Click to edit Master title style WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q2, 2016 Sponsor REIT Manager 0
Click Disclaimers to edit Master title style 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 share in WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust ( WHART and shares in WHART, shares ) 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. In addition, this presentation contains projections and forward-looking statements that reflect WHA Real Estate Management Co., Ltd. ( REIT Manager ) s current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the WHART, its REIT Manager and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the REIT Manager on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the REIT Manager's assumptions are correct. The REIT Manager does not assume any responsibility to amend, modify or revise any forwardlooking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as expects, plans, will, estimates, projects, or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. 1
Click Agenda to edit Master title style I. Portfolio Overview II. Q&A 2
Invest in freehold and leasehold assets Click WHART s to edit Structure Master title After style 1st Capital Increase Unitholders (661,670,000 units) WHA Group (Approximately 15%) Others 99.99% Trustee Investment in the REIT Benefit Distribution & Redemption REIT Manager Monitor the REIT REIT Manager Fee Trustee Fee WHART Manager the REIT Debt repayment and interest expense Lenders THB 2,720 mm (IPO : THB 1,370 mm and 1 st Capital Increase : THB1,350 mm) Rents Property management fee Property Manager IPO Assets Manage operation of all assets Bangna-Trad KM 18 Bangna-Trad KM 23 Ladkrabang Ph 1 & 2 1 st Capital Increase Assets Chonlaharnpichit KM4 Wangnoi 61 Saraburi * As of Q2, 2016 3
Click WHART to edit Participated Master title by style Top-Tier Institutions in Thailand Shareholders No. of Share Percentage 1. WHA Corporation 99,250,522 15.00% University, 2% 2. Social Security Office 76,182,300 11.51% 3. Government Savings Bank 40,000,000 6.05% Sponsor, 15% 4. Bangkok Life Assurance 38,936,200 5.88% 5. Krung Thai-Axa Life Insurance 35,276,300 5.33% Retail, 30% 6. Southeast Life Insurance 27,302,100 4.13% 7. Allianz Ayudhya Life Insurance 20,000,000 3.02% 8. Muang Thai Life Insurance 19,971,600 3.02% Institution, 53% 9. HSBC (Singapore) Nominee PTE LTD 14,575,300 2.20% 10. Muang Thai Insurance 13,865,316 2.10% *Information as of 30 June 2016 Sponsor Institution Retail University 4
Click WHART to edit Positioning Master title as the style Largest Logistics REIT in Thailand End of 30 June 2016 Number of Properties 6 Properties Asset size (REIT Size) THB 9,426.83 million Built-to-suit : General Warehouse 59:41 Occupancy Rate before undertake 92.52% Occupancy Rate after undertake 99.29% Total Interest-bearing debt (Q2, 2016) THB 2,720 million Loan-to-Value 28.85% NAV per unit THB 9.8374 5
Click The Assets to edit are Master located title in style Prime Strategic Locations 6
Click Overview to edit of Master Existing title Assets style WHART invests in 6 assets, consists of ; 1 2 3 4 5 6 WHA Distribution Center Project Ladkrabang Phase 1&2 WHA Mega Logistics Center Project (Bangna-Trad Km.23) WHA Mega Logistics Center Project (Bangna-Trad Km. 18) WHA Mega Logistics Center Chonlaharnpichit KM 4 WHA Mega Logistics Center Wangnoi KM 61 WHA Mega Logistics Center Saraburi Total 6 Assets Location Ladkrabang, Bangkok Bangna-Trad Km.23 Samuitprakarn Bangna-Trad Km.18 Samuitprakarn Chonlaharnpichit Road, Samutprakarn Wangnoi, Ayudhaya Hemaraj Saraburi Industrial Land, Saraburi - Land Area 35-0-0 rai 65-0-21.9 rai 74-2-67 rai 81-0-15.9 rai 69-0-16 rai 34-3-12 rai 359-2-32.8 rai Right (Based on appraisal value) Freehold Freehold Leasehold (ended 3 August 2041; 25 years 4 