BHIRAJ OFFICE LEASEHOLD REAL ESTATE INVESTMENT TRUST
BOFFICE : Quarterly Performance 1Q2021 Disclaimer
This presentation has been prepared by Bhiraj REIT Management Company Limited (‘BRRM’) 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 BRRM and may not be copied, distributed or otherwise disseminated in whole or in part without the written consent of BRRM. 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. BRRM makes no expression or implied warranty as to the accuracy or completeness of any such information. BRRM 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 BRRM 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.
Page 2 Bhiraj Office Leasehold Real Estate Investment Trust Overview BOFFICE Overview
Name Bhiraj Office Leasehold Real Estate Investment Trust
Symbol BOFFICE
REIT Manager BHIRAJ REIT Management Company Limited
Trustee Kasikorn Asset Management Company Limited
Property Manager BHIRAJ Management Company Limited
BHIRAJ TOWER at EmQuartier Asset BHIRAJ TOWER at BITEC
First Trade Date 23 January 2018
Market Capitalization Baht 6,862.21 million (as of 30 Apr 21 ; market price of Baht 9.30)
Nav Baht 10.5708 per unit (as of 31 Mar 21 ; Amount Baht 7,799.94 million)
Par Value Baht 9.4573 per unit (as of 31 Mar 21)
Page 4 Bhiraj Office Leasehold Real Estate Investment Trust Structure
BHIRAJ TOWER at EmQuartier . Leasehold rights over some parts of BHIRAJ TOWER at EmQuartier Monitor REIT Invest in assets . Freehold rights over moveable Trustee assets Fees
Manage REIT
Rental and BHIRAJ TOWER at BITEC Fees service income . Leasehold rights over some REIT Manager Manage Property Fees parts of BHIRAJ TOWER at BITEC . Freehold rights over moveable assets
Appoint
Property Manager
Page 5 Bhiraj Office Leasehold Real Estate Investment Trust BHIRAJ TOWER at EmQuartier
BHIRAJ TOWER at EmQuartier
Bhiraj TOWER at EmQuartier is a Mixed-use development offers facilities of EmQuartier and Emporium which enhance the attractiveness and conveniences of office tenants (1) Office tenants increase traffic and spending for department stores (2) Creating unique experiences with facilities and surroundings to enhance working lifestyle with choices of restaurants, retail shops and entertainments
Net leasable area is approximately 49,462 square meters, including rental office space from 15th to 42nd fl., a partial area of 43rd fl., and a partial area of M floor which is a retail store floor.
Page 6 Bhiraj Office Leasehold Real Estate Investment Trust BHIRAJ TOWER at EmQuartier
BTS Phrom Phong station
Located in Early Sukhumvit area between Soi Sukhumvit 35 and Soi Sukhumvit 39 with directly link to Phrom Phong BTS Station
Page 7 Bhiraj Office Leasehold Real Estate Investment Trust Features of BHIRAJ TOWER at EmQuartier
Office Building grade A
Modern building and full facilities to satisfy tenants
Located at Bangkok’s Prime CBD on Sukhumvit Road between Soi Sukhumvit 35 and Soi Sukhumvit 39
Located on The EmQuarier Shopping Complex
Full facilities with restaurant, shopping complex, and Benchasiri park
Directly Connected to BTS Phrom Phong Station
One station to MRT Sukhumvit interchange Station
Proximity of various expressway
Page 8 Bhiraj Office Leasehold Real Estate Investment Trust BHIRAJ TOWER at BITEC
BHIRAJ TOWER at BITEC
Bhiraj TOWER at BITEC is a part of mixed-use project with area of 170 rais which includes (1) Bangkok International Trade & Exhibition Centre (BITEC) (2) Bhiraj Convention Center (3) Office Building and (4) Stores and Restaurants
Net leasable area is approximately 32,036 square meters, including rental office space from 10th to 28th fl., a partial area of 9th fl., and a partial area of G floor which is a retail store floor.
Page 9 Bhiraj Office Leasehold Real Estate Investment Trust BHIRAJ TOWER at BITEC
Located on Sukhumvit Road near Bang Na intersection and directly connected to BTS Sky Train at Bang Na Station only 150 meters, the Sky walk walkway connects to the BHIRAJ TOWER at BITEC the 2 floor of the BANGKOK INTERNATIONAL TRADE & EXHIBITION CENTRE (BITEC)
Page 10 Bhiraj Office Leasehold Real Estate Investment Trust Features of BHIRAJ TOWER at BITEC
New building with grade A
Modern building and full facilities to satisfy tenants
on Sukhumvit Road near Bang Na intersection and directly connected to BTS Sky Train at Bang Na Station The location is conveniently go to industry areas such as Samut Prakan, Bangna-Trad, Bang Pu and Bang Pakong
Located on the BANGKOK INTERNATIONAL TRADE & EXHIBITION CENTRE (BITEC)
Full facilities with Exhibition center Convention center and office building, that is equipped with various facilities such as meeting rooms, seminars and organizing customer events, food courts, restaurants and retail stores
Directly Connected to BTS Bang Na Station only 150 meters
Connected to the expressway
Page 11 Bhiraj Office Leasehold Real Estate Investment Trust Performance Performance of BHIRAJ TOWER at EmQuartier
Rental area proportion by business type Proportion by rental area As of 31 Mar 21
Business Type Proportion Commercial 48% Small 16% Business Service 25% E-Commerce 10% Banking & Financial 7% Government 4% Large Medium 25% Real Estate Developer 3% 59% Manufacturer 2% Retail 1% Size S (≤ 300 sq.m.) Existing Leased Spaces 100% Size M (301 – 1,000 sq.m.) Size L (≥ 1,001 sq.m.)
