CPN Retail Growth Leasehold REIT

Transcription

1 CPN Retail Growth Leasehold REIT Investor Presentation Opportunity Day 28 February 2018

2 Importance Notice The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in CPN Retail Growth Leasehold REIT (CPNREIT and units in CPNREIT, Units ) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPNREIT operates and general achievement of CPNREIT business forecasts, which will cause the actual results, performance or achievements of CPNREIT to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the CPN REIT Management Company Limited as the REIT Manager of CPNREIT. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the REIT Manager or Property Manager or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. 2

3 Content About CPNREIT Key Financial Highlights Operation Highlights Asset Enhancement Initiatives 3

4 ABOUT CPNREIT

5 CPNREIT History CPN Retail Growth Leasehold REIT is Thailand s largest retail-focused real estate investment trust listed on the Stock Exchange of Thailand. CPNREIT was established from the conversion of CPN Retail Growth Leasehold Property Fund which was set up and publicly traded on the SET since Upon conversion on 1 December 2017, CPNREIT acquired all CPNRF s quality portfolio, and invested in a new mix-used project consisting of CentralFestival Pattaya Beach shopping center and Hilton Pattaya Conversion to CPNREIT Acquisition of CentralPlaza Rama 2 CentralPlaza Rama Initial Public Offering Acquisition of CentralPlaza Pinklao st Follow-on Offering Acquisition of CentralFestival Pattaya Beach Hilton Hotel nd Follow-on Offering Acquisition of CentralPlaza Chiangmai Airport 5

6 Trust Structure Investment in CPNREIT Distribution REIT Manager Management Services Represents Interest of Unitholders Trustee Management Fee Trustee Fee Property Manager Property Management Fee Invest in Assets Net Property Income Hotel Manager RAMA 2 RAMA 3 PINKLAO CHIANGMAI AIRPORT PATTAYA BEACH Subleases HILTON PATTAYA Rental Income CPN Pattaya Hotel Co., Ltd. 6

7 Summary of Asset Information Rama 2 Rama 3 Pinklao Chiangmai Airport Information as at 31 December 2017 Pattaya Beach Hilton Pattaya Location Bangkok Bangkok Bangkok Chiangmai Pattaya, Chonburi Pattaya, Chonburi Gross Floor Area incl. Parking (sqm) Leasable Area (sqm) Land Area (rai-ngan-sqw) 251, , , ,991 70,095 49,686 82,746 36,285 61,643 37,490 29, rooms Land Tenure Leasehold tenure of 20 years ending 15 August 2025 Leasehold tenure of years ending 15 August 2095 Leasehold tenure of approximately 15 years ending 31 December 2024 Leasehold tenure of 15 years ending 22 April Building & Utility Systems Leasehold tenure of 20 years ending 15 August 2025 Building Leasehold same tenure as land Utility Systems Ownership Leasehold tenure of approximately 15 years ending 31 December 2024 Leasehold tenure of 15 years ending 22 April 2044 Leasehold tenure of approximately 20 years ending 31 August 2037 Leasehold tenure of approximately 20 years ending 31 August 2037 Movable Assets Ownership Ownership Ownership Ownership Ownership Ownership Valuation As at 31 December 2017 (THB million) 7,186 9,179 5,543 10,494 8,154 3,754 7

8 KEY FINANCIAL HIGHLIGHTS

9 Key Financial Highlights Total Revenue THB million 4Q 2017 FY 2017 THB3,525.9 million 2.8% YoY 12.4% QoQ Net Investment Income THB million 8.3% YoY 0.1% YoY THB2,724.0 million 3.8% YoY 0.3% QoQ Distribution Per Unit THB THB % YoY 1.4% YoY Same QoQ 9

10 Balance Sheet Unit: Million Baht CPNRF CPNREIT 31 Dec Mar Jun Sep Dec 17 Investments in properties at fair value 32, , , , ,310.0 Rama 2 6, , , , ,186.0 Rama 3 9, , , , ,179.0 Pink lao 5, , , , ,543.0 Chiangmai Airport 10, , , , ,494.0 Pattaya Beach ,153.8 Hilton Pattaya ,754.2 Investment in securities at fair value Cash on hand and at banks ,052.4 Rental and service receivables Accrued interest income Other assets Total assets 33, , , , ,055.6 Account payable and accrued expenses ,465.8 Deposits received from customers 1, , , , ,424.1 Unearned lease and service income Borrowing 1, , , , ,453.7 Other liabilities Total liabilities 3, , , , ,593.4 Net assets 29, , , , ,462.1 Capital received from unitholders 24, , , , ,653.4 Equalisation account Retained Earnings 5, , , ,733.3 (407.3) NAV per unit (in Baht)

