WHA Premium Growth Real Estate Investment Trust (WHART)
Opportunity Day
8 August 2018
1 Sponsor REIT Manager
WHA Premium Growth Real Estate Investment Trust (WHART) Opportunity - - PowerPoint PPT Presentation
WHA Premium Growth Real Estate Investment Trust (WHART) Opportunity Day 8 August 2018 REIT Manager Sponsor 1 Disclaimers This presentation has been prepared by WHA Real Estate Management Company Limited (WHAREM) exclusively for the
Opportunity Day
8 August 2018
1 Sponsor REIT Manager
As of Nov 2017
Disclaimers
This presentation has been prepared by WHA Real Estate Management Company Limited (‘WHAREM’) exclusively for the benefit and internal use of prospective clients in order to indicate, on a preliminary basis, the feasibility of possible transactions. Terms contained in this presentation are intended for discussion purposes only and are subject to a definitive agreement. All information contained in this presentation belongs to WHAREM and may not be copied, distributed or otherwise disseminated in whole or in part without the written consent of WHAREM. This presentation has been prepared on the basis of information that is believed to be correct at the time the presentation was prepared, but that may not have been independently verified. WHAREM makes no expression or implied warranty as to the accuracy or completeness of any such information. WHAREM is not acting as an advisor or agent to any person to whom this presentation is directed. Such persons must make their own independent assessment of the content of this presentation, should not treat such content as advice relating to legal, accounting, taxation or investment matters and should consult their own advisers. Neither WHAREM nor any of its directors, employees or representatives are to have any liability (including liability to any person by reason of negligence or negligent misstatement) from any statement, opinion, information or matter (express or implied) arising out of, contained in or derived from or any omission from the presentation, except liability under statute that cannot be excluded. Please study relevant information carefully before making any investment decision. Investors are encouraged to make an investment only when such decisions correspond with their own objectives and only after they have acknowledged all risks and have been informed that the returns may be more
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As of Nov 2017
Agenda
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I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook
As of Nov 2017
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Unitholders (1,963,977,172 units)
WHART Others WHA Group (Approximately 15%)
Investment in the REIT Benefit Distribution & Redemption Trustee Fee Monitor the REIT Rents
REIT Manager Property Manager Trustee Lenders
REIT Manager Fee Property management fee Debt repayment and interest expense THB 7,794.4 mn THB 1,347.3 mn : 1st Capital Increase THB 2,247.1 mn : WHAPF Conversion + 3rd Asset Acquisition THB 4,200 mn : Bond Manager the REIT Manage operation of all assets Invest in freehold and leasehold assets
WHART’s Structure
Total leasable area of 971,578.55 sq.m. Total land area 1,037-0-73.55 Rai 20 Projects, with 48 Tenants
As of Nov 2017
WHART Key Performance
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Q2 2018 Number of Properties 20 Properties Total Leasable Area 971,578.55 sq.m. Asset Size 28,191.90 THB Million Freehold : Leasehold 70 : 30 Built-to-suit : General Warehouse 60 : 40 Occupancy Rate before Undertake 89.8% Occupancy Rate after Undertake 92.2% Total Interest-bearing Debt 7,794.4 THB Million Loan-to-Value 27.65% NAV per Unit 9.8363
As of Nov 2017
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Unit Holders
* As of 14 June 2018 ** As of 2 April 2018
Shareholders Q2 2018* Q1 2018**
Percentage
387,428,422 19.73% 383,238,922 19.51%
294,597,043 15.00% 294,597,043 15.00%
122,660,052 6.25% 122,660,052 6.25%
111,813,863 5.69% 111,813,863 5.69%
92,488,083 4.71% 92,488,083 4.71%
61,553,873 3.13% 61,553,873 3.13%
56,308,721 2.87% 56,308,721 2.87%
54,565,600 2.78% 54,565,600 2.78%
46,543,904 2.37% 46,543,904 2.37%
42,585,075 2.17% 42,585,075 2.17% Others 693,432,536 35.31% 697,622,036 35.52% Total 1,963,977,172 100.00% 1,963,977,172 100.00%
Institution, 65.5% Retail, 19.5% Sponsor, 15.0%
1.49% of total unitholders are foreign investors which are categorized in the institution and retail sector
As of Nov 2017
Overview of Leasable Area
167,107 971,579 174,936 157,215 387,385 84,935
200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 2014 2015 2016 2017 sq.m. IPO 1st Capital Increase 2nd Capital Increase WHAPF Conversion + 3rd Asset Acquisition
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Total Leasable Area
+ 104.7% + 46.0% + 94.6%
As of Nov 2017
The Assets are located in Prime Strategic Locations
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As of Nov 2017
The Assets are located in Prime Strategic Locations
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As of Nov 2017
Well Known Tenants Profile
Top 10 Tenants by Area
Well-diversified nationality Well-diversified business
* Excluded Thai and Japan
