fourth quarter fy2019 financial results - ytl e-solutions · - jw marriott hotel kuala lumpur +...

Fourth Quarter FY2019 Financial Results31 July 2019

2

• Properties in Malaysia and Japan under master leases

• 4Q FY2019 and FY2019 average occupancy rates forproperties in Australia: 87.2% and 84.9% respectively

• 4Q FY2019 and FY2019 ADRs for properties in Australia:AUD246 and AUD271 respectively. FY2019 ADR was 1.9%higher as compared to FY2018 ADR of AUD266.

• 4Q FY2019 and FY2019 RevPARs for properties inAustralia: AUD215 and AUD230 respectively. FY2019RevPAR was 1.7% lower as compared to FY2018 RevParof AUD234.

• Melbourne Marriott Renovation Capex (Planned): AUD1million

PORTFOLIO

MANAGEMENTHIGHLIGHTS

FINANCIAL

KEY HIGHLIGHTS –4Q FY2019

CAPITAL

MANAGEMENT

• Income available for distribution of RM35.8million, +6.8% q-o-q

• 2.0989 sen distribution per unit (“DPU”)declared for 4Q FY2019

• Average interest rates for the quarter ‐ Borrowings in Ringgit Malaysia : 5.0%‐ Borrowings in Australian Dollar : 4.5%‐ Borrowings in Japanese Yen : 0.8%

• Debt headroom of ~RM835 million for acquisitions (Leverage limit reduced to 50% under new regulatory guidelines)

1 Financial performances 4Q FY2019

Pangkor Laut ResortPerak Darul Ridzuan, Malaysia

1 April - 30 June 4Q FY2019 4Q FY2018 Change

Total Revenue 118.7 116.6 + 1.8%

- Hotel Revenue (Management Contracts) 78.0 79.0 (1.2%)

- Lease Rental (Master Leases) 40.6 37.6 + 7.9%

Net Property Income (NPI) 60.3 58.1 + 3.7%

- Management Contracts 22.4 23.0 (2.5%)

- Master Leases 37.9 35.1 + 7.8%

Income avai lable for distr ibution 35.8 33.5 + 6.8%

Income distribution 35.8 33.5 + 6.8%

- from current quarter 35.8 33.5 + 6.8%

Distr ibution per unit (DPU) (sen) 2.0989 1.9651 + 6.8%

Payout ratio (%) 100.0 100.0 0.0 pp*

Notes:(1) Increased mainly due to the acquisition of The Green Leaf Niseko Village in September 2018.

All figures in RM million unless indicated otherwise.

4

FINANCIAL PERFORMANCE: 4Q FY2019

* pp = change in percentage points

(1)

(1)

RM ('000)As at 30 June 2019

(Unaudited)

As at 30 June 2018

(Audited)Change

Investment properties 2,732,554 2,371,618 + 15.2%

Property, plant and equipment 1,946,226 1,947,753 (0.1%)

Cash & cash equivalents 148,972 155,457 (4.2%)

Other assets 37,025 36,827 + 0.5%

Total Assets 4,864,777 4,511,655 + 7.8%

Borrowings 2,009,424 1,687,694 + 19.1%

Other liabilities 118,253 105,450 + 12.1%

Total Liabilities 2,127,677 1,793,144 + 18.7%

Net Asset Value (NAV) 2,737,100 2,718,511 + 0.7%

Number of units in circulation ('000) 1,704,389 1,704,389 0.0%

NAV per unit (RM) 1.606 1.595 + 0.7%

5

STATEMENT OF FINANCIAL POSITION

Notes:(1) Increased due to (i) the acquisition of The Green Leaf Niseko Village on 26 September 2018, (ii) surplus on revaluations and (iii) refurbishment of JW Marriott Kuala Lumpur.(2) Increased due to (i) the acquisition of The Green Leaf Niseko Village on 26 September 2018 and (ii) drawdown for refurbishments of Brisbane Marriott and JW Marriott Kuala Lumpur. (3) After total income distribution of RM134.2 million in respect of FY2019.

(3)

(1)

(2)

(3)

6

Quarterly Breakdown

Notes: 1. Quarterly distributions commenced during the financial year ended 30 June 2014.2. DPUs subsequent to the issuance of 380,000,000 new placement units on 16 December 2016 are based on the enlarged number of units in issue.

