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 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 or less than the initial sum. As of Nov 2017 2
Agenda I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook As of Nov 2017 3
WHART’s Structure Unitholders (1,963,977,172 units) WHA Group Others (Approximately 15%) REIT Manager Benefit Distribution & Redemption Investment in the REIT Trustee REIT Manager Fee Monitor the REIT WHART Trustee Fee Manager the REIT Invest in freehold and Debt repayment and interest expense leasehold assets Lenders Property Manager Rents THB 7,794.4 mn Property management fee THB 1,347.3 mn : 1 st Capital Increase THB 2,247.1 mn : WHAPF Conversion + 3 rd Asset Acquisition THB 4,200 mn : Bond Manage operation of all assets Total leasable area of 971,578.55 sq.m. Total land area 1,037-0-73.55 Rai 20 Projects, with 48 Tenants 4 As of Nov 2017
WHART Key Performance Q2 2018 Number of Properties 20 Properties Total Leasable Area 971,578.55 sq.m. 28,191.90 THB Million Asset Size 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 5 As of Nov 2017
Unit Holders Q2 2018* Q1 2018** Shareholders No. of Share Percentage No. of Share Percentage Sponsor, 15.0% 1. Social Security Office 387,428,422 19.73% 383,238,922 19.51% 2. WHA Corporation 294,597,043 15.00% 294,597,043 15.00% Retail, 3. Government Pension Fund 122,660,052 6.25% 122,660,052 6.25% 19.5% 4. Muang Thai Life Assurance 111,813,863 5.69% 111,813,863 5.69% Institution, 65.5% 5. Krung Thai-Axa Life Insurance 92,488,083 4.71% 92,488,083 4.71% 6. Government Savings Bank 61,553,873 3.13% 61,553,873 3.13% 8. Southeast Life Insurance 56,308,721 2.87% 56,308,721 2.87% 7. Bangkok Life Assurance 54,565,600 2.78% 54,565,600 2.78% 1.49% of total unitholders are 9. Thai Life Insurance 46,543,904 2.37% 46,543,904 2.37% foreign investors which are categorized in the institution and 10. Allianz Ayudhya Life Insurance 42,585,075 2.17% 42,585,075 2.17% retail sector Others 693,432,536 35.31% 697,622,036 35.52% Total 1,963,977,172 100.00% 1,963,977,172 100.00% * As of 14 June 2018 ** As of 2 April 2018 6 As of Nov 2017
Overview of Leasable Area + 94.6% 1,100,000 WHAPF Conversion Total Leasable + 3rd Asset Acquisition Area 1,000,000 84,935 900,000 800,000 700,000 387,385 + 46.0% 600,000 sq.m. 2nd Capital Increase 500,000 971,579 + 104.7% 157,215 400,000 1st Capital Increase 300,000 174,936 200,000 IPO 100,000 167,107 - 2014 2015 2016 2017 7 As of Nov 2017
The Assets are located in Prime Strategic Locations 8 As of Nov 2017
The Assets are located in Prime Strategic Locations 9 As of Nov 2017
Well Known Tenants Profile USA, Top 10 Tenants by Area 9.7% Thai, No. Tenants Area (sqm.) (%) 26.3% Asia*, 16.5% Well-diversified 1 DKSH (Thailand) Limited 187,582.63 21.56% nationality Europ Japan, e, 2 DSG International (Thailand) Pcl 60,749.40 6.98% 22.0% 25.5% 3 LF Logistics (Thailand) Limited 47,788.97 5.49% * Excluded Thai and Japan 4 Sino-Pacific Trading (Thailand) Co., Ltd. 45,569.25 5.24% Data E-Commerce, 1.9% Center, 1.4% 5 Kao Commercial (Thailand) Co.,Ltd. 36,522.44 4.20% Manufacturer, 13.6% Well-diversified 6 Thai Beverage Logistics Co., Ltd. 33,450.00 3.84% Third- business Party Logistics, 7 Central Department Store Limited 28,946.00 3.33% operation 48.2% Fast-Moving Consumer 8 Logitem (Thailand) Co., Ltd. 28,443.00 3.27% Goods, 34.9% 9 Hitachi Transport System Vantec (Thailand) Ltd. 22,214.92 2.55% 10 Osotspa Co., Ltd. 21,820.00 2.51% Ready- 11 Other Tenants 357,078.25 41.04% Built, Lease Area by 39.9% Built-to- Suit, Type of Building 60.1% Factory, 10.9% Lease Area by Properties Type Warehouse , 89.1% 10 As of Nov 2017
