Frasers Property Thailand Industrial Freehold & Leasehold REIT 3QFY19 Results Presentation 14 August 2019 FPIT Bangplee 1, Samutprakarn
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
Content ▪ 3QFY19 Highlight ▪ Financial Review ▪ Portfolio Overview ▪ REIT Strategy and Objective 3
3QFY19 Highlights FPT Properties Chonburi FPIT Bangna
3QFY19 Highlights ❖ Financial Performance • Higher net investment income of THB 446 Million for 82.0% 3QFY19, up 11.7% from THB 399 Million a year ago Occupancy Rate ❖ Distribution for period 3QFY19 • DPU THB 0.1670 per unit for 3QFY2019 THB 0.1670 ❖ Capital Management DPU • Healthy balance sheet with gearing of 22.97% (1) and 87% of from 3QFY19 borrowings were at fixed rate as at 30 June 2019 performance • Weighted average cost of debt is around 3.3% (2) Weighted average debt maturity is around 3.78 (2) Years • ❖ Portfolio Management • 22.97% High Occupancy rate at 82.0% • Weighted average lease expiry at around 2.18 years (3) Aggregate Leverage • 123,466 sq m of forward renewals, representing 7.6% of portfolio net leasable area, renewal rate is around 81% • Reversion rate is around +1.73% (4) (1) Gearing ratio = IBD/TAV as of 30 June 2019 (2) Only Debentures cost = 3.35% WAM is around 4.32 Years (3) By Gross Rental income 5 (4) Retention and reversion that incurred in 3QFY2019
Financial review FPT Properties Chonburi
Financial Performance Quarter ended 30 June 2019 Overall performance 3QFY19 is better than performance in the same period of last year Apr’19 – Jun’19 Apr’18 – Jun’18 Change Unit: (THB Million) Remarks (3QFY19) (2QFY18) (1) % • Contribution from the FY2018/2019 Sponsor asset acquisition Revenue 694.5 665.4 4 value THB 3,600 Million and the third party asset acquisition value THB 90 Million. • Cost of rental and operating expense in Apr’18 – Jun’18 was higher than Apr’19 – Jun’19 came from property tax for period Cost of rental and 1QFY18 (Jan – Mar’18) which recorded in 2QFY18 (Apr – 84.7 (6) 142.2 (6) (40) Operating Expense Jun’18) since FTREIT required tenants paid property tax via trust. • Trust Management fee 85.9 77.4 11 Additional trust management fee came from new assets. • Higher borrowing drawn to finance acquisition in FY2018 and FY2019. • Finance Costs 70.6 39.7 78 The weighted average interest rate for 3QFY2019 was 3.25% per annum and Weighted average debt maturity is around 3.78 years • Net Investment Income 446.3 399.2 12 Came from better performance in period • The fair value adjustments made based on independent Net Investment Income valuations for the expansion area 1,700 sq m of factory which + Net realized gain (5) 447.6 404.5 11 located at Amata City Rayong; and + Net unrealized gain • No divestment asset in 3QFY2019 when compare to 2QFY18 • Contributions from the FY2018 and FY2019 acquisition Distributable income to deducted by: 447.7 404.5 (4) 11 • Unitholders (2) Higher finance costs; and • Higher trust management fee • DPU Higher distribution per unit came from better performance of 0.1670 0.1600 (3) 4.4 (THB per Unit) 3QFY2019 compared to 2QFY2018 (5) In 2QFY18 (Apr’18 – Jun’18), FTREIT divested factory 1 at Pinthong Industrial Estate. (1) FY2019 period start from 1 October 2018 to 30 September 2019, FY2018 start from 1 January 2018 to 30 September 2018. 7 (6) Property tax of 1QFY18 and some portion of FY2017 recorded in 2QFY18 was around THB 40 Million. (2) Distributable income to unitholders = Net investment income adjusted by non cash item (3) Included capital reduction (4) DPU of 2QFY18, FTREIT paid from retained earning and capital reduction.
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