DPU PERFORMANCE

DPU (sen)

Total DPU

1Q

2Q

3Q

4Q

FY2018 FY2019

Cumulative 134.1 134.2

4Q 33.5 35.8

3Q 33.0 32.6

2Q 33.9 33.0

1Q 33.6 32.8

Total Distributions*

* In RM mi l l ion

6.4855 6.4855

7.63597.3803

8.46137.9746 7.8938 8.0838

7.8683 7.8711

0

5

10

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

1.9737 1.9219

1.9917 1.9387

1.9378 1.9116

1.9651 2.0989

FY2018 FY2019

2,170 2,203

1,872 1,950

539 529

Prior to revaluation After revaluation

- JW Marriott Hotel Kuala Lumpur + RM3.7 mil- The Ritz-Carlton, Kuala Lumpur - Suite Wing + RM5.0 mil- The Ritz-Carlton, Kuala Lumpur - Hotel Wing + RM14.0 mil- Vistana Penang Bukit Jambul + RM2.0 mil- Vistana Kuala Lumpur Titiwangsa + RM2.0 mil- Vistana Kuantan City Centre + RM1.0 mil - Pangkor Laut Resort + RM1.0 mil- Tanjong Jara Resort + RM1.0 mil- Cameron Highlands Resort -- The Majestic Hotel Kuala Lumpur + RM3.0 mil

- Sydney Harbour Marriott + RM69.3 mil- Brisbane Marriott + RM1.0 mil- Melbourne Marriott + RM7.9 mil

- Hilton Niseko Village (RM12.3 mil)- The Green Leaf Niseko Village + RM2.1 mil

7

REVALUATION SURPLUS OF RM101 million DURING 4Q FY2019

AUSTRALIAN properties

RM (million) RM (million)JAPANESE properties

MALAYSIAN properties

Total : 4,581 Total : 4,682

RM (million) RM (million)

8

QUARTERLY FINANCIAL PERFORMANCES

TOTALrevenue NETproperty income

FY2019FY2018

3.7%

1.8%

120.5

134.7129.2

116.6113.9

132.5125.9

118.7

0

50

100

150

1Q 2Q 3Q 4Q

55.1

67.7 67.9

58.156.3

69.3 67.460.3

0

50

100

150

1Q 2Q 3Q 4Q


4Q FY20194Q FY2018

9

QUARTERLY FINANCIAL PERFORMANCES BY COUNTRY


2.5%

81.1%73.1%

1.2%

33.5

79.0

4.1

33.5

78.0

7.1

0

50

100

Malaysia Australia Japan

31.7

23.0

3.4

31.7

22.4

6.2

0

50

100


FY2015

10

NPI FOR AUSTRALIA IN AUD AND RM

AUD (million) RM (million)

NPI in RM impacted by the foreign exchange effects of the weaker AUD relative to RM

1.3% 2.5%

FY2014 FY2016 FY2017 FY2018 FY2015FY2014 FY2016 FY2017 FY2018FY2019 FY2019

0

6

12

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

0

20

40


11

75.1%

FY2014

NPI FOR JAPAN IN JPY AND RM

JPY (million) RM (million)

NPI in RM impacted by the foreign exchange effects of the stronger JPY relative to RM

81.1%

FY2018FY2015 FY2016 FY2017 FY2014 FY2018FY2015 FY2016 FY2017FY2019 FY2019

0

60

120

180

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q0

2

4

6

8


0

5

10

15

20

1.00

1.05

1.10

1.15

1.20

1.25

1.30

1.35

1.40

Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19

-50

-25

0

25

50

0.80

1.00

1.20

1.40

Jan

-12

Ap

r-12

Jul-

12O

ct-1

2Ja

n-1

3A

pr-

13Ju

l-13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14O

ct-1

4Ja

n-1

5A

pr-

15Ju

l-15

Oct

-15

Jan

-16

Ap

r-16

Jul-

16O

ct-1

6Ja

n-1

7A

pr-

17Ju

l-17

Oct

-17

Jan

-18

Ap

r-18

Jul-

18O

ct-1

8Ja

n-1

9A

pr-

19

Notes:(1) As at 28 June 2019.(2) For the quarter ended 30 June 2019.

