WHA Premium Growth Real Estate Investment Trust (WHART)
Quarterly Report
Q3’2018
1 Sponsor REIT Manager
WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly - - PowerPoint PPT Presentation
WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q32018 REIT Manager Sponsor 1 Disclaimers This presentation has been prepared by WHA Real Estate Management Company Limited (WHAREM) exclusively for the benefit
Quarterly Report
Q3’2018
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. Q3 2018 Performance III. Financial Performance
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
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Unit Holders
* As of 9 August 2018 ** As of 14 June 2018
Shareholders Q3 2018* Q2 2018**
Percentage
Percentage
393,765,722 20.05% 387,428,422 19.73%
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 687,095,236 34.98% 693,432,536 35.31% Total 1,963,977,172 100.00% 1,963,977,172 100.00%
Institution, 65.8% Retail, 19.2% Sponsor, 15.0%
1.08% of total unitholders are foreign investors which are categorized in the institution and retail sector
As of Nov 2017
WHART Key Performance
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Q3 2018 Number of Properties 20 Properties Total Leasable Area 971,578.55 sq.m. Asset size 28,084.27 THB Million Freehold : Leasehold 70 : 30 Built-to-suit : General Warehouse 60 : 40 Occupancy Rate before Undertake 89.1% Occupancy Rate after Undertake 90.9% Total Interest-bearing Debt 7,794.4 THB Million Loan-to-Value 27.75% NAV per unit 9.8117
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
Overview of Assets by Area
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WHA Distribution Center Project Ladkrabang Phase 1&2 WHA Mega Logistics Center Project (Bangna-Trad Km. 18) WHA Mega Logistics Center Project (Bangna-Trad Km.23) WHA Mega Logistics Center Chonlaharnpichit KM 4 WHA Mega Logistics Center Ladkrabang Location Ladkrabang, Bangkok Bangna-Trad Km.18 Samutprakarn Bangna-Trad Km.23 Samutprakarn Chonlaharnpichit Road, Samutprakarn Ladkrabang, Bangkok Right Freehold Leasehold (ended 3 Aug 2041; 22 years 10 mths. Remaining) Freehold Freehold Freehold Type Built-to-Suit Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse Leasable Area 35,093 sq.m. 72,179 sq.m. 59,835 sq.m. 80,746 sq.m. 95,110 sq.m. Roof Leasable Area
50,641 sq.m. 68,384 sq.m. 59,986 sq.m. Key tenants LF Logistics, MC Group DKSH, Hitachi, APL Logistics Starbucks Coffee, Yusen Logistics Central Group, Thai Post, ANJI-NYK Logistics Honda, Osotspa, Neo Corporation WHA Mega Logistics Center Chonlaharnpichit KM 5 DKSH Consumer / DKSH 3M DKSH Healthcare WHA Mega Logistics Center Bangna-Trad km.19 WHA Mega Logistics Center Chonlaharnpicit km.3 Location Chonlaharnpichit Road, Samutprakarn Bangna-Trad Km.20 Samutprakarn Bangna-Trad Km.20 Samutprakarn Bangna-Trad Km.19 Samutprakarn Chonlaharnpichit Road, Samutprakarn Right Leasehold (ended 31 Mar 2043; 24 years 9 mths. Remaining) Leasehold (ended 8 Dec 2035, 9 Jan 2036, 23 Jan 2036, 5 Feb 2039; Remaining*) Freehold Leasehold (ended 23 Nov 2041; 23 years 2 mths. Remaining) Leasehold (end 28 Nov 2077; 59 years 2 mths. Remaining) Type Built-to-Suit & General Warehouse Built-to-Suit Built-to-Suit Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse Leasable Area 62,105 sq.m. 73,022 sq.m. 52,707 sq.m. 68,902 sq.m. 47,221 sq.m. Roof Leasable Area 50,144 sq.m.
Key tenants Sino-Pacific, Central Group Online DKSH DKSH Berli Jucker, Mazda, Linfox M, Genesis Data Center Logitem, WHA Infonite, Kerry Express
Zone 1 : Bangna-Trad Area
* Remaining lease period is approximately 17 years 2 months. to 20 years 4 months. As of Q3 2018
As of Nov 2017
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Kao Triumph Ducati WHA Mega Logistics Center Panthong Chonburi Omada Aerospace Factory Location Mueang, Chonburi Amata City I.E., Rayong Amata City I.E., Rayong Panthong District, Chonburi Amata City I.E., Rayong Right Freehold Freehold Freehold Freehold Freehold Type Built-to-Suit Built-to-Suit Built-to-Suit Built-to-Suit & General Warehouse Built-to-Suit Warehouse Leasable Area 42,310 sq.m. 14,321 sq.m. 20,285 sq.m. 38,565 sq.m. 15,569 sq.m. Roof Leasable Area
Kao Commercial Triumph Structures Ducati Motor Asuto Global Omada International WHA Mega Logistics Center Wangnoi KM 61 WHA Mega Logistics Center Saraburi DSG DKSH Bang Pa-in WHA Mega Logistics Center Lamlukka Location Wangnoi, Ayudhaya Hemaraj Saraburi Industrial Land, Saraburi Hemaraj Saraburi Industrial Land, Saraburi Bang Pa-in I.E., Ayudhaya Lamlukka, Pathumthani Right Leasehold (ended 30 Apr 2042; 23 years 7 mths. Remaining) Freehold Freehold Freehold Freehold Type Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit Built-to-Suit Built-to-Suit Warehouse Leasable Area 61,182 sq.m 32,986 sq.m. 55,372 sq.m. 36,000 sq.m. 8,046 sq.m. Roof Leasable Area 26,472 sq.m.
