 1. Information as at 31 December 2025. 2. Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50. 3. GRI is based on the monthly rent as at December 2025.
FY2025 highlights: UNENCUMBERED PROPERTIES
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025; portfolio highlight | Source |
|---|---|---|
| FY2025 highlights | ||
| UNENCUMBERED PROPERTIES% | 100 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Original PDF p. 7 footnotes: 1. Information as at 31 December 2025. 2. Based on the independent valuation of the properties as at 31 December 2025 and converted to S$ based on exchange rates of S$1.00 = JPY122.00 and S$1.00 = VND20,447.50. 3. GRI is based on the monthly rent as at December 2025.
DPL Gunma Fujioka acquisition and valuation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025acquisition price (JPY million) | Source |
|---|---|---|
| Operational review; chart | ||
| Acquisition priceJPY million | 3,990 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Chart label and values bind to the two labeled bars; narrative separately states independent valuation JPY 5,210.0 million as at 31 January 2025.
Original PDF p. 51 footnotes: 1. Based on the independent valuation of DPL Gunma Fujioka conducted by the independent valuer as at 31 January 2025 using the income approach value by the discounted cash flow method. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
DPL Gunma Fujioka acquisition and valuation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025valuation as at 31 December 2025 (JPY million) | Source |
|---|---|---|
| Operational review; chart | ||
| Valuation at 31 December 2025JPY million | 5,230 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Chart label and values bind to the two labeled bars; narrative separately states independent valuation JPY 5,210.0 million as at 31 January 2025.
Original PDF p. 51 footnotes: 1. Based on the independent valuation of DPL Gunma Fujioka conducted by the independent valuer as at 31 January 2025 using the income approach value by the discounted cash flow method. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
Overall portfolio valuation chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Overall portfolio valuation at 31 December 2024 | 2025Overall portfolio valuation at 31 December 2025 | Source |
|---|---|---|---|
| Portfolio valuation | |||
| Overall Portfolio ValuationS$ million | 835.9 | 835.2 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Original PDF p. 51 footnotes: 1. Based on the independent valuation of DPL Gunma Fujioka conducted by the independent valuer as at 31 January 2025 using the income approach value by the discounted cash flow method. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
Japan Portfolio Valuation chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024portfolio valuation at 31 December 2024 | 2025portfolio valuation at 31 December 2025 | Source |
|---|---|---|---|
| Valuation chart | |||
| Portfolio valuationJPY million | 93,116 | 98,759 | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
Original PDF p. 52 footnotes: 1. Based on the independent valuation of the properties as at 31 December 2024 and 31 December 2025, respectively. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
Vietnam Portfolio Valuation chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024portfolio valuation at 31 December 2024 | 2025portfolio valuation at 31 December 2025 | Source |
|---|---|---|---|
| Valuation chart | |||
| Portfolio valuationVND billion | 512.7 | 524.2 | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
Original PDF p. 52 footnotes: 1. Based on the independent valuation of the properties as at 31 December 2024 and 31 December 2025, respectively. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
Portfolio valuation breakdown by properties at 31 December 2025
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Portfolio valuation breakdown, each property as a percentage of portfolio valuation at 31 December 2025 | Source |
|---|---|---|
| JAPAN – Hokkaido/Tohoku Sponsor owns land leasehold interests or land subleasehold | ||
| DPL Sapporo Higashi Kariki% | 13.4 | PDF p. 52 |
| DPL Sendai Port% | 13.2 | PDF p. 52 |
| DPL Koriyama% | 7.1 | PDF p. 52 |
| JAPAN – Greater Tokyo lessors above DHLT. | ||
| D Project Nagano Suzaka S% | 2.7 | PDF p. 52 |
| D Project Maebashi S% | 3.6 | PDF p. 52 |
| D Project Kuki S% | 0.9 | PDF p. 52 |
| DPL Ibaraki Yuki% | 3.3 | PDF p. 52 |
| DPL Gunma Fujioka% | 5.1 | PDF p. 52 |
| D Project Misato S% | 2.1 | PDF p. 52 |
| D Project Iruma S% | 4.9 | PDF p. 52 |
| DPL Kawasaki Yako% | 20.6 | PDF p. 52 |
| JAPAN – Greater Nagoya | ||
| DPL Shinfuji% | 3.6 | PDF p. 52 |
| D Project Kakegawa S% | 4.5 | PDF p. 52 |
| JAPAN – Chugoku/Shikoku/Kyushu provided by the Sponsor. Having considered, inter alia, the | ||
| DPL Okayama Hayashima% | 4.5 | PDF p. 52 |
| DPL Okayama Hayashima 2% | 2.6 | PDF p. 52 |
| DPL Iwakuni 1 & 2% | 2.5 | PDF p. 52 |
| D Project Matsuyama S% | 1.0 | PDF p. 52 |
| D Project Fukuoka Tobara S% | 1.4 | PDF p. 52 |
| VIETNAM – Long An (near Ho Chi Minh City) | ||
| D Project Tan Duc 2% | 3.1 | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
Based on the independent valuation of the properties as at 31 December 2025; converted to SGD per Note 2.
