Bhiraj Office Leasehold Real Estate Investment Trust BOFFICEboffice.listedcompany.com/misc/presentation/... · 6/21/2019 · Bhiraj Office Leasehold Real Estate Investment Trust

Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE

Performance as of Y2018

Bhiraj Office Leasehold Real Estate Investment Trust

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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.

Overview


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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

Asset BHIRAJ TOWER at EmQuartier

Listed in SET Date 23 January 2018

Market Capitalization Baht 6,492.91 million (with market price of Baht 12.60 as of 28 Dec 18)

NAV Baht 9.6520 per unit (as of 31 Dec 18)

BOFFICE Overview


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Structure & Unitholders

Structure of BOFFICE

UNIT

HOLDERS

REIT Manager

Property Manager

TRUSTEE

Sponsor 28%

Institution 56%

Retail & Corporate Investor

16%

Unitholders Structure as of 28 Dec 18


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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 49,436 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.


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Features of BHIRAJ TOWER at EmQuartier

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

Location Grade A Office

Facilities Located on The EmQuarier

Shopping Complex

Full facilities with restaurant,

shopping complex, and

Benchasiri park

New building with grade A

Modern building and

full facilities to satisfy

tenants

Transportation

Performance


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Performance of BHIRAJ TOWER at EmQuartier

Note:

Small: ≤ 300 sq.m.

Medium: 301 sq.m. – 1,000 sq.m.

Large: > 1,001 sq.m.

Small 23%

Medium 25%

Large 52%

Size of Tenants As of 31 Dec 18

Commercial 48%

Business Service 39%

Banking & Financial

5%

Government 4%

Manufacturers 3%

Retail 1%

Business Type of Tenants

99%

31 Mar 18

98%

30 Jun 18

97%

31 Dec 18

Occupancy

Rate 97%

30 Sep 18


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BOFFICE’s Income

116.56 147.49 147.10 159.67

570.82

1Q18 2Q18 3Q18 4Q18 2018

*Performance of 18 Jan 18 – 31 Mar 18

Unit: Million Baht

*

2018 BOFFICE’s income was Baht

570.82 million, which mostly from rental

and service income of Baht 567.54

million or 99.43% of total income.

4Q18’s income was Baht 159.67 million,

Baht 12.57 million increased over the

previous quarter.

+12.57 MB,

+8.55%

QoQ

Income Amount

2018 (MB)

Rental and Service 567.54 99.43%

Interest 0.81 0.14%

Others 2.47 0.43%

Total Income 570.82 100.00%

%


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45.83 56.27

77.56 72.44

252.10

1Q18 2Q18 3Q18 4Q18 2018

BOFFICE’s Expense

-5.12 MB,

-6.60%

QoQ

Unit: Million Baht

*Performance of 18 Jan 18 – 31 Mar 18

*

2018 BOFFICE’s expenses were Baht

252.10 million, mostly from cost of rental

and service of Baht 106.75 million or

42.35%.

4Q18’s expense was Baht 72.44 million,

decreased by Baht 5.12 million, 6.60%

QoQ.

Expense Amount

2018 (MB)

Cost of rental and service 106.75 42.35%

Fee 54.94 21.79%

Finance cost 67.44 26.75%

Amortisation of deferred expenses 16.54 6.56%

Others 6.42 2.55%

Total Expense 252.10 100.00%

%


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BOFFICE’s Net Investment Income

70.73 91.22

69.54 87.23

318.73

1Q18 2Q18 3Q18 4Q18 2018

2018 net investment income was Baht 318.73 million with net investment

margin of 55.84%. After the performance was adjusted by unrealized loss on

investment of Baht 251.19 million, there were net profit of Baht 67.53 million.

Unit: Million Baht

+17.69 MB,

+25.43% QoQ


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BOFFICE – Distribution Income and NAV

Payment Date Type Amount (Baht/unit)

7 Jun 18 Benefit Distribution 0.1315

3 Sep 18 Capital Reduction 0.1817

7 Dec 18 Capital Reduction 0.1658

19 Mar 19 Capital Reduction 0.1659

Total 0.6449

Distribution Income Payment

Net Asset Value (NAV)

Date Amount (Baht) Amount (Baht/unit)

30 Mar 18 5,222,410,707.55 10.1345

29 Jun 18 5,002,395,669.65 9.7075

30 Sep 18 4,978,898,902.37 9.6619

31 Dec 18 4,973,798,716.04 9.6520

Bhiraj REIT Management Company Limited United Business Center ll Building

591 Sukhumvit Road (Soi 33), Klongton Nuea, Vadhana,

Bangkok 10110

Tel: 0-2261-0261

Email: [email protected]

www.bofficereit.com

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Bhiraj Office Leasehold Real Estate Investment Trust BOFFICEboffice.listedcompany.com/misc/presentation/... · 6/21/2019 · Bhiraj Office Leasehold Real Estate Investment Trust