mths. Remaining*) Freehold Leasehold (ended 30 April 2042; 26 years 1 mths. Remaining*) Freehold FH:LH 70:30 Type Built-to-Suit : General Warehouse 51:49 88:12 64:36 36:64 35:65 48:52 53:47 Warehouse Leasable Area 35,318.97 sq.m. 59,835.00 sq.m. 72,179.48 sq.m. 80,745.55 sq.m. 61,182.00 sq.m 32,986.00 sq.m. 342,247.00 sq.m. Roof Leasable Area - 50,641.04 sq.m. 23,976.30 sq.m. 68,384.20 sq.m. 26,472.05 sq.m. - 169,473.59 sq.m. Key tenants LF Logistics, MC Group Nissan Motor, Menlo Worldwide, Starbucks Coffee DKSH, Hitachi, Kerry, Yusen Thai Post, Central Group, Hitachi, Berli Jucker, Bata ThaiBev, LF Logistic, DHL Hitachi - * As of Q2, 2016 7
Click Overview to edit of Master Leasable title Area style WHART have 342,247.00 sq.m. of warehouse leasable area, and 169,473.59 sq.m. of roof leasable area Unit : Square meter 74,617.34 IPO 167,333.45 94,856.25 1 st Capital Increase 174,913.55 169,473.59 After 1 st Capital Increase 342,247.00 IPO Assets 1 st Capital Increase Assets Warehouse : 167,333.45 sq.m. Roof : 74,617.34 sq.m. Warehouse : 174,913.55 sq.m. Roof : 94,856.25 sq.m. Warehouse Roof 1) WHA Distribution Center Project, Ladkrabang Phase 1 & 2 2) WHA Mega Logistics Center Project (Bangna-Trad Km. 23) 3) WHA Mega Logistics Center Project (Bangna-Trad Km. 18) 1) WHA Mega Logistics Center Chonlaharnpichit KM 4 2) WHA Mega Logistics Center Wangnoi KM 61 3) WHA Mega Logistics Center Saraburi 8
Click Well to Known edit Master Tenants title Profile style Top 10 Tenants by Area No. Tenants Area (sqm.) (%) 1 Hitachi Transport System (Thailand) 45,703.99 13.35% 2 Nissan Motor (Thailand) Co., Ltd. 44,813.00 13.09% 3 LF Logistics (Thailand) Limited 39,245.97 11.47% 4 Thai Beverage Logistics Co., Ltd. 33,450.00 9.77% Well-diversified nationality 8% 10% 33% 16% 33% Thailand Japan Asia* EU U.S. * Excluded Thailand and Japan 5 DKSH (Thailand) Limited 25,853.35 7.55% 6 Thailand Post Distribution Co., Ltd. 19,277.55 5.63% 7 MC Group Public Company Limited 17,163.00 5.01% 8 Central Department Store Limited 16,897.00 4.94% Well-diversified business operation 27% 24% 49% 9 Menlo Worldwide (Thailand) Limited 11,790.69 3.45% 10 Yusen Logistics (Thailand) Limited 9,327.69 2.73% 11 Other tenants 78,724.76 23.00% Third Logistics Provider Fast Moving Consumer Goods Manufacturer Lease Area by Type of Building 53% 47% Ready-Built Built-to-Suit * As of Q2, 2016 9
Click Financial to edit Overview Master title style Million Baht 160 140 120 100 80 60 40 20 169.02 113.79 80.71 82.84 83.26 85.66 14.38 12.54 13.27 12.98 14.72 6.7 4.70 Financial Summary 52.4 54.13 54.9 55.21 25.00 171.91 115.79 26.95 * ** Q4 2557 Q1 2558 Q2 2558 Q3 2558 Q4 2558 Q1 2559 Q2 2559 Total Revenue Total Expense Net Profit from Operation *** * IPO: Acquired asset on 8 December 2014 ** 1 st capital raising: Acquired asset on 29 December 2015 ***Excluding Net unrealized loss from investment valuation 10
Click Financial to edit Overview Master title style Million Baht 12,000 Total Assets 10,000 8,000 9,595.35 9,430.68 9,426.83 6,000 4,000 4,613.3 4,664.78 4,556.92 4,613.3 2,000 * Q4 2557 Q1 2558 Q2 2558 Q3 2558 Q4 2558 Q1 2559 Q2 2559 * IPO: Acquired asset on 8 December 2014 ** 1 st capital raising: Acquired asset on 29 December 2015 ** 11
Click Occupancy to edit Master Rate title style Occupancy Rate Before Undertake Occupancy Rate After Undertake 100.00% 97.41% 97.41% 97.41% 97.41% 100.00% 100.00% 100.00% 100.00% 98.73% 98.73% 99.29% 95.00% 92.52% 95.00% 90.00% 91.77% 90.00% 85.00% 85.00% 80.00% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 80.00% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 * IPO: Transfering asset on 8 December 2014 ** 1 st capital increase: Transfering asset on 29 December 2015 12
Click Agenda to edit Master title style I. Portfolio Overview II. Q&A 13
Click to edit Master title style Q&A 14