12

RM

OutperformFBMKLCI

UnderperformFBMKLCI

UNIT PRICE PERFORMANCE

YTL Hospitality REIT’sUnit Price Movement & Relative Performance to FBMKLCI

(1 January 2012 to 30 June 2019)

%

TRADING STATISTIC

Closing price (1) RM1.34

Market Cap (RM) (1) RM2,284 mil

Units issued (1) 1,704,388,889

Average daily traded volume for 4Q FY2019 (‘000 units) (2) 600.0

Source: Bloomberg

Relative Performance(right scale)

YTL Hospitality REIT’sUnit Price Movement & Relative Performance to REIT Index

(1 October 2017 to 30 June 2019)

RM %

OutperformREIT Index

Unit Price (left scale)

Relative Performance(right scale)

Unit Price (left scale)

2 Financial performances: FY2019

JW Marriott Kuala Lumpur, Malaysia

1 July - 30 June FY2019 FY2018 Change

Total Revenue 490.9 501.0 (2.0%)

- Hotel Revenue (Management Contracts) 331.5 359.9 (7.9%)

- Lease Rental (Master Leases) 159.4 141.0 + 13.0%

Net Property Income (NPI) 253.3 248.8 + 1.8%

- Management Contracts 105.3 118.2 (10.9%)

- Master Leases 148.0 130.6 + 13.3%

Income avai lable for distr ibution 134.2 134.1 + 0.0%

Income distribution 134.2 134.1 + 0.0%

- from current year 134.2 134.1 + 0.0%

Distr ibution per unit (DPU) (sen) 7.8711 7.8683 + 0.0%

Payout ratio (%) 100.0 100.0 0.0 pp*

14

Notes: (1) Decreased mainly due to (i) the refurbishment exercise at Brisbane Marriott and (ii) the weakening of Australian Dollar against Ringgit Malaysia.(2) Increased mainly due to (i) the acquisition of The Green Leaf Niseko Village in September 2018 and (ii) full year of contributions from (a) the lease rental income of The Majestic Hotel Kuala Lumpur for FY2019 as

compared to 8 months in FY2018 and (b) the 5% step-up lease rental income for JW Marriott Hotel Kuala Lumpur in FY2019 as compared to 7 months in FY2018.

All figures in RM million unless indicated otherwise.

FINANCIAL PERFORMANCES: FY2019

(1)

(2)

(2)

(1)

* pp = change in percentage points

15

YEARLY FINANCIAL PERFORMANCES



1.8%2.0%

109.8

30.1

80.9

292.0

425.1 417.7 426.3449.7

501.0 490.9

0

100

200

300

400

500

600


87.1

28.3

75.5

157.0

202.9 201.5 198.9209.6

248.8 253.3

0

50

100

150

200

250

300


118.0 118.2

12.7

127.1

105.3

20.8

0

100

200

300

400


124.7

359.9

16.3

134.2

331.5

25.2

0

100

200

300

400


FY2019FY2018

16


FINANCIAL PERFORMANCES BY COUNTRY

RM (million)RM (million)

7.6%

54.5%

7.9%

7.7%

64.6%

10.9%

3 Capital management

Tanjong Jara Resort,Terengganu, Malaysia

995.1

75.0

350.0

207.9

385.0

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Borrowings in RM Borrowings in AUD

18

DEBT ̂MATURITY PROFILE

Notes:^ Excluding the effects of capitalised transaction costs.

* RM equivalent based on the exchange rate of A$1.00: RM2.9029 as at 28 June 2019.

*

Borrowings in JPY

# RM equivalent based on the exchange rate of JPY100: RM3.8485 as at 28 June 2019.

#

19

CURRENCY INTEREST RATE

DEBT ̂PROFILE AS AT 30 JUNE 2019

Notes:* For the respective Quarter.^ Excluding the effects of capitalised transaction costs.# Computed as NPI / Finance Cost@ The interest rate is hedged and fixed at the effective rate of 4.68% with effect from 29 December 2017.α 49.4% denominated in AUD and 21.2% denominated in RM.β 10.3% denominated in JPY and 19.1% denominated in RM.