Original PDF p. 52 footnotes: 1. Based on the independent valuation of the properties as at 31 December 2024 and 31 December 2025, respectively. 2. Based on the independent valuation of the properties as at 31 December 2025, and converted to S$ based on exchange rates of S$1.00 = JPY 122.00 and S$1.00 = VND 20,447.50.
Japan Portfolio gross rental income chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Japan portfolio FY2024 | 2025Japan portfolio FY2025 | Source |
|---|---|---|---|
| Financial review chart | |||
| Japan Portfolio gross rental income chartJPY million | 5,583 | 5,586 | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
Japan Portfolio net property income chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Japan portfolio FY2024 | 2025Japan portfolio FY2025 | Source |
|---|---|---|---|
| Financial review chart | |||
| Japan Portfolio net property income chartJPY million | 4,838 | 4,787 | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
Debt maturity profile chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Debt maturity profile as at 31 December 2025; due in 2026 | Source |
|---|---|---|
| Financial review chart | ||
| Debt maturities due in 2026S$ million | 98.4 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Debt maturity profile chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2027Debt maturity profile as at 31 December 2025; due in 2027 | Source |
|---|---|---|
| Financial review chart | ||
| Debt maturities due in 2027S$ million | 16.4 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Debt maturity profile chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2028Debt maturity profile as at 31 December 2025; due in 2028 | Source |
|---|---|---|
| Financial review chart | ||
| Debt maturities due in 2028S$ million | 57.5 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Debt maturity profile chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2029Debt maturity profile as at 31 December 2025; due in 2029 | Source |
|---|---|---|
| Financial review chart | ||
| Debt maturities due in 2029S$ million | 102.5 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Debt maturity profile chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2030Debt maturity profile as at 31 December 2025; due in 2030 | Source |
|---|---|---|
| Financial review chart | ||
| Debt maturities due in 2030S$ million | 82.0 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Original PDF p. 54 footnotes: 1. Total debt (including perpetual securities) to net asset value ratio as at 31 December 2025 was 79.6%. 2. The interest coverage ratio, excluding payment of coupon for perpetual securities, was 6.2 times. 3. The Monetary Authority of Singapore has revised the Code on Collective Investment Schemes to, inter alia, rationalise the leverage requirements for REITs and all REITs are subjected to a minimum ICR threshold of 1.5 times and an aggregate leverage limit of 50%, effective from 28 November 2024. 4. Based on the independent valuation of the properties as at 31 December 2025.
Summary of Financial Results — percentage variance FY2025 versus FY2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Change (%) FY2025 vs FY2024; printed as Variance in % | Source |
|---|---|---|
| Summary of Financial Results for FY2025 | ||
| Gross Revenue (S$’000)% | 1.2 | PDF p. 53 |
| Net Property Income (S$’000)% | 0.7 | PDF p. 53 |
| Distributable Income (S$’000)% | (9.4) | PDF p. 53 |
| Distribution per Unit (cents)% | (9.6) | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
Original p53 third column is Variance in %, separately presented to retain the correct unit.