ThaiBev, DHL TST Sunrise Service, DSG International DSG International DKSH TST Sunrise, Hitachi Transport
Zone 2 : Eastern Economic Area (Chonburi-Rayong) Zone 3 : Ayutthaya-Saraburi
Overview of Assets by Area (Cont’d)
As of Q3 2018
As of Nov 2017
Agenda I. Portfolio Overview II. Q3 2018 Performance III. Financial Performance
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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 13
Warehouse , 89.1% Factory, 10.9%
No. Tenants Area (sqm.) (%)
1 DKSH (Thailand) Limited 187,582.63 21.87% 2 DSG International (Thailand) Pcl 60,749.40 7.08% 3 Sino-Pacific Trading (Thailand) Co., Ltd. 45,569.25 5.31% 4 LF Logistics (Thailand) Limited 39,284.97 4.58% 5 Kao Commercial (Thailand) Co.,Ltd. 36,522.44 4.26% 6 Thai Beverage Logistics Co., Ltd. 33,450.00 3.90% 7 Central Department Store Limited 28,946.00 3.37% 8 Logitem (Thailand) Co., Ltd. 28,731.00 3.35% 9 Hitachi Transport System Vantec (Thailand) Ltd. 22,214.92 2.59% 10 Osotspa Co., Ltd. 21,820.00 2.54% 11 Other Tenants 352,946.97 41.14%
Thai, 26.7% Europe, 25.4% Japan, 22.6% Asia*, 15.2% USA, 10.1%
Third-Party Logistics, 47.5% Fast-Moving Consumer Goods, 35.7% Manufacturing, 13.6% E-Commerce, 1.9% Data Center, 1.4%
Built-to- Suit, 60.3% Ready- Built, 39.7%
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% 89.1% 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% 90.9% 70% 75% 80% 85% 90% 95% 100% 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 Q3 2018 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% 36% 22% 23% 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 = 3.18 WALE (Include Option to Renew) = 3.89
As of Nov 2017
Agenda I. Portfolio Overview II. Q3 2018 Performance III. Financial Performance
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As of Nov 2017
80.71 82.84 83.26 85.66 169.02 171.91 171.69 197.13 246.37 249.55 246.70 337.59 505.35 487.68 479.96 100 200 300 400 500 600 Q1 Q2 Q3 Q4
Total Revenue by Quarter
2015 2016 2017 2018
Financial Overview
17 Million Baht
+ 105.1% + 45.8% + 109.4% + 45.2% + 107.5% + 43.7% + 95.4% + 106.2% + 130.1% + 71.3% + 94.6%
As of Nov 2017
Financial Overview
18 Million Baht Profit before Gain (Loss) from Valuation Net Profit of
* Net profit from valuation increased
52.40
54.95 55.60
115.98 117.41 129.00 96.78 117.19 167.22 166.90 227.20 51.16 3.00 289.90 348.57 333.74 29.46 125.53 (50) 50 150 250 350 450 550 Q1 Q2 Q3 Q4
Net Profit
2015 2016 2017 2018
52.40 114.19 168.36 54.13 115.98 170.22 54.95 117.41 116.90 55.60 129.00 227.20 319.36* 474.10* 333.74
As of Nov 2017
63.25 250.80 451.31 972.22 98.17 95.66 50.27 154.99 200 400 600 800 1,000 1,200 9M/2015 9M/2016 9M/2017 9M/2018
9-Month Net Profit
Profit before Net Gain (Loss) from Valuation Net Profit
346.46 246.81 512.62 742.61 1,472.99 200 400 600 800 1,000 1,200 1,400 1,600 9M/2015 9M/2016 9M/2017 9M/2018
9-Month Revenue
Financial Overview
19 Million Baht Million Baht
* Net profit from valuation increased
+ 98.4% + 44.9% + 107.7% + 114.6% + 44.8% + 124.7%
161.42 501.58 1,127.21*
As of Nov 2017
Financial Overview
20 Million Baht
80.71 82.84 83.26 85.66 169.02 171.91 171.69 197.13 246.37 249.55 246.70 337.59 505.35 487.68 479.96 12.54 13.27 12.98 14.72 25.00 26.95 25.82 35.99 38.41 39.83 40.19 57.81 76.06 76.77 84.77 52.40 54.13 54.90 55.21 113.79 115.79 116.88 128.73 167.35 168.79 165.45 226.09 287.40 348.57 332.09 100 200 300 400 500 600 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 Q3 2018
Financial Summary
Total Revenue Total Expense Profit before Net Gain (Loss) from Investment
As of Nov 2017
Financial Overview
21 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 Q3 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. 0.2477 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 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 3/2018 23-Nov-18
0.1812 0.0670 0.0565 0.0292 0.1733 0.1696 0.1671 0.1205 0.1705 0.1705 0.1482 0.1245 0.1745 0.1775 0.1860 0.1807 0.0052 0.1610 0.0217 0.0249 0.0124 0.0740 0.0240 0.0240 0.0115 0.07 0.02 0.017 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 Q3 2018 Dividend Decreasing paid-up capital
As of Nov 2017
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