AIM IM In Industri rial l Growth Freehold ld an and Le Leasehold ld Real al Estate In Investment Tru rust Opportunity Da Day FY FY20 2019 19 March 2020 1
Disclaimer The material contained in this presentation is for information purposes only and does not constitute an offer invitation or recommendation to sell or solicitation of an offer or invitation to purchase or subscribe for units in AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT) in any jurisdiction. Neither this presentation nor anything in it shall form the basis of, or be relied upon in any connection with, any contract or commitment. This presentation has been prepared by AIM REIT Management Company Limited as the REIT Manager of AIMIRT. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the REIT Manager or any of its advisers or representatives, shall have any liability for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation and any other information provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed, or made available to any other person, save in strict compliance with all applicable law. 2
Content Opportunity Da Day FY FY20 2019 In Intr troduction 01 AIMIRT Background & Milestones, Investment Highlights, Unitholders’ Structure Por ortf tfolio Ov Overv rview 02 Asset Profile Operational Op l Hig Highlights 03 Occupancy Rate, Tenant Profile, Lease Expiry Profile Fin Financia ial l Perf erformance 04 Financial Information, Distribution Payment 05 3
1 Introduction
AIMIRT Overview Name of Trust (English) AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust Symbol AIMIRT Establishment 22 December 2017 Listed on SET 9 January 2018 REIT Manager AIM REIT Management Company Limited Trustee SCB Asset Management Company Limited Asset Type Warehouse Cold Storage and Chemical Tank Investment Type Freehold 45%, Leasehold 55% Land Area 158-1-74.10 rai Leasable Area 127,286 sq.m. and 85,580 kl. Occupancy Rate 100% Note: Info as of December 2019 5
AIMIRT Structure Trust Unitholders Distribution Investment /1 Tenants REIT Manager REIT JWD Project SCC Project Management Fee Lease TIP 7 Project TIP 8 Project Appoint Rental and Service Fee Property Manager Property Management BIP Project Fee Monitor and act on behalf of Fee unitholders Note: Info as of December 2019 Trustee / 1 Including some of JWD cold storage customers 6
AIMIRT Background & Milestone REIT Manager license was granted by Securities and Exchange Commission (SEC) on AIMIRT was listed on SET on 26 January 2017 9 January 2018 Jan 2017 Jan 2018 1 st Additional Investment REIT Manager License AIMIRT Listed on SET AIMIRT Establishment Aug 2019 Dec 2017 AIMIRT was established on AIMIRT has successfully invested in 1 st additional assets worth 22 December 2017 with initial assets investment worth Baht 4.2 billion on 9 August 2019 Baht 2.1 billion 7
AIMIRT Investment Highlights High-quality assets Investing in wider industry assets diversification, such as premium Investment assets diversification warehouse, cold storage and liquid chemical storage tank Premium cold storage and warehouse with high standard construction, proven track record, and excellent capability to generate long-term High-quality assets sustainable income Located in Thailand's major logistics hub and distribution center Strategic locations Invest in assets with 100% occupancy rate under reliable lease agreements 100% Occupancy Reputable tenants Industry leaders with competitive advantages Long-term lease on average Majority lease agreements are at least 3 years or longer The tenants are well-diversified The tenants are well-diversified across business types and industries Managed by independent REIT manager, approved by Transparent management The Securities and Exchange Commission (SEC), Thailand 8
AIMIRT Unitholders Ra Rank Top op 10 Ma Major Uni nithol olders Uni nits % Unitholders’ Structure 1 BANGKOK LIFE ASSURANCE PCL 34,100,000 8.00 “Well -balanced proportion of institutional and individual investors” 2 KRUNGTHAI-AXA LIFE INSURANCE PCL 24,964,184 5.86 3 FWD LIFE INSURANCE PCL 18,750,000 4.40 4 JWD INFOLOGISTICS PCL 15,500,000 3.64 Retail Investors 41.37% 5 ALLIANZ AYUDHYA ASSURANCE PCL 13,860,000 3.25 6 PRINCIPAL PROPERTY INCOME FUND 13,853,562 3.25 Sponsor 12.34% 7 MUANG THAI LIFE ASSURANCE PCL 9,772,272 2.29 Institutional & Fund 8 LH PROPERTY PLUS I FUND 8,099,812 1.90 46.29% 9 B SENIOR CITIZEN MIXED FUND 8,013,200 1.88 10 MRS. PORNTIP PIBULNAKARINTR 7,100,000 1.67 Note:Info as of 31 December 2019 9