Audited Statement of Portfolio — property valuations
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; portfolio valuation | 2024Group; portfolio valuation | Source |
|---|---|---|---|
| Audited Statement of Portfolio | |||
| DPL Sapporo Higashi KarikiS$’000 | 112,298 | 112,015 | PDF p. 166 |
| DPL Sendai PortS$’000 | 110,658 | 116,357 | PDF p. 166 |
| DPL KoriyamaS$’000 | 59,018 | 60,697 | PDF p. 166 |
| D Project Maebashi SS$’000 | 30,329 | 32,042 | PDF p. 166 |
| D Project Kuki SS$’000 | 7,689 | 9,465 | PDF p. 166 |
| D Project Misato SS$’000 | 17,459 | 19,277 | PDF p. 166 |
| D Project Iruma SS$’000 | 40,657 | 42,722 | PDF p. 166 |
| DPL Kawasaki YakoS$’000 | 172,135 | 185,824 | PDF p. 166 |
| D Project Nagano Suzaka SS$’000 | 22,296 | 23,619 | PDF p. 166 |
| DPL Ibaraki YukiS$’000 | 27,460 | 29,089 | PDF p. 166 |
| DPL ShinfujiS$’000 | 30,329 | 32,649 | PDF p. 166 |
| D Project Kakegawa SS$’000 | 37,296 | 39,509 | PDF p. 166 |
| DPL Okayama HayashimaS$’000 | 37,296 | 39,509 | PDF p. 166 |
| DPL Okayama Hayashima 2S$’000 | 21,476 | 22,837 | PDF p. 166 |
| D Project Fukuoka Tobara SS$’000 | 11,476 | 13,373 | PDF p. 166 |
| DPL Iwakuni 1 & 2S$’000 | 20,820 | 21,275 | PDF p. 166 |
| D Project Matsuyama SS$’000 | 7,959 | 8,301 | PDF p. 166 |
| D Project Tan Duc 2S$’000 | 25,636 | 27,342 | PDF p. 166 |
| DPL Gunma FujiokaS$’000 | 42,870 | – | PDF p. 166 |
| SubtotalS$’000 | 835,157 | 835,902 | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Original physical p166 lists 19 properties. Literal FY2024 dashes for DPL Gunma Fujioka are retained; acquisition date is 24 March 2025. Land-lease renewal footnote (1): 21,476 4.7 22,837 4.7 D Project Fukuoka Tobara S Kyushu 26 Nov 2021 Leasehold 11,476 2.5 13,373 2.8 DPL Iwakuni 1 & 2 Chugoku 8 Dec 2022 Freehold 20,820 4.6 21,275 4.4 D Project Matsuyama S Shikoku 8 Dec 2022 Freehold 7,959 1.7 8,301 1.7 D Project Tan Duc 2 Vietnam Long An 5 Jul 2024 Leasehold 25,636 5.6 27,342 5.7 DPL Gunma Fujioka Greater Tokyo 24 Mar 2025 Freehold 42,870 9.4 – – 835,157 182.6 835,902 173.3 (1) The ordinary land lease will automatically renew for a term of 20 years upon expiry unless otherwise agreed by the parties and the lessor will not be able to object to renewal without a justifiable reason.
