WHA Premium Growth Real Estate Investment Trust (WHART) Opportunity Day 10 June 2019 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. Q1 2019 Operation & Performance III. 2019 Outlook As of Nov 2017 3
WHART’s Structure Unitholders (2,248,454,220 units) WHA Group Others (Approximately 15%) Trustee REIT Manager Benefit Distribution & Redemption Investment in the REIT Monitor the REIT REIT Manager Fee WHART Trustee Fee Manager the REIT Bondholder's Representative Invest in freehold and Protect benefits leasehold assets and monitors compliance Property Manager Rents Property management fee Bondholder's Representative Fee Manage operation of all assets Lenders Debt repayment and interest expense THB 9,519.6 mn THB 1,344.6 mn : 1 st Capital Increase THB 1,675.0 mn : 3 rd Capital Increase THB 6,500.0 mn : Bond Total leasable area of 1,128,113.16 sq.m. Total land area 1,210-0-67.55 Rai 24 Projects, with 52 Tenants 4 As of Nov 2017
WHART Key Performance Q1 2019 Number of Properties 24 Properties Total Leasable Area 1,128,113.16 sq.m. Asset size 33,132.61 THB Million Freehold : Leasehold (30+30 Yrs) : 69 : 6 : 25 Leasehold (<30 Yrs) Built-to-suit : General Warehouse 62 : 38 Avg.Occupancy Rate before Undertake (Q1) 90.7% Avg.Occupancy Rate after Undertake (Q1) 91.5% Total Interest-bearing Debt 9,519.6 THB Million 28.73% Loan-to-Value 9.9743 NAV per unit 5 As of Nov 2017
Unit Holders Q1 2019* Q4 2018** Shareholders Sponsor, No. of Share Percentage No. of Share Percentage 15.0% 1. Social Security Office 446,590,675 19.86% 450,822,375 20.05% 2. WHA Corporation 337,284,043 15.00% 337,284,043 15.00% Institution, 48.0% 3. Government Pension Fund 128,503,852 5.72% 122,660,052 5.46% Retail, 4. Muang Thai Life Assurance 96,394,222 4.29% 102,629,022 4.56% 37.0% 5. Krung Thai-Axa Life Insurance 96,235,506 4.28% 96,235,506 4.28% 6. Government Savings Bank 70,473,029 3.13% 70,473,029 3.13% 7. TMB Property Income Plus Fund 67,837,090 3.02% 66,962,090 2.98% 8. Southeast Life Insurance 64,467,854 2.87% 64,467,854 2.87% 2.67% of total unitholders are 9. Bangkok Life Assurance 62,472,155 2.78% 62,472,155 2.78% foreign investors which are categorized in the institution and 10. Thai Life Insurance 46,543,904 2.07% 46,543,904 2.07% retail sector Others 831,651,890 36.99% 827,904,190 36.82% Total 2,248,454,220 100.00% 2,248,454,220 100.00% * As of 20 March 2019 ** As of 28 December 2018 6 As of Nov 2017
Overview of Leasable Area + 16.1% 1,200,000 + 94.6% 3rd Capital Increase Total Leasable 1,100,000 WHAPF Conversion 156,535 + 3rd Asset Acquisition 1,000,000 84,935 900,000 800,000 700,000 387,385 sq.m. + 46.0% 600,000 1,128,113 2nd Capital Increase 500,000 + 104.7% 157,215 400,000 1st Capital Increase 300,000 174,936 IPO 200,000 100,000 167,107 - 2014 2015 2016 2017 2018 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
Agenda I. Portfolio Overview II. Q1 2019 Operation & Performance III. 2019 Outlook As of Nov 2017 10
Well Known Tenants Profile Top 10 Tenants by Area USA 13.3% No. Tenants Area (sqm.) (%) Thai 30.6% Asia* 1 DKSH (Thailand) Limited 187,582.63 18.25% 14.4% Well-diversified nationality 2 DSG International (Thailand) Pcl 80,547.40 7.83% Japan Europe 20.0% 21.7% 3 Power Buy Co., Ltd. 57,690.61 5.61% * Excluded Thai and Japan 4 Sino-Pacific Trading (Thailand) Co., Ltd. 45,569.25 4.43% Digital business, 1.2% E-Commerce, Home 0.9% 5 LF Logistics (Thailand) Limited 39,284.97 3.82% Supplies, 9.9% Well-diversified Third- 6 Central Department Store Limited 38,826.00 3.78% Manufacturer, Party 11.6% business Logistics, 45.1% 7 Kao Commercial (Thailand) Co.,Ltd. 36,522.44 3.55% Fast- operation Moving Consumer 8 Thai Beverage Logistics Co., Ltd. 33,450.00 3.25% Goods, 31.3% 9 Logitem (Thailand) Co., Ltd. 29,705.00 2.89% 10 Kuehne + Nagel (Thailand) Limited 28,645.00 2.79% 11 Other Tenants 450,232.08 43.79% Lease Area by Reay-Built 38.8% Type of Building Built-to-Suit 61.2% Factory, 10.83% Lease Area by Properties Type Warehouse, 89.17% 11 As of Nov 2017
Occupancy Rate Occupancy Rate Before and After WHA Undertaking 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.4% 100% 98.7% 97.4% 97.0% 96.7% 96.5% 97.4% 97.4% 97.4% 94.9% 95% 94.9% 94.7% 92.2% 94.0% 91.5% 93.8% 93.5% 90.9% 93.1% 90.5% 92.4% 91.9% 91.8% 90% 90.7% 90.2% 89.8% 89.2% 89.1% 85% 80% 75% 70% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 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 WALE = 4.18 30% 28% WALE (Include Option to Renew) = 4.70 25% 24% 25% 23% 22% 20% 20% 20% 20% 15% 10% 5% 0% ≤ 1 Year > 1 -3 Years > 3 -5 Years > 5 Years Lease Expiry Lease Expiry (Include Option to Renew) *The overall vacancy rate ended first quarter 2019 at 9%. 13 As of Nov 2017
Financial Overview 3-Month Revenue Million Baht 3-Month Net Profit Million Baht + 9.0% + 97.3% 600 + 105.1% 550.79 700 630.20* 505.35 500 600 500 280.73 400 + 89.7% 400 319.36* + 45.8% 29.46 300 + 47.4% 300 246.37 + 117.9% + 109.4% 168.36 200 349.47 114.19 289.90 200 51.16 169.02 100 52.40 96.78 117.19 52.40 17.41 0 80.71 100 3M/2015 3M/2016 3M/2017 3M/2018 3M/2019 Profit before Net Gain (Loss) from Valuation Net Profit - 3M/2015 3M/2016 3M/2017 3M/2018 3M/2019 * Net profit from valuation increased 14 As of Nov 2017
Financial Overview Total Assets Million Baht 35,000 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 Q3 Q4 Q1 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 15 As of Nov 2017
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