Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE. Performance as of 2Q18

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1 Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE Performance as of 2Q18

2 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

3 Overview

4 BOFFICE Overview Name Symbol REIT Manager Trustee Property Manager Asset BOFFICE Bhiraj REIT Management Company Limited Kasikorn Asset Management Company Limited BHIRAJ Management Company Limited BHIRAJ TOWER at EmQuartier Listed in SET Date 23 January 2018 Market Capitalization Baht 7,008 million (with market price of Baht as of 19 Sep 18) NAV Baht per unit (as of 29 Jun 18) Page 4

5 Structure & Unitholders Structure of BOFFICE Unitholders Structure as of 17 Aug 18 TRUSTEE UNIT HOLDERS REIT Manager Retail & Corporate Investor 15% Sponsor 28% Property Manager Institution 57% Page 5

6 BHIRAJ TOWER at EmQuartier Located in Early Sukhumvit area between Soi Sukhumvit 35 and Soi Sukhumvit 39 with directly link to Phrom Phong BTS Station Gross floor area is approximately 94,853 square meters, including rental office space, common office area, office parking space, facility system installation area and area relating to the Project. Net leasable area is approximately 49,736 square meters, including rental office space from 15 th to 42 nd fl., a partial area of 43 rd fl., and a partial area of M floor which is a retail store floor. Page 6

7 Features of BHIRAJ TOWER at EmQuartier New building with grade A Modern building and full facilities to satisfy tenants Grade A Office Location Located at Bangkok s Prime CBD on Sukhumvit Road between Soi Sukhumvit 35 and Soi Sukhumvit 39 Directly Connected to BTS Phrom Phong Station One station to MRT Sukhumvit interchange Station Proximity of various expressway Transportation Facilities Located on The EmQuarier Shopping Complex Full facilities with restaurant, shopping complex, and Benchasiri park Page 7

8 Performance

9 Performance of BHIRAJ TOWER at EmQuartier Business Type of Tenants Manufacturers Retail Banking & 3% Government 4% 2% Financial 1% Size of Tenants Small 22% As of 30 June 18 Business Service 41% Commercial 49% Large 56% Medium 22% Note: Small: 300 sq.m. Medium: 301 sq.m. 1,000 sq.m. Large: > 1,001 sq.m. 31 Mar Jun 18 Occupancy Rate 99% 98% Page 9

10 BOFFICE s Income Unit: Million Baht Income Amount 6M18 (MB) % Rental and Service % Interest % Others % Total Income % +30 MB, +26% QoQ M18 BOFFICE s income were mostly from rental and service income of Baht 263 million or 99% of total income. 2Q18 s income was Baht 147 million, increased by Baht 30 million or 26% QoQ, owing to the performance in 1Q18 wasn t full quarter. 117 * 1Q18 2Q18 6M18 *Performance of 18 Jan Mar 18 Page 10

11 BOFFICE s Expense Unit: Million Baht Expense Amount 6M18 (MB) % Cost of rental and service 35 34% Fee 27 26% Finance Cost 31 30% Amortisation of deferred expenses 8 8% Others 2 2% Total Expenses % +10 MB, +22% QoQ M18 BOFFICE s expense were mostly from cost of rental and service of Baht 35 million or 34%. Cost of rental and service was 13%. 2Q18 s expense was Baht 56 million, increased by Baht 10 million or 22% QoQ, owing to the performance in 1Q18 wasn t full quarter and low maintenance cost. 46 * 1Q18 2Q18 6M18 *Performance of 18 Jan Mar 18 Page 11

12 BOFFICE s Net Investment Income 162 Unit: Million Baht Q18 2Q18 6M18 6M18 net investment income was Baht 162 million with net investment margin of 61%. After the performance was adjusted by unrealized loss on investment of Baht 244 million, there were net loss of Baht 82 million. Page 12

13 BOFFICE Distribution Income and NAV Distribution Income Payment Payment Date Type Amount (Baht/unit) 7 Jun 18 Benefit Distribution Sep 18 Capital Reduction Net Asset Value (NAV) Date Amount (Baht) Amount (Baht/unit) 30 Mar 18 5,222,410, Jun 18 5,002,395, Page 13

14 Prepared by Bhiraj REIT Management Company Limited United Business Center ll Building 591 Sukhumvit Road (Soi 33), Klongton Nuea, Vadhana, Bangkok Tel: