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
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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
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that the returns may be more or less than the initial sum.
Overview
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Bhiraj Office Leasehold Real Estate Investment Trust
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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
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 49,460 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.
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
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
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Bhiraj Office Leasehold Real Estate Investment Trust
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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%
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Bhiraj Office Leasehold Real Estate Investment Trust
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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%
Bhiraj Office Leasehold Real Estate Investment Trust
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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: For the period as From 15 January 2018 to 31 December 2018.
Y2018* Y2019
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Bhiraj Office Leasehold Real Estate Investment Trust
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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
*Y2018: For the period as From 15 January 2018 to 31 December 2018.
Bhiraj Office Leasehold Real Estate Investment Trust
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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
Capital Reduction 0.0103
12 Dec 19Benefit Distribution 0.1632
Capital Reduction 0.0081
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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