bualuang k.e. retail leasehold real estate investment...

Bualuang K.E. Retail Leasehold Real Estate Investment Trust

4Q 2019 OPPORTUNITY DAY25 March 2020

IInvestment involves risk. Prospective should understand the characteristics of the Trust units and study information about Bualuang K.E. Retail Leasehold Real Estate Investment Trust (“BKER”) before making a decision to invest in the Trust units. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. No part of this presentat ion, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.

This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitut ion for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the BKER nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the BKER or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed.

Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of BKER management in light of the information currently available to BKER. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise or representation of BKER as to the future.

DISCLAIMER

I BKER INTRODUCTION

CDC The Crystal Ekamai-Ramindra The Crystal SB Ratchapruek

Amorini Mall I’m Park Chula Plearnary Mall

Sammakorn Place Ramkamhaeng Sammakorn Place Rangsit Sammakorn Place Ratchapruk The Scene

BKER is the Leading and Most Diversified Lifestyle Retail REIT in Thailand, with the first Co-REIT Management between BBL Asset Management (“BBLAM”) and KE REIT Management (“KERM”).

10Prime Lifestyle

Retail Properties

11.3 bnTotal Asset Value

(THB)

OPERATING HIGHLIGHTS

1

IManagement strategic actions since the IPO of BKER:

1. Leasing: Focus on increasing occupancy; leasing to prime brand tenants at each property

2. Cost Reduction: Utilizing economy of scale and efficient management to save costs

3. COVID-19: Resilient neighborhood malls to withstand external impacts

4. Acquisitions: Building pipeline of prime lifestyle retail assets in Thailand and internationally

KEY UPDATES

Stronger and Robust Cash Flows for the Long Term

I KEY HIGHLIGHTS

Remark:1. Rental Reversion Rate is based on renewal rate or new lease rate of expired NLA for the period 2. Traffic Growth Rate is based on Jan-20 and Feb-20 compared with Jan-19 and Feb-19 for CDC, TC, and TCR Projects

92.7%Occupancy Rate

(%)

+1.3%Traffic Growth2

(Like-for-Like Jan-Feb)

+2.9%Rental Reversion1 (% p.a.)(Rent Growth Per Contract)

I BKER GROWTH STRATEGY AND TARGET

Organic Growth

Inorganic Growth

Operations and Tech Platform

Balance Sheet Strength

Portfolio Resilience

- Active leasing and tenant mix- Synergy and cost efficiency- Operational excellence

- High-quality prime acquisitions- Diversification

- YARDI ERP system- Streamline processes- Crystal Rewards platform

- Smart capital management- Strong financial structure

- COVID-19- Economic slowdown- Risk mitigation

3-4%Organic Revenue Growth

STRATEGIC AREAS AND INITIATIVES 5Y GROWTH TARGETS

4-5%Organic NOI Growth

15-20%Inorganic TAV Growth

4-6%DPU Growth

Average Per Annum Growth

(Total Asset Value)

(Distribution Per Unit)

I LEASING STRATEGY OF PRIME BRAND TENANTS

Leasing Focus (% of NLA) CDC TC TCR AMR IMP PLN SRM SRS SRP TS

Necessity (20%)Supermarket, Banks, Services etc.

Health & Wellness (13%)Fitness, Beauty & Health Clinics etc.

Food & Hangout (20%)Café, Restaurants, etc.

Family & Education (14%)Education, Toys, etc.