Lease Area by Type of Building Lease Area by Properties Type 10
Thai, 26.3% Europ e, 25.5% Japan, 22.0% Asia*, 16.5% USA, 9.7%
Third- Party Logistics, 48.2% Fast-Moving Consumer Goods, 34.9% Manufacturer, 13.6% E-Commerce, 1.9% Data Center, 1.4%
Built-to- Suit, 60.1% Ready- Built, 39.9% Warehouse , 89.1% Factory, 10.9%
No. Tenants Area (sqm.) (%)
1 DKSH (Thailand) Limited 187,582.63 21.56% 2 DSG International (Thailand) Pcl 60,749.40 6.98% 3 LF Logistics (Thailand) Limited 47,788.97 5.49% 4 Sino-Pacific Trading (Thailand) Co., Ltd. 45,569.25 5.24% 5 Kao Commercial (Thailand) Co.,Ltd. 36,522.44 4.20% 6 Thai Beverage Logistics Co., Ltd. 33,450.00 3.84% 7 Central Department Store Limited 28,946.00 3.33% 8 Logitem (Thailand) Co., Ltd. 28,443.00 3.27% 9 Hitachi Transport System Vantec (Thailand) Ltd. 22,214.92 2.55% 10 Osotspa Co., Ltd. 21,820.00 2.51% 11 Other Tenants 357,078.25 41.04%
As of Nov 2017
Agenda
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I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook
As of Nov 2017
Occupancy Rate
Occupancy Rate Before and After WHA Undertaking
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97.4% 97.4% 97.4% 94.9% 92.4% 93.8% 93.1% 94.0% 91.8% 91.9% 90.2% 93.5% 94.7% 89.8% 100.0%100.0%100.0% 99.4% 98.7% 100.0%100.0%100.0% 96.5% 96.7% 94.9% 97.0% 97.4% 92.2% 70% 75% 80% 85% 90% 95% 100% Occupancy Rate Before WHA Undertaking Occupancy Rate After WHA Undertaking
As of Nov 2017
Lease Expiry (Cont’d)
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Remaining lease period of WHART’s assets
23% 36% 24% 17% 20% 37% 22% 22% 0% 5% 10% 15% 20% 25% 30% 35% 40% < 1 Year 1 - 3 Years 3 - 5 Years > 5 Years Lease Expiry Lease Expiry (Include Option to Renew)
WALE = 2.83 WALE (Include Option to Renew) = 3.46
As of Nov 2017
Financial Overview
14 Million Baht Million Baht
* Net profit from valuation increased
163.55 340.93 495.92 993.03
400 600 800 1,000 1,200 6M/2015 6M/2016 6M/2017 6M/2018
6-Month Revenue
+ 100.2% + 45.5% + 108.5% + 116.1% + 47.1% + 134.4%
8.31 133.39 284.41 638.47 98.22 96.78 54.16 154.99 100 200 300 400 500 600 700 800 900 6M/2015 6M/2016 6M/2017 6M/2018
6-Month Net Profit
Net Profit Gain (Loss) from Valuation 106.52 230.17 338.56
As of Nov 2017
Financial Overview
15 Million Baht
10,000 15,000 20,000 25,000 30,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
Total Assets
As of Nov 2017
Distribution Payment
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* Performance from July to October 2015 ** Performance from November to December 2015, in consequence of 1st capital increase. *** Performance from 1 October to 15 November 2016, in consequence of 2nd capital increase. **** Performance from 1 October to 31 October 2017, in consequence of WHAPF conversion and 3rd asset acquisition.
0.1812 0.06700.0565 0.0292 0.17330.16960.1671 0.1205 0.17050.1705 0.1482 0.1245 0.1745 0.1860 0.1807 0.0052 0.1610 0.02170.02490.0124 0.0740 0.02400.0240 0.0115 0.07 0.02 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Dividend Decreasing paid-up capital
0.2477 0.0617 0.1902 0.1950 0.1860 0.1812 0.1945 0.1795 0.1945 0.1945 0.1945 0.1597 0.1945 0.1945
Distribution Payment Payment Date
1/2015 29-May-15 2/2015 25-Aug-15 3/2015* 18-Dec-15 4/2015** 15-Mar-16 1/2016 27-May-16 2/2016 25-Aug-16 3/2016 25-Nov-16 4/2016*** 20-Dec-16 4/2016 22-Mar-17 1/2017 23-May-17 2/2017 23-Aug-17 3/2017 22-Nov-17 4/2017**** 12-Dec-17 4/2017 23-Mar-18 1/2018 25-May-18 2/2018 23-Aug-18
As of Nov 2017
Agenda
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I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook
As of Nov 2017
In Q1 2018, WHART issue bonds
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2.7 2.7 11.1 2,261.7 23.5 37.8 1,254.8 3,000.0 1,200.0 500 1,000 1,500 2,000 2,500 3,000 3,500 2018 2019 2020 2021 2022 2023 2024 2025
Maturity Ladder
Loan Bond 3,011.1 2,261.7 2,454.8 Million Baht
Loan, 46.1% Bond, 53.9%
7,794.4 THB Mn
2.96%
Effective Annual Interest Rate
Stable Outlook
by TRIS Rating
As of Nov 2017
Debt Profile
19 1,370.0 2,720.0 3,970.0 7,794.4 7,794.4 29.7% 30.0% 28.5% 27.7% 27.7% 0% 5% 10% 15% 20% 25% 30% 35% 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 YE 2014 YE 2015 YE 2016 YE 2017 Q2 2018 Interest-bearing Debt LTV 11.93 10.48 8.04 6.01 4.67 4.44% 4.19% 3.75% 3.46% 2.96% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 2 4 6 8 10 12 14 YE 2014 YE 2015 YE 2016 YE 2017 Q2 2018 Average Remaining Maturity Effective Annual Interest Rate
Million Baht Million Baht
Issue bonds to refinance Well Managed LTV% Issue Bond to Reduce Cost of Debt
As of Nov 2017
WHART Assets Acquisition in 2018
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Key activities through the 4th Capital increase of Asset Acquisition
1 4 3 2
December 2018:
Complete the acquisition within Q4 2018
14 June 2018:
EGM meeting to approve the resolution to acquire assets from WHA Group for the value not exceeding THB 4,464.50 million. Assets will have leasable area
June – October 2018:
Filing process
October – November 2018:
Marketing & Placement and Subscription process
As of Nov 2017
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WHART Assets Acquisition in 2018
As of Nov 2017
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