Audited Statement of Portfolio — percentages of Unitholders’ net assets
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; percentage of net assets attributable to Unitholders | 2024Group; percentage of net assets attributable to Unitholders | Source |
|---|---|---|---|
| Audited Statement of Portfolio | |||
| DPL Sapporo Higashi Kariki% | 24.6 | 23.2 | PDF p. 166 |
| DPL Sendai Port% | 24.2 | 24.1 | PDF p. 166 |
| DPL Koriyama% | 12.9 | 12.6 | PDF p. 166 |
| D Project Maebashi S% | 6.6 | 6.6 | PDF p. 166 |
| D Project Kuki S% | 1.6 | 2.0 | PDF p. 166 |
| D Project Misato S% | 3.8 | 4.0 | PDF p. 166 |
| D Project Iruma S% | 8.9 | 8.9 | PDF p. 166 |
| DPL Kawasaki Yako% | 37.6 | 38.5 | PDF p. 166 |
| D Project Nagano Suzaka S% | 4.9 | 4.9 | PDF p. 166 |
| DPL Ibaraki Yuki% | 6.0 | 6.0 | PDF p. 166 |
| DPL Shinfuji% | 6.6 | 6.8 | PDF p. 166 |
| D Project Kakegawa S% | 8.2 | 8.2 | PDF p. 166 |
| DPL Okayama Hayashima% | 8.2 | 8.2 | PDF p. 166 |
| DPL Okayama Hayashima 2% | 4.7 | 4.7 | PDF p. 166 |
| D Project Fukuoka Tobara S% | 2.5 | 2.8 | PDF p. 166 |
| DPL Iwakuni 1 & 2% | 4.6 | 4.4 | PDF p. 166 |
| D Project Matsuyama S% | 1.7 | 1.7 | PDF p. 166 |
| D Project Tan Duc 2% | 5.6 | 5.7 | PDF p. 166 |
| DPL Gunma Fujioka% | 9.4 | – | PDF p. 166 |
| Subtotal% | 182.6 | 173.3 | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Percentage denominator is net assets attributable to Unitholders, not total portfolio valuation. Totals182.6%/173.3% are printed as reported.
Original source discrepancy retained: D Project Kuki S valuation7,689 (S$ thousands), net assets attributable to Unitholders457,289, prints1.6% for2025; the ratio rounded to one decimal is1.7%. All printed source quantities and percentages remain unchanged.
Portfolio valuation reconciliation to net assets — amounts
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; portfolio valuation | 2024Group; portfolio valuation | Source |
|---|---|---|---|
| Audited Statement of Portfolio | |||
| Investment properties, at valuationS$’000 | 835,157 | 835,902 | PDF p. 166 |
| Other assets and liabilities (net)S$’000 | (342,107) | (317,775) | PDF p. 166 |
| Net Assets of the GroupS$’000 | 493,050 | 518,127 | PDF p. 166 |
| Perpetual securitiesS$’000 | (35,761) | (35,769) | PDF p. 166 |
| Net assets attributable to UnitholdersS$’000 | 457,289 | 482,358 | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Portfolio valuation reconciliation to net assets — percentages
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; percentage of net assets attributable to Unitholders | 2024Group; percentage of net assets attributable to Unitholders | Source |
|---|---|---|---|
| Audited Statement of Portfolio | |||
| Investment properties, at valuation% | 182.6 | 173.3 | PDF p. 166 |
| Other assets and liabilities (net)% | (74.8) | (65.9) | PDF p. 166 |
| Net Assets of the Group% | 107.8 | 107.4 | PDF p. 166 |
| Perpetual securities% | (7.8) | (7.4) | PDF p. 166 |
| Net assets attributable to Unitholders% | 100.0 | 100.0 | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Investment properties — reconciliation of carrying amount to portfolio valuation
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; portfolio valuation | 2024Group; portfolio valuation | Source |
|---|---|---|---|
| Audited Statement of Portfolio | |||
| Investment properties as disclosed in the Statement of Financial PositionS$’000 | 984,117 | 996,406 | PDF p. 166 |
| Right-of-use assetsS$’000 | (133,125) | (144,001) | PDF p. 166 |
| Asset Retirement ObligationS$’000 | (15,835) | (16,503) | PDF p. 166 |
| Total investment properties, at valuationS$’000 | 835,157 | 835,902 | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Original carrying value includes right-of-use assets and asset retirement obligation. These are deducted to obtain the separately reported portfolio valuation; original definitions are retained.
