TRIS Rating has affirmed the issuer credit rating of WHA Industrial Leasehold Real Estate Investment Trust (WHAIR) at “BBB+” with a “Stable” outlook on August 28, 2026. The rating action reflects the trust’s high-grade industrial assets in prime locations, consistent recurring cash flows, adequate liquidity, and steady expansion supported by its main sponsor, WHA Industrial Development PLC (WHAID).
High Occupancy in Eastern Economic Corridor Strategic Hubs
WHAIR’s portfolio consists of ready-built factories (RBFs) and warehouses, with 92% of its 468,990 sq.m. leasable area located in Chonburi and Rayong within the Eastern Economic Corridor (EEC). The concentration in these major logistics hubs is bolstered by tenant stickiness, heavy machinery investments, and supply chain relocations to Thailand. As of June 2026, the tenant base was led by Chinese enterprises (33%), European firms (23%), US companies (10%), and Japanese businesses (9%).
The trust maintains an overall occupancy rate exceeding 90%, supported by an average tenant renewal rate of approximately 80%. Although a non-renewal in late 2025 and subsequent space renovations temporarily softened warehouse occupancy, projected revenue for 2026 stands at approximately THB970 million, with full space re-leasing expected in 2027. Total revenue is projected to climb to THB1.08 billion by 2028.
Periodic Asset Pipeline and Prudent Capital Structure
Growth remains closely tied to periodic asset transfers from WHAID. For 2026, unitholders have approved an acquisition of 45,329 sq.m. of fully occupied factory and warehouse space valued at approximately THB1.23 billion. Backed by a three-year rental undertaking from WHAID, this addition is expected to generate THB100 million in annual incremental revenue, with another similar acquisition projected for 2028.
The trust maintains solid profitability, with EBITDA margins expected to remain around 85%. WHAIR continues to operate with manageable financial leverage; the loan-to-value (LTV) ratio is forecast at 32%-33%, well below its internal limits. Debt repayments of THB1.5 billion due in November 2026 are fully covered by committed bank refinancing facilities, and the EBITDA interest coverage ratio improved to 7.5 times in the first half of 2026.
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