11 Profit and Loss Unit: Million Baht CPNREIT CPNRF FY2017 /1 CPNRF Chg CPNREIT CPNRF 4Q17 /2 3Q17 Chg CPNRF Chg 29 Nov 1 Jan FY2016 YoY 29 Nov 1 Oct QoQ 4Q16 YoY - 31 Dec - 4 Dec - 31 Dec - 4 Dec (1) (2) (1)+(2) (3) (4) (3)+(4) Investment income Rental and service income , , ,425.2 (0%) % % Other income % (4%) % Interest income (33%) % 1.5 (5%) Total income , , ,530.7 (0%) % % Expenses Cost of rental and services % % % Selling and administrative expenses % % % Property management fee % % % Other expenses % % % Other management fees and expenses % % % Finance costs % % % Total expense % % % Net investment income , , ,830.8 (4%) (0%) (8%) Net realised gain (loss) on investments (25.3) (3.7) (25.3) 0.2 (0.6) Net unrealised gain (loss) investments (605.8) (605.8) (35.8) (32.8) Net increase in net assets (407.3) 3,162.7 (407.3) Note: /1 Full year performance by combining performance of CPNREIT (29 November December 2017) and CPNRF (1 January December 2017) /2 4Q2017 performance by combining performance of CPNREIT (29 November December 2017) and CPNRF (1 October December 2017) 11

12 Distribution Summary Distribution Period 29 November 31 December 2017 (including the performance of CPNRF for the period of 1 October 2017 to 4 December 2017) Distribution Per Unit via profit distribution via capital reduction THB THB THB XN (excluding capital return) 6 March 2018 Record Date 9 March 2018 Payment Date 22 March

13 OPERATION HIGHLIGHTS

14 Area and Occupancy Project Area (sqm) Occupancy Rate /1 Gross Floor Area Leasable Area /1 31 Mar Jun Sep Dec 17 CentralPlaza Rama 2 251,182 82, % 89.9% 91.8% 93.6% CentralPlaza Rama 3 169,740 36, % 62.7% 58.6% 77.7% CentralPlaza Pinklao (Retail) 137,692 27, % 95.7% 97.6% 99.2% Pinklao Tower A and B 50,653 34, % 90.0% 84.5% 84.6% CentralPlaza Chiangmai Airport 122,991 37, % 94.1% 93.1% 92.9% Total/Average 732, , % 86.8% 86.0% 90.1% CentralFestival Pattaya Beach 70,095 29, % Total/Average 802, , % Hilton Pattaya 49, rooms 94.7% 91.6% 93.3% 93.4% Note: /1 Anchor and in-line tenants only 14

15 New and Renewed Lease Project From 1 October to 31 December 2017 Renewed and New Leases /1 No. of Leases Area (sqm) % of Total /2 CentralPlaza Rama , % CentralPlaza Rama , % CentralPlaza Pinklao (Retail) % Pinklao Tower A and B 14 4, % CentralPlaza Chiangmai Airport 46 1, % CentralFestival Pattaya Beach /3 17 2, % Total/Average , % Note: /1 Exclude rental agreements < 1 year /2 Percentage of leasable area as at 31 December 2017 /3 Renewals and new leases from period of 1 December December

16 Lease Expiry Profile 16

17 Rental Structure 17

18 ASSET ENHANCEMENT INITIATIVES

19 Major Renovation at CentralPlaza Rama 3 PHASE 1 Completed in December 2017 RAMA 3 RETAIL JUNGLE Connect Every Lifestyle with Welcoming of Natural Charm Start Jun 2017 Completion Phase 1: Dec 2017 Phase 2: Q Budget THB 675 miillion Improvement of common area Improvement of decoration New façade design Re-merchandising mix Improvement of traffic circulation by installing more escalators Increasing rest area and interior garden Improvement of parking area and landscape to avoid traffic problem and accommodate customers 19

20 Asset Enhancement Initiatives RAMA 2 CHIANGMAI AIRPORT Completed in 2017 Completed in 2017 Improvement of Kad Laung local foods and souvenir zone Conversion of vacant space to bank zone and Fashion Plus zone Improvement of Fashion Plus zone 20

21 Contact Us CPN REIT Management Company Limited 31 st Floor, The Offices at CentralWorld, 999/9 Rama1 Road Patumwan, Bangkok (0) Ext Investor Relations : ir_cpnreit@cpn.co.th Independent Director : idcpnreit@cpn.co.th Compliance : compliancecpnreit@cpn.co.th 21