Where the money comes from
Segment information
By business
Segment results, year ended 31 December 10 lines
| Item / unit | 2025Japan, year ended 31 Dec 2025 | 2025Vietnam, year ended 31 Dec 2025 | 2025Total (Group), year ended 31 Dec 2025 | 2024Japan, year ended 31 Dec 2024 | 2024Vietnam, year ended 31 Dec 2024 | 2024Total (Group), year ended 31 Dec 2024 | Source |
|---|---|---|---|---|---|---|---|
| Segment results | |||||||
| Gross revenueS$'000 | 55,347 | 2,447 | 57,794 | 55,875 | 1,225 | 57,100 | PDF p. 193PDF p. 194 |
| Property expensesS$'000 | (13,505) | (90) | (13,595) | (13,156) | (54) | (13,210) | PDF p. 193PDF p. 194 |
| Net property incomeS$'000 | 41,842 | 2,357 | 44,199 | 42,719 | 1,171 | 43,890 | PDF p. 193PDF p. 194 |
| Change in fair value of investment propertiesS$'000 | 9,908 | 324 | 10,232 | 8,129 | 354 | 8,483 | PDF p. 193PDF p. 194 |
| Japan asset management feesS$'000 | (1,067) | – | (1,067) | (1,045) | – | (1,045) | PDF p. 193PDF p. 194 |
| Trustee FeeS$'000 | (137) | – | (137) | (141) | – | (141) | PDF p. 193PDF p. 194 |
| Trust expensesS$'000 | (520) | (134) | (654) | (586) | (71) | (657) | PDF p. 193PDF p. 194 |
| Finance expensesS$'000 | (8,483) | (663) | (9,146) | (6,274) | (276) | (6,550) | PDF p. 193PDF p. 194 |
| Other incomeS$'000 | 99 | 187 | 286 | 32 | 65 | 97 | PDF p. 193PDF p. 194 |
| Segment result subtotal (unlabelled)S$'000 | 41,642 | 2,071 | 43,713 | 42,834 | 1,243 | 44,077 | PDF p. 193PDF p. 194 |
Notes
Geographical segments are the only reporting basis; logistics and industrial properties is the only business segment. Performance measured by Net Property Income (NPI).
Unallocated amounts rows show a value only in the Total column; Japan and Vietnam cells are blank ("").
Unallocated amounts rows show a value only in the Total column; other cells blank ("").
Segment assets and liabilities, as at 31 December 4 lines
| Item / unit | 2025Japan, as at 31 Dec 2025 | 2025Vietnam, as at 31 Dec 2025 | 2025Total (Group), as at 31 Dec 2025 | 2024Japan, as at 31 Dec 2024 | 2024Vietnam, as at 31 Dec 2024 | 2024Total (Group), as at 31 Dec 2024 | Source |
|---|---|---|---|---|---|---|---|
| Segment assets | |||||||
| Investment properties (including right-of-use assets)S$'000 | 957,547 | 26,570 | 984,117 | 968,086 | 28,320 | 996,406 | PDF p. 193PDF p. 194 |
| OthersS$'000 | 67,318 | 5,975 | 73,293 | 75,374 | 5,206 | 80,580 | PDF p. 193PDF p. 194 |
| Segment assets total (unlabelled)S$'000 | 1,024,865 | 32,545 | 1,057,410 | 1,043,460 | 33,526 | 1,076,986 | PDF p. 193PDF p. 194 |
| Segment liabilities | |||||||
| OthersS$'000 | 536,817 | 29,547 | 566,364 | 533,315 | 31,179 | 564,494 | PDF p. 193PDF p. 194 |
Notes
(1) Unallocated assets consist of mainly cash and derivative financial instruments.
Unallocated rows show a value only in the Total column; other cells blank ("").
Debt
Borrowings
Outstanding principal, nominal interest rate and year of maturity
| Item / unit | 2025face value S$'000 | 2025carrying amount S$'000 | 2024face value S$'000 | 2024carrying amount S$'000 | Source |
|---|---|---|---|---|---|
| Group | |||||
| Bank loans/ bondsS$'000 | 356,730 | 350,958 | 343,254 | 338,099 | PDF p. 188 |
Notes
Nominal interest rate 1.30% – 2.77% (2024: 1.22% – 2.14%); year of maturity 2026 – 2030 (2024: 2025 – 2029).
Facilities: JPY 29.0bn (tranches maturing 2026 JPY 9.0bn, 2029 JPY 10.0bn, 2030 JPY 10.0bn); JPY 4.0bn (2026 JPY 2.0bn, 2027 JPY 2.0bn); JPY 2.5bn maturing 2029; JPY 3.99bn maturing 2028; JPY 1.0bn specified bonds maturing 2026; Trust JPY 3.03bn loan maturing May 2028. Undrawn: two S$30.0m RCFs maturing 2028.