α

β

30 June 2019 31 March 2019 Change

Borrowings^ (RM'000) 2,012,966 1,911,133 + 5.3%

Total Asset Value (RM'000) 4,864,777 4,663,208 + 4.3%

Gearing (%) 41.4% 41.0% + 0.4 pp

Average Interest Rates (%) *

- Borrowings in Ringgit Malaysia 5.0% 5.0% 0.0 pp

- Borrowings in Australian Dollar @

4.5% 4.5% 0.0 pp

- Borrowings in Japanese Yen 0.8% 0.8% 0.0 pp

Interest Cover * #

2.8 x 3.2 x -0.4 x

2,013

4,865 835

835

-

1,000

2,000

3,000

4,000

5,000

6,000

Total Borrowings^ Total AssetsNotes:

^ Excluding the effects of capitalised transaction costs.* Leverage limit reduced to 50% under new regulatory guidelines, previous limit of 60% no longer applicable

20

DEBT HEADROOM OF ~RM835 million FOR ACQUISITIONS

RM (million)

2,848

5,700

Gearing = 41.4%(As at 30 June 2019)

Gearing limit = 50%*

4 Asset management

Cameron Highlands Resort, Malaysia

Japan

Hilton Niseko Village

The Green Leaf Niseko Village

Australia

Brisbane Marriott

Sydney Harbour Marriott

Melbourne Marriott

Malaysia (Northern) Vistana Penang Bukit Jambul

Pangkor Laut Resort

Cameron Highlands Resort

Malaysia (Eastern) Tanjong Jara Resort

Vistana Kuantan City Centre

Kuala Lumpur JW Marriott Hotel Kuala Lumpur

The Majestic Hotel Kuala Lumpur

The Ritz-Carlton, Kuala Lumpur –Suite Wing

The Ritz Carlton, Kuala Lumpur –Hotel Wing

Vistana Kuala Lumpur Titiwangsa

Note:(1) Based on investment properties and property, plant & equipment as at 30 June 2019.

22

LUXURY HOTELS & SERVICED RESIDENCES IN 3 COUNTRIES

ASSET breakdown (by Country)(1)

ASSET breakdown (by Contract Type)(1)

23

Notes:(1) Derived by annualising the applicable monthly rental as at 30 June 2019.(2) As at 31 May 2019 (except for JW Marriott Kuala Lumpur which is as at 30 June 2019).(3) RM equivalent based on the exchange rate of JPY100:RM3.8485 as at 28 June 2019.(4) Renovations carried out on the property, rental revision to commence on 1 July 2019. (5) Renovations carried out on the property.

PORTFOLIO VALUATION

FY2018 FY2019 (2 )

Malaysia RM RM RM

JW Marriott Hotel Kuala Lumpur 578 2005 331.0 25.69 424.0 519.0 +56.8%

The Ritz-Carlton, Kuala Lumpur -

Suite Wing 114 2007 & 2011 198.0 16.38 306.0 311.0 +57.1%

The Ritz-Carlton, Kuala Lumpur -

Hotel Wing 251 2011 250.0 21.63 343.0 357.0 +42.8%

Vistana Penang Bukit Jambul 427 2011 100.0 8.61 118.0 120.0 +20.0%

Vistana Kuala Lumpur Titiwangsa 364 2011 100.0 8.61 136.0 138.0 +38.0%

Vistana Kuantan City Centre 215 2011 75.0 6.30 88.0 89.0 +18.7%

Pangkor Laut Resort 97 2011 97.0 8.82 117.0 118.0 +21.6%

Tanjong Jara Resort 100 2011 87.0 7.35 102.0 103.0 +18.4%

Cameron Highlands Resort 56 2011 50.0 4.20 60.0 60.0 +20.0%

The Majestic Hotel Kuala Lumpur 300 2017 380.0 26.60 385.0 388.0 +2.1%

Total Malaysia 2,502 1,668.0 134.19 2,079.0 2,203.0 +32.1%

Japan JPY JPY JPY

Hilton Niseko Village 506 2011 6,000.0 16.32 8,020.0 7,700.0 +28.3%

The Green Leaf Niseko Village 200 2018 6,000.0 12.12 6,000.0 6,060.0 +1.0%

Total Japan 706 12,000.0 28.4 14,020.0 13,760.0 +14.7%

Australia AUD AUD AUD

Sydney Harbour Marriott 595 2012 249.0 n.a. 498.0 500.0 +100.8%

Brisbane Marriott 267 2012 113.0 n.a. 80.0 93.5 (17.3%)

