Frasers Property Thailand Industrial Freehold & Leasehold REIT 1QFY20 Results Presentation 11 February 2020 Frasers Property Logistic Center Bangplee 1, Samutprakarn Laem Chabang 2, Chonburi, Thailand
Important notice This presentation is for information purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation for the sale or purchase or subscription of securities, including units in Frasers Property Thailand Industrial Freehold & Leasehold REIT ( “ FTREIT ” , and the units in FTREIT, the “ Units ” ) or any other securities of FTREIT. No part of it nor the fact of its presentation shall form the basis of or be relied upon connection with any investment decision, contract or commitment whatsoever. The past performance of FTREIT and Frasers Property Industrial REIT Management (Thailand) Company Limited, as the REIT manger of FTREIT (the “ Manager ” ), is not necessarily indicative of the future performance of FTREIT and the Manager. This presentation may contains “forward -looking statements”, including forward-looking financial information, that involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance, outcomes or achievements of FTREIT or the Manger, or industry results, to be materially different from those expressed in such forward-looking statements and financial information. Such forward-looking statements and financial information are based on certain assumptions and expectations of future events regarding FTREIT’s present and future business strategies and the environment in which FTREIT will operate. The Manager does not guarantee that these assumptions and expectations are accurate or will be realized. The Manager does not assume any responsibilities to amend, modify or revise any forward-looking statement, on the basis of any subsequent developments, information or events, or otherwise, subject to compliance with all applicable laws and regulations and/or the rules of the Securities and Exchange Commission, Thailand (“ SEC ”) and the Stock Exchange of Thailand (“ SET ”) and/or any other regulatory or supervisory body or agency The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning FTREIT. None of FPT, FTREIT, the Manager, or any of their respective holding companies, subsidiaries, affiliates, associated undertaking or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this presentation or otherwise made available or as to the reasonableness of any assumption contained herein or therein, and any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation is expressly disclaimed. Further, nothing in this presentation should be construed as constitution legal, business, tax or financial advice. The value of Units and the income derived from them, if any, may fall or rise. Unit are not obligations of deposits of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they have no right to request the Manager to redeem their Units are listed. It is intended that holders of Units may only deal in their Units through trading on SET. Listing of the Units on the SET does not guarantee a liquid market for the Units. Please study relevant information carefully before making any investment decision. Investors are encouraged to make an investment only when such decision correspond with their own objective and only after they have acknowledged all risks and have been informed that the returns may be more or less than initial sum. 2
Contents ▪ Performance Overview and Distribution Details ▪ Financial Review ▪ Investment and Portfolio Overview ▪ REIT Strategy and Key Objectives 3
Performance Overview and Distribution Details FPIT Bangna
1QFY20 Highlights Earnings and DPU THB 0.1670 • Distribution per unit (“DPU”) of THB 0.1670 per unit DPU from 1QFY20 performance Portfolio value increased to THB 39 Billion • Acquired warehouses 11 buildings (24 units) from Sahathai Property and Development (Third-party) (1) THB 2.05 THB 0.1670 Billion Portfolio Management Asset Acquisition • High occupancy rate at 85.1%, up 2% Q-o-Q 1QFY20 • Weighted average lease expiry at around 2.18 years • Renewal Rate is around 78% (2) 85.1% Capital Management • IBD to total asset ratio end at 28.9%, 21.1% post repayment Occupancy Rate as of bridge loan (5) of 31 December 2019 • Maintained weighted average cost of debt at around 3.07% (3) and average weighted debt maturity 3.07 years (4) . (1) Total investment value THB 2,050 Million (exclude acquisition cost, tax, transfer fee and advisors fee). Renewal rate that incurred in FY2020 (Oct ’ 19 – Dec ’ 19) (2) (3) Only Debentures cost = 3.30% WAM is around 3.97 Years (4) Reference from loan agreement and debentures at the end of Dec 19 5 (5) Assume IBD/TAV after repayment bridging loan by using balance sheet as of 31 December 2019
Distribution 1QFY20 Distribution per Units (2) Distribution Detail Unit : THB per Unit Latest Distribution Details 1 October 2019 – 31 December 2019 Distribution Period 0.1670 0.1670 Distribution Per Unit THB 0.1670 (DPU) Ex-date (XD) 24 February 2020 Record Date 25 February 2020 (1) (1) 1QFY19 1QFY20 (Oct ’ 18 – Dec ’ 18) (Oct ’19 – Dec ’19) Distribution Payment Date 11 March 2020 1. Distribution is mean dividend and capital Reduction, 1QFY18 and 1QFY19 have not capital reuction. 2. FTREIT fiscal year is starting from 1 October to 30 September. 6
Financial review FPT Properties Chonburi
Financial Performance Quarter ended December 31,2019 Oct’19 – Oct’18 – +/- Dec’19 Dec’18 Unit: (THB Million) Analysis % (1QFY20) (2) (1QFY19) (2) Contribution from the third party assets acquisition total value of THB 2,050 Million (1) in • Rental and Service Income 754.2 662.9 14 1QFY2020. • 1QFY2020 Occupancy rate end at 85.1%, up from 84.2% at end of 1QFY2019 (+0.9% y-o-y). Cost of rental and • Services and 94.2 90.6 4 Higher cost due to transaction cost from acquired new asset in 4QFY19 and 1QFY20 administration expenses Trust Management fee (4) • 93.6 83.6 12 Trust Management fee increase from new assets that invested in 4QFY19 and 1QFY20 • Higher borrowing cost to finance assets acquisition in 1QFY20 and during FY2019. • The weighted average interest rate as of Dec’19 was 3.07% per annum and Weighted Finance Costs 86.4 57.2 51 average debt maturity is around 3.07 years. • Increased since REIT had better performance from existing assets and performance from Net Investment Income 482.5 436.0 11 assets that acquired in period of 4QFY19 and 1QFY20 • Contributions from the 1QFY20 and 4QFY19 acquisition Distributable income to Which was deducted by: 486.3 474.0 3 • Unitholders (3) Higher finance costs; and • Higher trust management fee DPU 0.1670 0.1670 - (THB per Unit) (1 Asset acquisition from Sahathai Property and Development (2) Fiscal period start from 1 October to 30 September (3) Distributable income to unitholders = Net investment income adjusted by non cash item (4) Trust management fee = Management fee + Trustee fee + Registrar fee + Professional fee 8
Balance Sheet ▪ The value of investment properties increased 6% from THB 37,049.4 Million as at September 30, 2019 to THB 39,182.8 Million at December 31,2019, due mainly to: Investment ✓ Completed acquisition of warehouses from Sahathai Property and Development on November 14, 2019 ▪ Interest bearing debt increased THB 2,050 Million, to fund asset acquisition. Unit: (THB Million) As of 31 Dec 19 As of 30 Sep 19 Change % Investment Properties 39,182.8 37,049.4 6 Investment in Securities at fair value and cash 1,318.2 1,141.8 15 (5) Other Assets 289.1 303.7 6 Total Assets 40,790.1 38,494.9 Interest Bearing Debt 11,790.9 9,740.2 21 Other liabilities 1,462.1 1,265.6 16 Total Liabilities 13,253.0 11,005.8 20.4 Net Asset Value per Unit (THB) 10.5814 10.5630 0.2 9
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