Borrowing notes 3 tables
Loans and borrowings (current and non-current, all unsecured)
| Item / unit | 2025Group, S$'000 | 2024Group, S$'000 | 2025Trust, S$'000 | 2024Trust, S$'000 | Source |
|---|---|---|---|---|---|
| Current | |||||
| Unsecured bondsS$'000 | 8,197 | – | – | – | PDF p. 187 |
| Unsecured bank loanS$'000 | 90,166 | 86,834 | – | – | PDF p. 187 |
| Less: Unamortised transaction costsS$'000 | (395) | (352) | – | – | PDF p. 187 |
| Current borrowings subtotalS$'000 | 97,968 | 86,482 | – | – | PDF p. 187 |
| Non-current | |||||
| Unsecured bank loansS$'000 | 258,367 | 247,737 | 24,837 | 26,311 | PDF p. 187 |
| Unsecured bondsS$'000 | – | 8,683 | – | – | PDF p. 187 |
| Less: Unamortised transaction costsS$'000 | (5,377) | (4,803) | (301) | (228) | PDF p. 187 |
| Non-current borrowings subtotalS$'000 | 252,990 | 251,617 | 24,536 | 26,083 | PDF p. 187 |
| Total | |||||
| Total borrowingsS$'000 | 350,958 | 338,099 | 24,536 | 26,083 | PDF p. 187 |
| Percentage of borrowings to net assets% | 71.2 | 65.3 | 7.4 | 7.3 | PDF p. 187 |
Notes
All loans described as unsecured (Note 13 p.186). Facilities are denominated in JPY (Trust loan JPY 3.03 billion approx. S$24.8 million); 100.0% of borrowings denominated in JPY per p.52.
Subtotal rows have no printed label; labelled descriptively.
Lease liabilities
| Item / unit | 2025Group, S$'000 | 2024Group, S$'000 | 2025Trust, S$'000 | 2024Trust, S$'000 | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| At the beginning of the financial yearS$'000 | 143,550 | 157,485 | – | – | PDF p. 187 |
| PaymentsS$'000 | (5,444) | (5,503) | – | – | PDF p. 187 |
| Finance cost on lease liabilitiesS$'000 | 2,452 | 2,528 | – | – | PDF p. 187 |
| Exchange differencesS$'000 | (7,859) | (10,960) | – | – | PDF p. 187 |
| At the end of the financial yearS$'000 | 132,699 | 143,550 | – | – | PDF p. 187 |
| CurrentS$'000 | 2,430 | 2,525 | – | – | PDF p. 187 |
| Non-currentS$'000 | 130,269 | 141,025 | – | – | PDF p. 187 |
Key debt indicators as at 31 December 2025 (Financial Review)
| Item / unit | 2025Group/DHLT, as at 31 December 2025 | Source |
|---|---|---|
| Prudent capital management | ||
| Proportion of borrowings denominated in JPY% | 100.0 | PDF p. 54 |
Notes
Debt maturity profile bar chart (2026-2030, S$ million) on p.54 has values 98.4, 16.4, 57.5, 102.5, 82.0 but year-to-bar mapping is not reliably readable from text, so not extracted.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy (Provision 11.6) | DHLT’s distribution policy is to distribute at least 90.0% of its annual distributable income on a semi-annual basis. For FY2025, DHLT made a total of two distributions to Unitholders. Under the Trust Deed, the Manager shall pay distributions no later than 90 days after the end of each distribution period. | Group, FY2025 | PDF p. 149 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (cents) | 4.33 cents per unit | Group, FY2025 (FY2024 comparative 4.79; variance (9.6)%) | PDF p. 53 |
| Distribution per Unit (cents) | 4.79 cents per unit | Group, FY2024 comparative | PDF p. 53 |
| Distribution of 2.24 cents per Unit for the period from 1 January 2025 to 30 June 2025 | 2.24 cents per unit | Group, 1H FY2025 distribution | PDF p. 163 |
| Distribution of 2.34 cents per Unit for the period from 1 July 2024 to 31 December 2024 | 2.34 cents per unit | Group, 2H FY2024 distribution (paid in FY2025) | PDF p. 163 |
| Distribution of 2.45 cents per Unit for the period from 1 January 2024 to 30 June 2024 | 2.45 cents per unit | Group, 1H FY2024 distribution | PDF p. 163 |
| Distribution of 2.61 cents per Unit for the period from 1 July 2023 to 31 December 2023 | 2.61 cents per unit | Group, 2H FY2023 distribution (paid in FY2024) | PDF p. 163 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Income available for distribution to Unitholders for the year | 30,378 S$'000 | Group, FY2025 (FY2024: 33,518) | PDF p. 163 |