2 Portfolio Overview
AIMIRT Asset Profile (1) Project PCS JPAC Datasafe SCC TIP 7 TIP 8 BIP Location Samut Sakhon Chachoengsao Chachoengsao Samut Prakan Samut Prakan Samut Prakan Pathumthani Chemical Tank & Property Type Cold Storage Cold Storage Warehouse Warehouse Warehouse Warehouse Warehouse Investment Type Freehold Freehold Freehold Leasehold Freehold Freehold Leasehold 61 tanks & No. of units 2 units 2 units 1 unit 5 units 4 units 1 unit 3 units 85,580 kl. & Leasable Area 17,562 sq.m. 12,766 sq.m. 9,288 sq.m. 21,651 sq.m. 34,692 sq.m. 14,600 sq.m. 16,726 sq.m. Occupancy Rate 100% 100% 100% 100% 100% 100% 100% Note: Info as of December 2019 11
AIMIRT Asset Profile (2) Prime locations of industrial properties in Samut Sakhon, Chachoengsao, Samut Prakan and Pathumthani Note: Info as of December 2019 12
AIMIRT Asset Profile (3) Property Typ ype In Investment Typ ype / 1 /1 Warehouse 34.30% 96,958 sq.m. TIP - WH 21.15% Freehold 45.06% BIP - WH Chemical Tank Leasehold 5.36% 44.16% 54.94% 85,580 kl. 85,580 kl. Cold Storage 21.54% 85,580 kl. 30,328 sq.m. 30,328 sq.m. Note: Info as of December 2019 / 1 Percentage of total revenue of all projects 13
3 Operational Highlights
Diversified Portfolio with 100% Occupancy Rate Well ll-Recognized Tenants Leasable Area & Occupancy Ra Le Rate /1 100% 100% 100% 100% 100% 100% 140,000 100% Warehouse 90% 120,000 34.30% 80% 96,958 sq.m. Leasable Area (sq.m.) 100,000 Occupancy Rate (%) 70% 60% 80,000 50% 60,000 40% Chemical Tank 30% 40,000 Cold Storage /2 44.16% 20% 21.54% 20,000 85,580 kl. 127,286 127,286 61,267 61,267 85,580 85,580 10% 30,328 sq.m. sq.m. sq.m. sq.m. sq.m. kl. kl. - 0% Q1/2019 Q2/2019 Q3/2019 Q4/2019 Leasable Area Occupancy Rate Note: Info as of December 2019 / 1 Percentage of total revenue from all projects / 2 Including some of JWD cold storage customers 15
Well-Diversified Tenants Tenants’ Nationality Tenants’ Industry / 1 /1 Singaporean 0.72% Malaysian 2.43% Air Conditioning System 1.45% Cold Storage & Logistics Chinese 3.05% Service Provider German 3.28% Aviation Parts 1.97% 23.91% Australian 7.55% 3.61% Office Equipments 2.06% Packaging 3.28% Dutch Manufacturer of 6.87% 6.49% Refined Petroleum 17.84% Industrial & Household Products 5.36% Electronics 6.19% 10.00% USA 4.55% 12.39% Thai Logistics 59.42% 23.91% 75.22% 10.62% Japanese 17.20% 14.54% Manufacturer of Other Petroleum Products Trader of Refined Petroleum Products Note: Info as of December 2019 / 1 Percentage of total revenue from all projects 16
Lease Structure Lea Lease Ter erm Le Lease Expiry ry /1 /1 All contracts expiring in Y2019 have been renewed 5 - 9 years 8.80% 32.08% >=9 years 29.33% 27.45% 31.39% 3 - 5 years 30.16% 5.36% 3.71% 2.07% 0.00% 0.00% Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 Y2025 After Y2025 < 3 years 29.65% All contracts expiring in Y2020 will be expired in Q4, of which more than 80% are tenants that have been leasing assets for more than 15 years Note: Info as of December 2019 / 1 Percentage of total revenue from all projects 17
4 Financial Performance
Substantial Growth with Strong Outlook Tot otal As Assets Tot otal Inc ncome Unit: Million Baht Unit: Million Baht 2020 Target 6,917.3 92.3% YoY 338.0 174.8% YoY 2,517.1 2,293.6 175.8 2017 2018 2019 2.9 • Substantial growth in FY2019 was mainly contributable 2017 2018 2019 2020F from new assets investment, strengthening diversified Ne Net Investment Income portfolio and revenue stability Unit: Million Baht 226.8 • Quality income-producing assets resulted in a strong growth of two times in revenue and three times in assets 125.5 size 80.8% YoY • Strong outlook with target full occupancy rate supported by long-term lease and revenue support scheme, providing 1.3 assurance on revenue streams and earnings for investors 2017 2018 2019 during market volatility 19 19
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