Melbourne Marriott 186 2012 53.0 n.a. 78.4 78.5 +48.1%

Total Australia 1,048 415.0 656.4 672.0 +61.9%

TOTAL 4,256

Changes since

acquisitionAnnual Lease Rental (1 )

(RM million)Property

No. of

Rooms

Year

Acquired

Purchase Price

(million)

Valuation (million)

(4)

(5)

(3)

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

Malaysia Under Master Leases

Japan Under Master Leases

Australia – – 83.1% (1) 84.2% 84.4% 86.4% 86.9% 87.8% 84.9%

24

PORTFOLIO OCCUPANCY

Note:(1) For 1 July 2012 to 30 June 2013 which includes certain pre-acquisition period as the properties were acquired on 29 November 2012.

10

32

6

10

5

0

10

20

30

40

2019 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2049

Note:* For 4Q FY2019.

25

MASTER LEASES EXPIRY PROFILE

Master leasesNETproperty income(% of total *)

NETproperty income(% of total *)

216

253 252

214208

251 247

215

0

100

200

300

1Q 2Q 3Q 4Q

AUD

26

REVENUE per available room(RevPAR)

AUSTRALIA HOTEL PERFORMANCE (1 OF 2)

FY2019FY2018

0.3%

246

285 283

249249

298 292

246

0

100

200

300

1Q 2Q 3Q 4Q

87.7 88.7 89.185.8

83.6 84.2 84.587.2

0

50

100

1Q 2Q 3Q 4Q

27

% AUD

Average occupancy

AUSTRALIA HOTEL PERFORMANCE (2 OF 2)

1.3%

Average daily rate (ADR)

1.4pp

FY2019FY2018

28

BRISBANE MARRIOTT: BEFORE AND AFTER REFURBISHMENT

AFTERBEFORE

29


BEFORE AFTER

30


BEFORE AFTER

31


AFTERBEFORE

32


AFTERBEFORE

33


AFTERBEFORE

5 Appendices

Hilton Niseko VillageHokkaido, Japan

35

AddressNo. 183, Jalan Bukit Bintang, 55100 KualaLumpur

Description

A 5-star hotel with 578 rooms located on partof an 8-level podium block and entire 24-level tower block of Starhill Gallery togetherwith car park bays located partially atbasement 1 and 4 and the entire basement2, 3 and 5 of JW Marriott Hotel Kuala Lumpur

Tenure Freehold

Master lease expiry 31 December 2023

Master lease remaining (1) 4 years

Annual rental (2) RM25.69 million

No. of rooms 578

Acquisition date 16 December 2005

Valuation (3) RM519 million

Notes: 1. Lease remaining calculated as at 30 June 2019. There is an option for the lessee to renew the lease upon expiry.2. Derived by annualising the applicable monthly rental as at 30 June 2019.3. As at 30 June 2019.

JW MARRIOTT HOTEL KUALA LUMPUR

36

AddressNo. 5, Jalan Sultan Hishamuddin, 50000 KualaLumpur

Description

A 5-star hotel comprising Majestic Wing(original historic hotel building) with 47luxurious suites, Tower Wing with 253guestrooms and suites, Majestic Ballroomwith seating capacity of 1,200 for banquet or1,500 theatre-style, Contango restaurant withseating capacity of 250, Colonial Cafe withseating capacity of 120, Orchid Conservatorywith seating capacity of 15 and 3 levels ofbasement car park

Tenure90-year registered lease expiring on 11 May2091

Master lease expiry 2 November 2032



No. of rooms 300

Acquisition date 3 November 2017


Notes: 1. Lease remaining calculated as at 30 June 2019. There is an option for the lessee to renew the lease upon expiry.2. Derived by annualising the applicable monthly rental as at 30 June 2019.3. As at 31 May 2019.

