Click to edit Master title style WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q1, 2017 REIT Manager Sponsor 0 0
Disclaimers Click to edit Master title style 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. 1
WHART’s Structure Click to edit Master title style Unitholders (972,142,000 units) 99.99% WHA Group Others (Approximately 15%) REIT Manager Investment in the REIT Benefit Distribution & Redemption Trustee REIT Manager Fee Monitor the REIT WHART Trustee Fee Manager the REIT Invest in freehold and Debt repayment and interest expense leasehold assets Lenders Property Manager Rents THB 3,970 mm (IPO : THB 1,370 mm Property management fee 1 st Capital Increase : THB 1,350 mm 2 nd Capital Increase : THB 1,250 mm ) Manage operation of all assets Bangna-Trad KM 18 Chonlaharnpichit KM 5 Bangna-Trad KM 23 Ladkrabang Ph 1 & 2 Saraburi Chonlaharnpichit KM4 Wangnoi 61 Ladkrabang * As of Q1, 2017 2
WHART Participated by Top-Tier Institutions in Thailand Click to edit Master title style University 2% Shareholders No. of Share Percentage Sponsor 145,821,322 15.00% 1. WHA Corporation 15% Retail 131,881,380 13.57% 2. Social Security Office 29% 65,773,386 6.77% 3. Krung Thai-Axa Life Insurance 50,036,200 5.15% 4. Bangkok Life Assurance 42,302,003 4.35% 5. Southeast Life Insurance 40,000,000 4.11% 6. Government Savings Bank 28,471,552 2.93% 7. Muang Thai Life Insurance Institution 54% 20,730,409 2.13% 8. HSBC (Singapore) Nominee PTE LTD 16,180,363 1.66% 9. Southeast Life Insurance (Bond) * 5% of total unitholders are foreign investors which are 10. Thanachart Property and Infrastructure categorized in the institution 14,853,350 1.53% Flexible Fund and retail sector Sponsor Institution Retail University *Information as of 31 March 2017 3
WHART Positioning as the Largest Logistics REIT in Thailand Click to edit Master title style End of March 2017 Number of Properties 8 Properties THB 13,846.60 million Asset size Built-to-suit : General Warehouse 52:48 Occupancy Rate before undertake (Q1, 2017) 88.8% Occupancy Rate after undertake (Q1, 2017) 93.5% Total Interest-bearing debt (Q1, 2017) THB 3,968.65 million Loan-to-Value 28.66% NAV per unit THB 9.8484 4
The Assets are located in Prime Strategic Locations Click to edit Master title style 5
Overview of Existing Assets Click to edit Master title style WHART invests in 8 assets, consists of ; 1 2 3 4 5 WHA Distribution Center WHA Mega Logistics Center WHA Mega Logistics Center WHA Mega Logistics Center WHA Mega Logistics Center Project Ladkrabang Phase 1&2 Project (Bangna-Trad Km. 18) Project (Bangna-Trad Km.23) Chonlaharnpichit KM 4 Wangnoi KM 61 Bangna-Trad Km.18 Bangna-Trad Km.23 Chonlaharnpichit Road, Location Ladkrabang, Bangkok Wangnoi, Ayudhaya Samuitprakarn Samuitprakarn Samutprakarn Leasehold (ended 3 August Leasehold (ended 30 April 2042; Right Freehold 2041; Freehold Freehold 25 years 2 mths. Remaining*) 24 years 5 mths. Remaining*) Built-to-Suit & General Built-to-Suit & General Built-to-Suit & General Built-to-Suit & General Type Built-to-Suit Warehouse Warehouse Warehouse Warehouse Warehouse 35,093 sq.m. 72,179 sq.m. 59,835 sq.m. 80,746 sq.m. 61,182 sq.m Leasable Area Roof Leasable - 23,976 sq.m. 50,641 sq.m. 68,384 sq.m. 26,472 sq.m. Area Nissan Motor, XPO Logistics, Key tenants LF Logistics, MC Group DKSH, Hitachi, Kerry, Yusen Thai Post, Central Group, Bata ThaiBev, LF Logistic, DHL Starbucks Coffee * As of Q1, 2017 6