Agenda I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook As of Nov 2017 11
Occupancy Rate Occupancy Rate Before and After WHA Undertaking 100.0%100.0%100.0% 99.4% 98.7% 100.0%100.0%100.0% 100% 97.0% 97.4% 96.5% 96.7% 94.9% 97.4% 97.4% 97.4% 95% 92.2% 94.9% 93.5% 94.7% 93.8% 93.1% 94.0% 92.4% 91.8% 91.9% 90% 90.2% 89.8% 85% 80% 75% 70% Occupancy Rate Before WHA Undertaking Occupancy Rate After WHA Undertaking 12 As of Nov 2017
Lease Expiry (Cont’d) Remaining lease period of WHART’s assets 40% WALE = 2.83 36% 37% WALE (Include Option to Renew) = 3.46 35% 30% 24% 25% 23% 22% 22% 20% 20% 17% 15% 10% 5% 0% < 1 Year 1 - 3 Years 3 - 5 Years > 5 Years Lease Expiry Lease Expiry (Include Option to Renew) 13 As of Nov 2017
Financial Overview 6-Month Revenue Million Baht Million Baht 6-Month Net Profit 1,200 + 134.4% 900 + 100.2% 800 993.03 1,000 154.99 700 600 800 500 + 47.1% + 45.5% 600 400 338.56 + 116.1% 495.92 638.47 54.16 + 108.5% 300 230.17 400 340.93 200 96.78 284.41 106.52 100 98.22 163.55 133.39 200 8.31 0 6M/2015 6M/2016 6M/2017 6M/2018 - Net Profit Gain (Loss) from Valuation 6M/2015 6M/2016 6M/2017 6M/2018 * Net profit from valuation increased 14 As of Nov 2017
Financial Overview Million Baht Total Assets 30,000 25,000 20,000 15,000 10,000 5,000 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 15 As of Nov 2017
Distribution Payment 0.30 Distribution Payment Payment Date 0.2477 1/2015 29-May-15 0.25 2/2015 25-Aug-15 3/2015* 18-Dec-15 4/2015** 15-Mar-16 0.1902 0.1950 0.1945 0.1945 0.1945 0.1945 0.1945 0.1945 0.20 0.1860 1/2016 27-May-16 0.1812 0.1795 0.02170.02490.0124 0.02 0.02400.0240 2/2016 25-Aug-16 0.1597 3/2016 25-Nov-16 0.0115 0.07 0.1807 0.0740 0.15 4/2016*** 20-Dec-16 4/2016 22-Mar-17 1/2017 23-May-17 0.1610 2/2017 23-Aug-17 0.10 0.1860 0.1812 3/2017 22-Nov-17 0.17330.16960.1671 0.1745 0.17050.1705 0.0617 0.1482 4/2017**** 12-Dec-17 0.1245 0.1205 0.0052 4/2017 23-Mar-18 0.05 1/2018 25-May-18 0.0670 0.0565 2/2018 23-Aug-18 0.0292 0.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Dividend Decreasing paid-up capital * Performance from July to October 2015 ** Performance from November to December 2015, in consequence of 1 st capital increase. *** Performance from 1 October to 15 November 2016, in consequence of 2 nd capital increase. **** Performance from 1 October to 31 October 2017, in consequence of WHAPF conversion and 3 rd asset acquisition. 16 As of Nov 2017
Agenda I. Portfolio Overview II. Q2 2018 Operation & Performance III. 2018 Outlook As of Nov 2017 17
In Q1 2018, WHART issue bonds Maturity Ladder 3,500 3,011.1 Loan, 7,794.4 3,000 Bond, 46.1% THB Mn 53.9% 2,454.8 2,500 2,261.7 Million Baht 2,000 1,200.0 2.96% 1,500 3,000.0 Effective Annual Interest Rate 2,261.7 1,000 A 1,254.8 500 2.7 11.1 23.5 2.7 37.8 Stable Outlook 0 2018 2019 2020 2021 2022 2023 2024 2025 by Loan Bond TRIS Rating As of Nov 2017 18
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