THE MAJESTIC HOTEL KUALA LUMPUR

37

Address No. 168, Jalan Imbi, 55100 Kuala Lumpur

Description

Parcel 1: 60 units of hotel suites, 4 levels ofcommercial podium, 1 level of facilities deckand 2 levels of basement car parks

Parcel 2: 50 units of hotel suites, 4 units ofpenthouses and 1 level of basement car park

Tenure Freehold

Master lease expiry 30 June 2031



No. of rooms 114

Acquisition date 16 May 2007 & 15 November 2011

Valuation (3) Parcel 1: RM210 millionParcel 2: RM101 million


THE RITZ-CARLTON, KUALA LUMPUR –SUITE WING

38

Address No. 168, Jalan Imbi, 55100 Kuala Lumpur

Description22-storey 5-star hotel building comprising251 rooms with 4-storey basement car parks

Tenure Freehold




No. of rooms 251




THE RITZ-CARLTON, KUALA LUMPUR –HOTEL WING

39

AddressNo. 9, Jalan Lumut, Off Jalan Ipoh, 50400Kuala Lumpur

Description17-storey hotel building with 364 rooms and2-storey basement car parks

Tenure Freehold




No. of rooms 364




VISTANA KUALA LUMPUR TITIWANGSA

40

AddressNo. 213, Jalan Bukit Gambier, Bukit Jambul,11950 Pulau Pinang

Description17-storey Hotel Wing with 238 hotel roomsand 26-storey Suite Wing with 189 hotelsuites with an annexed 3-storey podium

Tenure99-year leasehold expiring on 27 October2094




No. of rooms 427




VISTANA PENANG BUKIT JAMBUL

41

Address Jalan Teluk Sisek, 25000 Kuantan, Pahang

Description 8-storey hotel building with 215 rooms

Tenure 99-year leasehold expiring on 11 July 2092




No. of rooms 215




VISTANA KUANTAN CITY CENTRE

42

AddressPangkor Laut Island, 32200 Lumut, PerakDarul Ridzuan

Description36 units of Garden Villas, 52 units of HillVillas, 8 units of Beach Villas and 1 unit ofPavarotti Suite

Tenure99-year registered lease expiring on 21 May2095




No. of rooms 97




PANGKOR LAUT RESORT

43

AddressBatu 8, Off Jalan Dungun, 23000 Dungun,Terengganu Darul Iman

Description Small luxury boutique resort with 100 rooms

Tenure60-year leasehold expiring on 4 December2067




No. of rooms 100




TANJONG JARA RESORT

44

AddressBy the Golf Course, 39000 Tanah Rata,Cameron Highlands, Pahang Darul Makmur

Description3-storey luxury resort with a 2-storey spavillage block with 56 rooms and suites and asingle storey building

Tenure99-year leasehold expiring on 9 December2108




No. of rooms 56



Notes: 1. Lease remaining calculated as at 30 June 2019. There is an option for the lessee to renew the lease upon expiry.2. Derived by annualising the applicable monthly rental as at 30 June 2019. 3. As at 31 May 2019.

CAMERON HIGHLANDS RESORT

45

Notes: 1. Lease remaining calculated as at 30 June 2019. There is an option for the lessee to renew the lease upon expiry.2. Derived by annualising the applicable monthly rental as at 30 June 2019.3. As at 31 May 2019.4. RM equivalent based on the exchange rate of JPY100:RM3.8485 as at 28 June 2019.

Address Aza-Soga, Niseko-cho, Abuta-gun, Hokkaido

Description16-storey hotel building with 1-storey ofbasement comprising 506 rooms

Tenure Freehold

Master lease expiry 21 December 2026



No. of rooms 506

Acquisition date 22 December 2011

Valuation (3, 4) JPY7,700 million (RM296.33 million)

HILTON NISEKO VILLAGE

46

Notes: 1. Lease remaining calculated as at 30 June 2019. There is an option for the lessee to renew the lease upon expiry.2. Derived by annualising the applicable monthly rental as at 30 June 2019.3. As at 31 May 2019.4. RM equivalent based on the exchange rate of JPY100:RM3.8485 as at 28 June 2019.

