Harvest JD Warehouse REIT Annual Report Breakdown: The Hidden Concerns Behind the 100% Occupancy Rate

On March 29, 2026, the Harvest JD Logistics REIT (508028) released its 2025 annual report, presenting a picture of “surface brilliance, underlying pressure.” A 100% occupancy rate is impressive, but metrics such as a 5.26% decrease in rental price per unit, a 23.44% reduction in remaining lease terms, and an 8.7% drop in distributable amounts reveal the real situation of the warehouse REITs market shifting from a “landlord’s market” to a “tenant’s market.” Under the backdrop of high rental dependence on a single e-commerce client and increasing renewal pressures, this JD-affiliated warehouse REIT is facing the challenge of growth bottlenecks.

I. Performance Overview: Net Profit Up by 40%, Distributable Amount “Shrinks”

In 2025, the Harvest JD Logistics REIT achieved approximately 172 million yuan in operating revenue (simulated reporting standards), a year-on-year increase of about 12%; it realized a net profit of 28.226 million yuan, a year-on-year increase of about 42%. On the surface, this is a fairly good performance report.

However, looking at the distributable amount, the situation is not as optimistic. During the reporting period, the fund achieved a distributable amount of 71.8949 million yuan, down 8.7% from 78.7316 million yuan in the same period of 2024. The corresponding unit distributable amount is 0.1438 yuan, lower than 0.1575 yuan in 2024.

This “inversion” phenomenon has attracted market attention: net profit grew by 42%, so why did the distributable amount decrease instead?

The answer lies in the details of accounting treatment. According to the annual report, the calculation of the current period’s distributable amount was adjusted based on net profit. Adjustment items included the use of a prior reserve of 21.3417 million yuan, while deductions included adjustments for rental income on a straight-line basis (-116,900 yuan), capital expenditures (-3.7844 million yuan), changes in receivables and payables (-8.1585 million yuan), and reserves for future reasonable expenses (-7.4385 million yuan).

In short, a large amount of “previous reserves” was used in this period to maintain the distribution level, but this is not a sustainable approach. When the “nest egg” is exhausted and rental income growth stagnates, the decline in distributable amounts will be inevitable.

II. Operational Analysis: What is the Quality of a 100% Occupancy Rate?

For warehouse REITs, “occupancy rate” is a core indicator of asset quality. The Harvest JD Logistics REIT maintained a 100% occupancy rate at the end of the period, a figure that is leading in the industry.

However, a deeper analysis reveals that the “quality” of a 100% occupancy rate needs to be discounted.

First, tenant concentration is high. The underlying assets of this fund are three logistics parks in Chongqing, Wuhan, and Langfang, where JD-affiliated tenants dominate. When the financial status of this sole major client fluctuates, the stability of rental income will be directly impacted.

Second, rental levels are under pressure. During the 2025 reporting period, the average rental price was 0.90 yuan/square meter/day, down 5.26% from 0.95 yuan/square meter/day in 2024. Among them, the rental price of the Chongqing project dropped from 0.79 yuan to 0.66 yuan, a decrease of 16.46%.

Third, the remaining lease term has significantly shortened. The average remaining lease term at the end of the period was 1,192 days (approximately 3.27 years), down 23.44% from 1,557 days in the same period last year. This means that within the next 1-3 years, lease renewals will become a major challenge for management.

III. Asset Insight: 1.4 Billion Fair Value and 190 Million Goodwill

As of the end of 2025, the fair value of investment properties of the Harvest JD Logistics REIT was 1.436 billion yuan, slightly down from 1.479 billion yuan the previous year, but overall it remained stable. The book value of goodwill was 194 million yuan, unchanged from the previous year.

From an asset assessment perspective, the value of warehouse logistics assets mainly depends on rental cash flow and future growth expectations. Against the backdrop of declining rents and shortening lease terms, it is worth noting whether valuation agencies will adjust assessment parameters in subsequent years.

The annual report shows that the fund holds three assets: the JD Chongqing E-commerce Base Project (transfer and distribution center) Phase I (area of 184,600 square meters), the Wuhan project, and the Langfang project. According to data from Colliers International, during the reporting period, the average rent in the core warehouse logistics market of Wuhan was 21.1 yuan/square meter/month, with an average occupancy rate of 76%; the Langfang market had an average rent of 18.25 yuan/square meter/month and an average occupancy rate of 73.6%.

In comparison, the rental level of the Harvest JD warehouse project (approximately 0.90 yuan/square meter/day ≈ 27 yuan/square meter/month) is significantly higher than the market average, which reflects JD’s brand premium capability but also indicates limited space for further price increases.

IV. Dividend Tracking: Cumulative Dividends of 210 Million, Cash Flow Distribution Rate Under Pressure

In 2025, the actual distribution amount of this fund was 72.84 million yuan (including the first, second, and third dividends for 2025 and the fourth dividend for 2024), with a unit actual distribution amount of 0.1457 yuan. Since its establishment, cumulative dividends have been approximately 210 million yuan.

Based on the estimated market value of the fund at the end of the period, the cash flow distribution rate is approximately 4.5% (annualized), down from the expected 4.6%-5.0% at the time of the initial public offering. This level is still considered moderately high among warehouse logistics REITs, but its attractiveness is waning.

V. Risk Highlights: Three Major Concerns to Address

According to the information in the annual report, the Harvest JD Logistics REIT faces three core risks:

First, rental renewal risk. The average remaining lease term is only about 3 years, and there is significant uncertainty about whether rental levels can be maintained and whether leases can be successfully renewed. Considering the current increase in supply and slowdown in demand in the warehouse market, tenants’ bargaining power is rising in lease renewal negotiations.

Second, customer concentration risk. The issue of a high proportion of a single tenant persists. If the JD group undergoes business adjustments or strategic changes, it will directly affect the fund’s income.

Third, market competition risk. The report shows that the core warehouse logistics markets in Wuhan and Langfang both face pressure from new supply, with average occupancy rates of only 76% and 73.6%, respectively. As nearby competing projects increase, both rental and occupancy rates face downward pressure.

VI. Investment Value Assessment

From an allocation perspective, the Harvest JD Logistics REIT still holds certain appeal: a 100% occupancy rate provides short-term certainty, the JD brand offers credit endorsement, and a remaining lease term of more than 3 years provides a buffer.

However, the upward elasticity is also limited. Factors such as declining rents, shortening lease terms, and goodwill impairment risks constrain the potential for growth. For investors seeking stable dividends, this is a “defensive” type of asset; for those expecting capital appreciation, its appeal may not be as strong as it was at the time of issuance.

Risk Warning: The information contained in this article is based on publicly available annual report data and does not constitute investment advice. Investors should pay attention to rental renewal risks, customer concentration risks, and risks associated with increasing market competition.