Extracted from ANNUAL REPORT FY2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage(1) | 40.2% | As at 31 December 2025; comparative 31 December 2024: 38.5% (note 25, p.195) · As at 2025-12-31 | PDF p. 54 |
| Aggregate Leverage | 38.5% | As at 31 December 2024 comparative to 40.2% as at 31 December 2025 · As at 2024-12-31 | PDF p. 195 |
| Interest coverage ratio(2) | 5.5 times | As at 31 December 2025; comparative 2024: 8.4 times (p.195) · As at 2025-12-31 | PDF p. 54 |
| Interest Coverage Ratio | 8.4 times | As at 31 December 2024 comparative to 5.5 times in 2025 · As at 2024-12-31 | PDF p. 195 |
| Weighted average borrowing cost | 2.04% (all-in rate) | As at 31 December 2025; no comparative printed · As at 2025-12-31 | PDF p. 54 |
| Weighted average debt maturity | 2.9 years | As at 31 December 2025; no comparative printed · As at 2025-12-31 | PDF p. 54 |
| Portfolio occupancy rate | 87.8% | As at 31 December 2025; no prior-year comparative printed in pages read · As at 2025-12-31 | PDF p. 22 |
| WALE | 6.6 years | As at 31 December 2025, by gross rental income (monthly rent as at December 2025); no comparative printed · As at 2025-12-31 | PDF p. 22 |
| PORTFOLIO VALUATION(2) | 835.2 MILLION | As at 31 December 2025, S$ million · As at 2025-12-31 | PDF p. 7 |
| NAV per Unit | S$0.65 | As at 31 December 2025; no comparative printed · As at 2025-12-31 | PDF p. 54 |
Extracted from ANNUAL REPORT FY2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group and Trust, FY2025 | PDF p. 160 |
| Engagement partner | Nelson Chen | Group and Trust, FY2025 | PDF p. 160 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the Statement of Financial Position and the Statement of Changes in Unitholders’ Funds of the Trust are properly drawn up in accordance with the International Financial Reporting Standards | Group and Trust, FY2025 | PDF p. 157 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation of the investment properties is significant to our audit due to the magnitude and the complexity of the valuation which is highly dependent on a range of assumptions and estimates made by the external appraisers engaged by the Manager. | Group, as at 31 December 2025 | PDF p. 157 |
Extracted from ANNUAL REPORT FY2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT FY2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Complete original primary financial statements include Group/Trust financial position and changes in unitholders’ funds, Group income/distribution/cash flows and the audited Statement of Portfolio. Separate Trust comprehensive income and cash-flow statements are not disclosed.
Monetary statement values are S$ thousands; source per-unit rows are S$/Unit or cents/Unit, units in issue are thousands of units. Mixed summary variance percentages are presented separately. Foreign portfolio chart valuations useJPYmillion orVNDbillion; debt maturities useS$million.
The original portfolio valuation excludes right-of-use assets and asset retirement obligation. The audited p166 reconciliation is included; percentage denominator is net assets attributable to Unitholders.
Original source discrepancy retained: D Project Kuki S valuation7,689 (S$ thousands), net assets attributable to Unitholders457,289, prints1.6% for2025; the ratio rounded to one decimal is1.7%. All printed source quantities and percentages remain unchanged.
No five-year issuer financial comparison table was located in the full FY2025 report; company statements and financial summaries giveFY2025/FY2024. Market-study historical charts concern external property markets, not DHLT financials. Original historical annual-report backfill remains incomplete.
Source printed dashes are retained literally;22 dash-dependent arithmetic checks are not computable without assumptions.90 complete numeric equations passed.
Earlier original-report historical backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.