95.6% 93.0% 91.2% 92.8%
Occupancy Occupancy Rate Rate 92.8%
Jun 2020 Sep 2020 Dec 2020 Mar 2021
Page 13 Bhiraj Office Leasehold Real Estate Investment Trust Performance of BHIRAJ TOWER at BITEC
Rental area proportion by business type Proportion by rental area As of 31 Mar 21
Business Type Proportion Small Manufacturer 38% 14%
Business Service 28% Medium Real Estate Developer 18% 11% Commercial 10% Banking & Financial 5% Large Retail 1% 75% Existing Leased Spaces 100% Size S (≤ 300 sq.m.) Size M (301 – 1,000 sq.m.) Size L (≥ 1,001 sq.m.)
95.9% 83.0% 82.6%
Occupancy Occupancy Rate Rate 82.6%
Sep 2020 Dec 2020 Mar 2021
Note : BOFFICE and the new tenant had signed rental agreement on total rental area accounted for 11.2% of Net Leasable Area, The agreement will start rental period in Q2 2021. Page 14 Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE’s Income
Revenue (Million Baht) Expense (Million Baht)
Cost of rental and service Related fees Rental and service income Other income Finance cost Amortisation expense 400.0 900.0 other expenses 723.5 350.0 800.0 643.4 276.6 279.6 2.0 700.0 5.9 300.0 2.4 4.3 600.0 17.3 250.0 17.2 500.0 72.0 68.6 200.0 400.0 721.5 223.6 223.6 150.0 85.9 300.0 637.5 217.0 63.4 0.4 79.6 85.5 0.4 0.7 0.9 79.6 200.0 100.0 1.2 4.3 1.2 4.2 4.2 17.8 223.2 223.2 119.7 17.5 17.5 100.0 216.2 50.0 105.3 25.8 26.3 26.3 0.0 30.4 36.7 30.4 2019 2020 3M2021 Q4 2020 (3M) Q1 2021 (3M) 0.0 2019 2020 3M2021 Q4 2020 (3M) Q1 2021 (3M)
Page 15 Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE’s Net Investment Income
Net Investment Income (Million Baht)
Net Investment Income Margin
64.4% 64.4% 550.0 61.4% 60.6% 57.0% 60.0% 450.0 50.0%
350.0 40.0%
250.0 443.9 30.0% 366.8 150.0 20.0%
144.0 131.4 144.0 50.0 10.0%
-50.0 2019 2020 3M2021 Q4 2020 (3M) Q1 2021 (3M) 0.0%
3M 2021 net investment income was Baht 144.03 million with net investment margin of 64.4%. After the performance was adjusted by unrealized loss on investment of Baht 4.57 million, there were net profit of Baht 139.46 million.
Page 16 Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE – Distribution Income
Distribution per unit (THB per unit)
Operating results Period 1 January – 31 March 2021 Type Capital Reduction Amount 0.1444 Baht/Unit
0.2497**
0.1961 0.1801 0.1713 0.1628 0.1704 0.1512 0.1444
0.1104* Timeline Date Book Closing 27 May 2021 Date Payment Date 24 June 2021
Q1 2019 Q2 2019 Q3 2019 Q4 2019 JAN-FEB MAR-JUN Q3 2020 Q4 2020 Q1 2021 2020 2020 *Remarks : The operating results of BOFFICE from 1 January 2020 to 29 February 2020. Benefit distribution payment to the Listed Unit Trust 515,310,000 units. (announced the news via www.set.or.th on 2 March 2020.)
**Remarks : The operating results of BOFFICE from 1 March 2020 to 30 June 2020. Benefit distribution payment to the Listed Unit Trust 515,310,000 units. (announced the news via www.set.or.th on 31 July 2020.) Page 17 Bhiraj Office Leasehold Real Estate Investment Trust Bhiraj REIT Management Company Prepared by Limited United Business Center ll Building 591 Sukhumvit Road (Soi 33), Klongton Nuea, Vadhana, Bangkok 10110
Tel: 0-261-0170
Email: [email protected]
www.bofficereit.com