WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q3’2018 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. 2 As of Nov 2017
Agenda I. Portfolio Overview II. Q3 2018 Performance III. Financial Performance 3 As of Nov 2017
WHART’s Structure Unitholders (1,963,977,172 units) WHA Group Others (Approximately 15%) REIT Manager Benefit Distribution & Redemption Investment in the REIT 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 7,794.4 mn Property management fee THB 1,347.3 mn : 1 st Capital Increase THB 2,247.1 mn : WHAPF Conversion + 3 rd Asset Acquisition THB 4,200 mn : Bond Manage operation of all assets Total leasable area of 971,578.55 sq.m. Total land area 1,037-0-73.55 Rai 20 Projects, with 48 Tenants 4 As of Nov 2017
Unit Holders Q3 2018* Q2 2018** Shareholders Sponsor, No. of Share Percentage No. of Share Percentage 15.0% 1. Social Security Office 393,765,722 20.05% 387,428,422 19.73% 2. WHA Corporation 294,597,043 15.00% 294,597,043 15.00% Retail, 3. Government Pension Fund 122,660,052 6.25% 122,660,052 6.25% 19.2% 4. Muang Thai Life Assurance 111,813,863 5.69% 111,813,863 5.69% Institution, 65.8% 5. Krung Thai-Axa Life Insurance 92,488,083 4.71% 92,488,083 4.71% 6. Government Savings Bank 61,553,873 3.13% 61,553,873 3.13% 8. Southeast Life Insurance 56,308,721 2.87% 56,308,721 2.87% 7. Bangkok Life Assurance 54,565,600 2.78% 54,565,600 2.78% 9. Thai Life Insurance 46,543,904 2.37% 46,543,904 2.37% 1.08% of total unitholders are foreign investors which are 10. Allianz Ayudhya Life Insurance 42,585,075 2.17% 42,585,075 2.17% categorized in the institution and retail sector Others 687,095,236 34.98% 693,432,536 35.31% Total 1,963,977,172 100.00% 1,963,977,172 100.00% * As of 9 August 2018 ** As of 14 June 2018 5 As of Nov 2017
WHART Key Performance Q3 2018 Number of Properties 20 Properties Total Leasable Area 971,578.55 sq.m. 28,084.27 THB Million Asset size Freehold : Leasehold 70 : 30 Built-to-suit : General Warehouse 60 : 40 Occupancy Rate before Undertake 89.1% Occupancy Rate after Undertake 90.9% Total Interest-bearing Debt 7,794.4 THB Million Loan-to-Value 27.75% NAV per unit 9.8117 6 As of Nov 2017
Overview of Leasable Area + 94.6% 1,100,000 WHAPF Conversion Total Leasable + 3rd Asset Acquisition Area 1,000,000 84,935 900,000 800,000 700,000 387,385 + 46.0% 600,000 sq.m. 2nd Capital Increase 500,000 971,579 + 104.7% 157,215 400,000 1st Capital Increase 300,000 174,936 200,000 IPO 100,000 167,107 - 2014 2015 2016 2017 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
Overview of Assets by Area Zone 1 : Bangna-Trad Area 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 Ladkrabang Bangna-Trad Km.18 Bangna-Trad Km.23 Chonlaharnpichit Road, Location Ladkrabang, Bangkok Ladkrabang, Bangkok Samutprakarn Samutprakarn Samutprakarn Leasehold (ended 3 Aug 2041; Right Freehold Freehold Freehold Freehold 22 years 10 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 Leasable 35,093 sq.m. 72,179 sq.m. 59,835 sq.m. 80,746 sq.m. 95,110 sq.m. Area Roof Leasable Area - 23,976 sq.m. 50,641 sq.m. 68,384 sq.m. 59,986 sq.m. Starbucks Coffee, Yusen Central Group, Thai Post, Honda, Osotspa, Neo Key tenants LF Logistics, MC Group DKSH, Hitachi, APL Logistics Logistics ANJI-NYK Logistics Corporation WHA Mega Logistics Center WHA Mega Logistics Center WHA Mega Logistics Center DKSH Consumer / DKSH 3M DKSH Healthcare Chonlaharnpichit KM 5 Bangna-Trad km.19 Chonlaharnpicit km.3 Chonlaharnpichit Road, Bangna-Trad Km.20 Bangna-Trad Km.20 Bangna-Trad Km.19 Chonlaharnpichit Road, Location Samutprakarn Samutprakarn Samutprakarn Samutprakarn Samutprakarn Leasehold (ended 31 Mar Leasehold (ended 8 Dec 2035, Leasehold (ended 23 Nov Leasehold (end 28 Nov 2077; Right 2043; 24 years 9 mths. 9 Jan 2036, 23 Jan 2036, 5 Feb Freehold 2041; 23 years 2 mths. 59 years 2 mths. Remaining) Remaining) 2039; Remaining*) Remaining) Built-to-Suit & General Built-to-Suit & General Built-to-Suit & General Type Built-to-Suit Built-to-Suit Warehouse Warehouse Warehouse Warehouse Leasable 62,105 sq.m. 73,022 sq.m. 52,707 sq.m. 68,902 sq.m. 47,221 sq.m. Area Roof Leasable Area 50,144 sq.m. - - - 37,305 sq.m. Sino-Pacific, Central Group Berli Jucker, Mazda, Linfox M, Logitem, WHA Infonite, Key tenants DKSH DKSH Online Genesis Data Center Kerry Express * Remaining lease period is approximately 17 years 2 months. to 20 years 4 months. As of Q3 2018 10 As of Nov 2017
Overview of Assets by Area (Cont’d) Zone 2 : Eastern Economic Area (Chonburi-Rayong) WHA Mega Logistics Center Kao Triumph Ducati Omada Aerospace Factory Panthong Chonburi Location Mueang, Chonburi Amata City I.E., Rayong Amata City I.E., Rayong Panthong District, Chonburi Amata City I.E., Rayong Right Freehold Freehold Freehold Freehold Freehold Built-to-Suit & General Type Built-to-Suit Built-to-Suit Built-to-Suit Built-to-Suit Warehouse Warehouse Leasable 42,310 sq.m. 14,321 sq.m. 20,285 sq.m. 38,565 sq.m. 15,569 sq.m. Area Roof Leasable Area - - - - - Key tenants Kao Commercial Triumph Structures Ducati Motor Asuto Global Omada International Zone 3 : Ayutthaya-Saraburi WHA Mega Logistics Center WHA Mega Logistics Center WHA Mega Logistics Center DSG DKSH Bang Pa-in Wangnoi KM 61 Saraburi Lamlukka Hemaraj Saraburi Industrial Hemaraj Saraburi Industrial Location Wangnoi, Ayudhaya Bang Pa-in I.E., Ayudhaya Lamlukka, Pathumthani Land, Saraburi Land, Saraburi Leasehold (ended 30 Apr 2042; Right Freehold Freehold Freehold Freehold 23 years 7 mths. Remaining) Built-to-Suit & General Built-to-Suit & General Type Built-to-Suit Built-to-Suit Built-to-Suit Warehouse Warehouse Warehouse Leasable 61,182 sq.m 32,986 sq.m. 55,372 sq.m. 36,000 sq.m. 8,046 sq.m. Area Roof Leasable Area 26,472 sq.m. - - - - TST Sunrise Service, DSG Key tenants ThaiBev, DHL DSG International DKSH TST Sunrise, Hitachi Transport International As of Q3 2018 11 As of Nov 2017
Agenda I. Portfolio Overview II. Q3 2018 Performance III. Financial Performance 12 As of Nov 2017
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