Bhiraj Office Leasehold Real Estate Investment Trust BOFFICEboffice.listedcompany.com/misc/presentation/20200226-b... · 2020. 2. 26. · Bhiraj Office Leasehold Real Estate Investment

Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE

Performance as of Y2019

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 8,399.55 million (with market price of Baht 16.30 as of 21 Feb 20)

NAV Baht 9.7994 per unit (as of 31 December 19)

BOFFICE Overview


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Structure & Unitholders

Structure of BOFFICE

UNIT

HOLDERS

REIT Manager

Property Manager

TRUSTEE

Sponsor28%

Institution58%

Retail & Corporate Investor

14%

Unitholders Structure as of 30 Dec 19


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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 49,460 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

LocationGrade 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 - 1,000 sq.m.

Large: ≥ 1,001 sq.m.

Small21%

Medium29%

Large50%

Size of Tenants

Commercial57%

Business Service29%

Banking & Financial

6%

Government4%

Manufacturers3%

Retail1%

Business Type of TenantsAs of 31 December 19

99%

30 Jun 19

99%

31 Dec 19

Occupancy

Rate99%

30 Sep 19


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BOFFICE’s Income

155.25 159.71 166.18 162.30

643.44

1Q19 2Q19 3Q19 4Q19 Y2019

Unit: Million Baht

Y2019 BOFFICE’s income were mostly

from rental and service income of Baht

637.53 million or 99.08% of total income.

4Q19’s income was Baht 162.30 million,

decreased by Baht 3.88 million or 2.33%

QoQ.

- 3.88 MB,

-2.33 %

QoQ

Income Amount%

2019 (MB)

Rental and Service 637.53 99.08%

Interest 0.29 0.05%

Others 5.61 0.87%

Total Income 643.44 100%


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BOFFICE’s Income

570.82

643.44

Y2018* Y2019

Unit: Million Baht

Y2019 income was Baht 643.44 million,

increased by Baht 72.62 million or

12.72% YoY.

72.62 MB,

12.72 %

YoY

Income Amount % Amount %

(MB) (MB)

Rental and Service 567.56 99.43% 637.53 99.08%

Interest 0.81 0.14% 0.29 0.05%

Others 2.45 0.43% 5.61 0.87%

Total Income 570.82 100% 643.44 100%

*Y2018: For the period as From 15 January 2018 to 31 December 2018.

Y2018* Y2019


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65.05 69.65 72.24 69.71

276.65

1Q19 2Q19 3Q19 4Q19 Y2019

BOFFICE’s Expense

Y2019 BOFFICE’s expense were mostly

from cost of rental and service of Baht

119.69 million or 43.27%.

4Q19’s expense was Baht 69.71 million,

decreased by Baht 2.53 million, 3.5%

QoQ.

Unit: Million Baht

- 2.53 MB,

-3.5 %

QoQ

Expense Amount%

2019 (MB)

Cost of rental and service 119.69 43.27%

Fee 63.42 22.93%

Finance cost 71.97 26.01%

Amortisation of deferred expenses 17.22 6.22%

Others 4.35 1.57%

Total Expense 276.65 100%


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252.10276.65

Y2018* Y2019

BOFFICE’s Expense

Y2019 expense was Baht 276.65 million,

increased by Baht 24.55 million, 9.74%

YoY.

Unit: Million Baht

24.55 MB,

9.74 %

YoY

Expense Amount % Amount %

(MB) (MB)

Cost of rental and service 106.75 42.35% 119.69 43.27%

Fee 54.94 21.79% 63.42 22.93%

Finance cost 67.44 26.75% 71.97 26.01%

Amortisation of deferred expenses 16.54 6.56% 17.22 6.22%

Other 6.42 2.55% 4.35 1.57%

Total Income 252.10 100% 276.65 100%


Y2018* Y2019


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90.20 90.06 93.95 92.59

366.79

1Q19 2Q19 3Q19 4Q19 Y2019

BOFFICE’s Net Investment Income

Y2019 net investment income was Baht 366.79 million with net investment

margin of 57.01%. After the performance was adjusted by unrealized gain on

investment of Baht 59.61 million, there were net profit of Baht 426.40 million.

Unit: Million Baht

-1.36 MB,

-1.45 % QoQ


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318.73

366.79

Y2018* Y2019

BOFFICE’s Net Investment Income

Y2019 net investment income was Baht 366.79 million with net investment margin of

57.01%. increased by Baht 48.07 million, 15.08% YoY.

Unit: Million Baht48.07 MB,

15.08 %

YoY



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BOFFICE – Distribution Income and NAV

Payment Date Type Amount (Baht/unit)

6 Jun 19Benefit Distribution 0.1519

Capital Reduction 0.0109

6 Sep 19Benefit Distribution 0.1698


12 Dec 19Benefit Distribution 0.1632


16 Mar 20Benefit Distribution 0.1961

Capital Reduction -

Total 0.7103

Distribution Income Payment

Net Asset Value (NAV)

Date Amount (Baht) Amount (Baht/unit)

31 Mar 19 4,975,066,459 9.6545

30 Jun 19 5,043,139,212 9.7866

30 Sep 19 5,044,408,484 9.7890

31 Dec 19 5,049,737,821 9.7994

Bhiraj REIT Management Company LimitedUnited Business Center ll Building

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

Bangkok 10110

Tel: 0-261-0170

Email: [email protected]

www.bofficereit.com

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Bhiraj Office Leasehold Real Estate Investment Trust BOFFICEboffice.listedcompany.com/misc/presentation/20200226-b... · 2020. 2. 26. · Bhiraj Office Leasehold Real Estate Investment