1. Thailand Stocks

  2. •

    Finance

  3. •

    Real estate investment trusts
WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust

WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust

SSET:WHART
10.70
THB
0.00
(0.00%)
0.71EPS
15.50P/E
38.16BMarket Cap
Nov 17Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
0.48
0.71
0.53
0.86
0.88
0.92
0.84
0.97
0.98
1.01
1.01
1.02
Basic EPS, GAAP
- -
0.17
0.38
0.34
0.64
0.74
0.82
0.67
0.71
0.65
0.55
0.68
0.71
Free Cash Flow per Basic Share
- -
-6.22
-3.59
-1.14
-1.52
-1.13
0.04
-0.76
-0.41
-0.15
0.85
0.62
0.82
Dividend per Share
- -
0.13
0.34
0.29
0.56
0.57
0.63
0.69
0.71
0.73
0.71
0.69
0.68
Book Value per Share
9.54
9.54
9.52
9.44
9.59
10.58
10.9
11.06
10.97
10.8
10.65
10.55
10.56
Tangible Book Value per Share
9.54
9.54
9.52
9.44
9.59
10.58
10.9
11.06
10.97
10.8
10.65
10.55
10.56
Basic Weighted Avg Shares
326
686
1,002
2,024
2,293
2,581
2,791
3,068
3,274
3,469
3,469
3,469
3,469
Sales/Revenue/Turnover
- -
332
710
1,080
1,980
2,264
2,556
2,575
3,179
3,398
3,519
3,508
3,526
Operating Margin (%)
- -
89.75
89.83
89.69
83.04
83.51
83.12
82.18
88.58
89.16
89.63
89.55
90
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
- -
119
380
679
1,473
1,915
2,278
2,060
2,318
2,246
1,921
2,350
2,461
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
- -
35.75
53.51
62.81
74.4
84.57
89.14
80.03
72.91
66.09
54.58
66.99
69.8
Working Capital
-68
-76
-364
-545
-821
-670
597
1,215
505
-1,160
-1,437
-2,710
-2,172
LT Debt
1,323
2,629
3,646
7,057
9,356
9,485
10,793
12,933
14,280
14,349
12,966
12,893
12,551
Total Equity
3,115
6,542
9,541
19,099
21,983
27,316
30,413
33,937
35,919
37,459
36,926
36,593
36,620
Return on Invested Capital (%)
- -
1.75
5.28
4.52
5.67
5.53
5.43
4.8
5.8
5.84
5.91
5.93
6
Return on Capital (%)
- -
2.66
4.44
4.27
6.24
6.61
6.58
5.37
5.44
5.12
4.57
5.38
5.56
Return on Common Equity (%)
- -
2.46
4.72
4.74
7.17
7.77
7.89
6.4
6.64
6.12
5.16
6.39
6.7

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,319
3,619
3,620
LT Borrowings
11,961
11,678
11,636
LT Finance Leases
933
930
915
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,469
3,469
3,469
Market Capitalization
37,116
35,035
38,157

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,171
1,631
1,591
Cash, Cash Equivalents & STI
694
1,163
1,116
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
3,882
3,739
3,763
Payables & Accruals
93
71
83
ST Debt
3,319
3,619
3,620
Deferred Revenue
380
17
16

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.61%
3.88%
-0.9%
Free Cash Flow
-322.7%
-621.32%
-27.62%
Net Income, GAAP
47.2%
1.54%
22.33%
Sales/Revenue/Turnover
31.06%
6.87%
-0.32%
Total Cash Common Dividend
55.92%
6.89%
-2.19%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
861
868
888
902
3,519
2025
866
863
909
870
3,508
2026
858
890
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.19
0.12
0.19
0.06
0.55
2025
0.19
0.17
0.2
0.11
0.68
2026
0.19
0.2
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.13
0.19
0.19
0.19
0.71
2025
0.14
0.19
0.17
0.19
0.69
2026
0.12
0.19
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Suppasit Sitthasate
Sector
Finance
Industry
Real estate investment trusts
Address
1121 Moo.3 Theparak Road Bang Phli SP Thailand 10270
IPO Date
Dec 18, 2014
Website
whareit.com
Similar Companies
Realty Income Corporation (NYSE:O)
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. (BIST:EKGYO)
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
AGNC Investment Corp. (NASDAQ:AGNC)
Prologis, Inc. (NYSE:PLD)
American Tower Corporation (REIT) (NYSE:AMT)
Business
WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART.BK) is a real estate investment trust focused on acquiring, owning, developing, and leasing premium industrial and logistics properties in Thailand. The Trust invests primarily in high-quality freehold and leasehold assets, including warehouses, distribution centers, and industrial estates located in strategic zones such as Bangna-Trad (60% of portfolio), Eastern Economic Corridor (19%), Ayudhya-Saraburi (21%), and Samut Sakhon (1%); these properties, totaling approximately 1.89 million square meters of leasable area across 34 projects, are predominantly leased to blue-chip tenants in sectors like third-party logistics (30%), fast-moving consumer goods (39%), e-commerce (13%), automotive (7%), and manufacturing. Approximately 50% of the portfolio consists of freehold assets, with the remainder under long-term leasehold rights (30+30 years), generating stable rental income through built-to-suit (56%) and general-purpose facilities (44%). Established on December 8, 2014, pursuant to Thailand's Trust for Transactions in Capital Market Act and listed on the Stock Exchange of Thailand on December 18, 2014, the Trust is externally managed by WHA Real Estate Management Company Limited, with asset management by WHA Corporation Public Company Limited and trusteeship by Kasikorn Asset Management Company Limited; it is headquartered at 777 WHA Tower, 22nd Floor, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bangkaew, Bang Phli, Samut Prakarn 10540, Thailand. In recent developments, the Trust completed its eighth additional investment of up to THB 4,050.86 million to expand its portfolio, maintains high occupancy rates rising from 82.8% in 4Q23 to 85.6% in 1Q25, and in November 2025 plans to refinance a THB 1.385 billion loan maturing with SCB by securing a new long-term facility from Kasikornbank to replace internal cash flows used for repayment; additionally, it adjusted its par value from 8.96 baht to 8.9426 baht effective September 11, 2025.