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Bhiraj Office Leasehold Real Estate Investment Trust BOFFICE
Performance as of 1Q19
Bhiraj Office Leasehold Real Estate Investment Trust
Page 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.
Overview
Bhiraj Office Leasehold Real Estate Investment Trust
Page 4
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 7,781.18 million (with market price of Baht 15.10 as of 18 Jun 19)
NAV Baht 9.6545 per unit (as of 31 Mar 19)
BOFFICE Overview
Bhiraj Office Leasehold Real Estate Investment Trust
Page 5
Structure & Unitholders
Structure of BOFFICE
UNIT
HOLDERS
REIT Manager
Property Manager
TRUSTEE
Sponsor 28%
Institution 57%
Retail & Corporate Investor
15%
Unitholders Structure as of 23 May 19
Bhiraj Office Leasehold Real Estate Investment Trust
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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.
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Bhiraj Office Leasehold Real Estate Investment Trust
Page 9
Performance of BHIRAJ TOWER at EmQuartier
Small 21%
Medium 26%
Large 53%
Size of Tenants
Commercial 47%
Business Service 40%
Banking & Financial
5%
Government 4%
Manufacturers 2%
Retail 2%
Business Type of Tenants
97%
31 Dec 18
99%
31 Mar 19
Occupancy
Rate
As of 31 Mar 19
Note:
Small: ≤ 300 sq.m.
Medium: 301 sq.m. - 1,000 sq.m.
Large: ≥ 1,001 sq.m.
Bhiraj Office Leasehold Real Estate Investment Trust
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BOFFICE’s Income
116.56
147.49 147.10 159.67 155.25
1Q18 2Q18 3Q18 4Q18 1Q19
Unit: Million Baht
3M19 BOFFICE’s income was Baht
155.25 million, decreased by Baht 4.42
million, or 2.77% from previous quarter.
The portion was mostly from rental and
service income of Baht 154.09 million or
99.26% of total income.
-4.42 MB,
-2.77%
QoQ
Income Amount
3M19 (MB)
Rental and Service 154.09 99.26%
Interest 0.07 0.04%
Others 1.09 0.70%
Total Income 155.25 100.00%
%
*Performance of 18 Jan 18 – 31 Mar 18
*
Bhiraj Office Leasehold Real Estate Investment Trust
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45.83
56.27
77.56 72.44
65.05
1Q18 2Q18 3Q18 4Q18 1Q19
BOFFICE’s Expense
3M19 BOFFICE’s expenses were Baht
65.05 million, decreased by Baht 7.40
million, or 10.21% from previous quarter.
The portion was mostly from cost of
rental and service of Baht 26.69 million
or 41.03%.
Unit: Million Baht
-7.40 MB,
-10.21%
QoQ
Expense Amount
3M19 (MB)
Cost of rental and service 26.69 41.03%
Fee 15.44 23.74%
Finance cost 17.72 27.25%
Amortisation of deferred expenses 4.24 6.52%
Others 0.95 1.46%
Total Expense 65.05 100.00%
%
*Performance of 18 Jan 18 – 31 Mar 18
*
Bhiraj Office Leasehold Real Estate Investment Trust
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70.73
91.22
69.54
87.23 90.20
1Q18 2Q18 3Q18 4Q18 1Q19
BOFFICE’s Net Investment Income
3M19 net investment income was Baht 90.20 million with net investment
margin of 58.10%. After the performance was adjusted by unrealized loss on
investment of Baht 3.44 million, there were net profit of Baht 86.76 million.
Unit: Million Baht
+2.97 MB,
+3.40% QoQ
Bhiraj Office Leasehold Real Estate Investment Trust
Page 13
BOFFICE – Distribution Income and NAV
Payment Date Type Amount (Baht/unit)
6 Jun 19 Benefit Distribution 0.1519
Capital Reduction 0.0109
Total 0.1628
Distribution Income Payment
Net Asset Value (NAV)
Date Amount (Baht) Amount (Baht/unit)
31 Mar 19 4,975,066,459.26 9.6545
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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