Address1, 6 and 7, Aza-Higashiyama, Niseko-cho,Abuta-gun, Hokkaido

Description5-storey hotel building with 1-storey ofbasement comprising 200 rooms

Tenure Freehold

Master lease expiry 25 September 2048


Annual rental (2,4) JPY315 million (RM12.12 million)

No. of rooms 200

Acquisition date 26 September 2018

Valuation (3, 4) JPY6,060 million (RM233.22 million)

THE GREEN LEAF NISEKO VILLAGE

47

Notes: 1. As at 31 May 2019.2. RM equivalent based on the exchange rate of A$1.00:RM2.9029 as at 28 June 2019.

Address 30 Pitt Street, Sydney, New South Wales

Description33-storey hotel building with central atriumcomprising 595 rooms including 3 levels ofbasement with car parking bays

Tenure Freehold

No. of rooms 595


Valuation (1, 2) AUD500 million (RM1,451.45 million)

SYDNEY HARBOUR MARRIOTT

48


Address 515 Queen Street, Brisbane, Queensland

Description28-storey hotel building comprising 267rooms with 3 levels of basement with carparking bays

Tenure Freehold

No. of rooms 267


Valuation (1, 2) AUD93.5 million (RM271.42 million)

BRISBANE MARRIOTT

49


AddressCorner Exhibition and Lonsdale Streets,Melbourne, Victoria

Description16-storey hotel building comprising 186rooms with 5 split levels of car park

Tenure Freehold

No. of rooms 186


Valuation (1, 2) AUD78.5 million (RM227.88 million)

MELBOURNE MARRIOTT

This presentation shall be read in conjunction with YTL Hospitality REIT’s interim financial report for the quarter ended 30 June 2019, a copy of which is availableon www.bursamalaysia.com and www.ytlhospitalityreit.com.

This presentation is for information purposes only and does not constitute an offer, invitation, solicitation or advertisement with respect to the purchase or saleor subscription of any units or securities of YTL Hospitality REIT and no part of it shall form the basis of, or be relied on in connection with, any contract,commitment, credit evaluation or investment decision whatsoever or any recommendation to subscribe, sell or purchase any units or securities of YTL HospitalityREIT. Each interested party should make its own independent assessment and obtain its own independent legal or other advice thereon.

This presentation may not be used for any purpose, may not be distributed to or disclosed to or filed with any other person including any government orregulatory authority, and may not be reproduced in any form, in whole or in part.

This presentation is not intended for distribution, publication or use in the United States or any other countries or jurisdiction prohibited or restricted by itsapplicable laws. Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in theUnited States.

This presentation may contain forward looking statements which are subject to changes due to a number of risks, uncertainties and assumptions. Representativeexamples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availabilityincluding availability of financing in the amounts and on the terms necessary to support future business, availability of real estate properties, competition fromother companies/entities, changes in operating expenses including employee wages, benefits and training and property expenses and regulatory and publicpolicy changes. These forward looking statements are based on estimates and assumptions of the management’s current view of future events and these forwardlooking statements speak only as at the date of which they are made. None of YTL Hospitality REIT, its trustee, its manager, any of its or their respective agents,employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any forward looking statement contained herein to reflectany changes in circumstances, conditions, events or expectations upon which any such forward looking statement is based. Past performance is not necessarilyindicative of its future performance. Nothing in this presentation is, or should be relied on, as a promise or representation as to the future.

Neither YTL Hospitality REIT, its trustee, its manager, any of its or their respective agents, employees or advisors accept any liability or responsibility for theaccuracy or reliability or completeness of, nor makes nor will make any representation or warranty, express or implied, with respect to, the information containedin this presentation or on which this presentation is based.

Any discrepancy between the individual amounts and the total thereof in this document is due to rounding.50

DISCLAIMER

http://www.bursamalaysia.com/

http://www.ytlhospitalityreit.com/

PINTAR PROJEK SDN BHD314009-W

Manager of YTL Hospitality REIT11th FloorYeoh Tiong Lay Plaza55 Jalan Bukit Bintang55100 Kuala LumpurMalaysia

Tel: 603 2117 0088603 2142 6633

Fax: 603 2141 2703Email: [email protected]

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