Overview of Existing Assets Click to edit Master title style WHART invests in 8 assets, consists of ; 6 7 8 WHA Mega Logistics Center WHA Mega Logistics Center Saraburi WHA Mega Logistics Center Ladkrabang Total 8 Assets Chonlaharnpichit KM 5 Hemaraj Saraburi Industrial Land, Location Ladkrabang, Bangkok Chonlaharnpichit Road, Samutprakarn - Saraburi Leasehold (ended 31 March 2043; Freehold:Leasehold Right Freehold Freehold 26 years 1 mths. Remaining*) 68:32 Type Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse 32,986 sq.m. 95,110 sq.m. 62,105 sq.m.* 499,236 sq.m. Leasable Area Roof Leasable - 59,986 sq.m. 50,144 sq.m. 279,603 sq.m. Area Key tenants Hitachi Honda, Osotspa, Neo Corporation Sino-Pacific, LF Logitics * As of Q1, 2017 7
Overview of Leasable Area Click to edit Master title style WHART have 499,236.25 sq.m. of warehouse leasable area, and 279,603.49 sq.m. of roof leasable area Unit : Square meter 8 Assets Warehouse : 499,236.25 sq.m. 279,603.49 Roof : 279,603.49 sq.m. After 2 nd 1)WHA Distribution Center Project Ladkrabang Ph. 1 & 2 2)WHA Mega Logistics Center Project Bangna-Trad Km. 18 Capital Increase 3)WHA Mega Logistics Center Project Bangna-Trad Km. 23 4)WHA Mega Logistics Center Chonlaharnpichit KM 4 499,236.25 5)WHA Mega Logistics Center Wangnoi KM 61 6)WHA Mega Logistics Center Saraburi 7)WHA Mega Logistics Center Chonlaharnpichit KM 5 8)WHA Mega Logistics Center Ladkrabang * As of 31 March 2017 Warehouse Roof 8
Well Known Tenants Profile Click to edit Master title style Top 10 Tenants by Area (%) 11% No. Tenants Area (sqm.) 7% 1 44,813.00 8.98% Nissan Motor (Thailand) Company Limited 43% 11% Well-diversified 2 40,009.97 8.01% LF Logistics (Thailand) Limited nationality 3 39,188.25 7.85% Sino-Pacific Trading (Thailand) Co., Ltd. 28% 4 33,450.00 6.70% Thai Beverage Logistics Co., Ltd. Thailand Japan Asia* EU USA * Excluded Thailand and Japan 5 25,853.35 5.18% DKSH (Thailand) Limited 20% 6 21,820.00 4.37% Osotspa Co., Ltd. 40% 7 21,580.00 4.32% Central Department Store Limited Well-diversified business 40% 8 21,537.69 4.31% XPO Logistics Worldwide (Thailand) Limited operation 9 20,821.38 4.17% Yusen Logistics (Thailand) Co., Ltd. Third-Party Logistics Provider Fast Moving Consumer Goods 10 Neo Corporate Co., Ltd. 20,025.00 4.01% Manufacturer 11 Other Tenants 210,137.61 42.09% 48% Lease Area by 52% Type of Building Built-to-Suit Ready-Built 9 * As of Q1, 2017
Financial Overview Click to edit Master title style Financial Summary Million Baht 300 246.37 250 197.13 200 171.91 171.69 169.02 167.35 150 128.73 116.88 115.79 113.79 85.66 100 83.26 82.84 80.71 54.90 55.21 54.13 52.40 38.41 35.99 50 26.95 25.82 25.00 14.38 14.72 13.27 12.98 12.54 6.70 0 4.70 2 1 3 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Total Revenue Total Expense Profit before Net Gain (Loss) from Investment 4 1 IPO: Acquired assets on 8 December 2014 2 1 st capital raising: Acquired assets on 29 December 2015 3 2 nd capital raising: Acquired assets on 7 December 2016 4 Excluding Net unrealized loss from investment valuation 10
Financial Overview Click to edit Master title style Total Assets Million Baht 16,000 13,922.55 13,846.60 14,000 12,000 9,595.35 9,430.68 9,426.83 9,421.34 10,000 8,000 6,000 4,613.30 4,664.78 4,556.92 4,613.30 4,000 2,000 - 2 3 1 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 1 IPO: Acquired assets on 8 December 2014 2 1 st capital raising: Acquired assets on 29 December 2015 3 2 nd capital raising: Acquired assets on 7 December 2016 11
Mainly medium-to-long term lease contracts Click to edit Master title style Remaining lease period of WHART’s assets 60% 55% 50% 40% 30% 22% 20% 17% 10% 6% 0% Less than 1 year 1-3 years 3-5 years More than 5 years As of 31 March 2017 12
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