EVERY PROPERTY HAS PRIME-BRAND TENANTS IN ALL 4 KEY LEASING FOCUS AREAS

I LEASING UPDATE

For Period Ended31-Dec-19

Number of Leases Committed

Sqm of Leases Committed

Renewal Retention Rate1

Rental Reversion Rate2

Renewal Leases 53 3,246 sqm 97.2% 2.4%

New Leases 15 2,162 sqm - 3.7%

Total Portfolio 68 5,408 sqm - 2.9%

STRONG LEASING PERFORMANCE AND COMMITMENT OF NEW MAJOR BRANDS

Remark:1. Calculated by NLA2. Calculated on a Per Annum basis

I HIGH AND IMPROVING OCCUPANCY

PropertyShare of NLA(% of Total)

Actual as at31-Dec-19

Committed1 as at31-Dec-19

New Brands 2020

Crystal Design Center 25.8% 90.6% 95.6%▲▲ Sab Indy, Jas Sofa, Jacquar, SK Home

The Crystal Ekamai-Ramindra 22.1% 99.3% 99.3% ⎯Oh Ka Jhu, Penguin Eat Shabu, Chong Charoen

The Crystal SB Ratchapruek 17.5% 93.7% 95.7%▲ Mos Burger, Sod Aroi, Fresh Me, Tenjo

Amorini Mall 3.6% 96.3% 86.9%▼ Nobicha

I’m Park Chula 4.7% 94.3% 94.3% ⎯ n/a

Plearnary Mall 8.1% 85.5% 85.7% ⎯ n/a

Sammakorn Place Ramkamhaeng 7.4% 92.1% 90.5%▼ Salad Factory, Fresh Me

Sammakorn Place Rangsit 2.4% 92.5% 97.0% ▲▲ Nobicha

Sammakorn Place Ratchapruek 3.3% 79.3% 80.5% ▲ Starbucks, A.ta Bubble Tea

The Scene Town-in-Town 5.0% 87.3% 92.9%▲ BBQ Plaza, Masaru Sushi

BKER Portfolio 139,539 sqm 92.7% 94.3%▲

OCCUPANCY IS HIGH AND EXPECTED TO IMPROVE WITH NEW LEASES COMMITTED

Remark:1. Committed Occupancy includes Tenants who have signed Offer Letter and/or Quotations with Paid Deposit (Committed Tenants may fill in over the course of up to next 12 months)

I OPERATION SYNERGY AND COST SAVINGS

SYNERGY LEADS TO COST SAVINGS IN OUTSOURCE AND UTILITY EXPENSES

Outsource Contracts- Increased bargaining power with vendors- Headcount reduction by centralizing functions- Synergy and integration with service vendors

- 20%Identified1 Cost Savings

Utility Expenses- Changes in operating and monitoring processes- Energy efficiency management

- 5%Targeted Cost Savings

Remark:1. Identified cost reductions that has been agreed new terms and included in LOI and/or service agreement with vendors

I LARGE ACQUISITION PIPELINE

TOTAL ACQUISITION PIPELINE

Assets in Preliminary Discussions and Valuations

Assets with or near MOU Agreement

(FY 2020)

No. of Assets40 Assets

Gross Leasable Area809,000 sqm

LocationsBangkok 68%,

Provincial 22%, Intl 10%

No. of Assets3 Assets

Gross Leasable Area28,000 sqm

LocationsBangkok 75%,Provincial 25%

PIPELINE FACTS

I ASSET ENHANCEMENT: SOLAR ROOF INITIATIVE

SIGNED MOU WITH IMPACT SOLAR TO CONDUCT PILOT PROJECT FOR SOLAR ROOF AT CDC

Solar Roof Initiative- Drive for greater energy efficiency- Sustainability and renewable energy source for mall- Sequestered CO2 more than 1,300 ton per year - Plan to roll out across all 10 properties under BKER portfolio

- 25%Cost Reduction Per Unit Rate vs.

Government Rate (kWh)

I ASSET ENHANCEMENT: PLEARNARY MALL REBRANDING

NEW MODERN LOOK FOR PLEARNARY MALL AHEAD OF ASSET REPOSITIONING

Plearnary Mall Rebranding- Appeal to growing customer target group of working people

and new families- First phase of repositioning ahead of tenant rezoning for

banking, fashion, and big box tenant zones

Higher traffic and increase dwell time of customers

I LIMITED IMPACT FROM COVID-19 AS SHORT-TERM RISK

BKER HAS GOOD RISK MITIGATIONS FOR COVID-19 OUTBREAK

Traffic Resilience Rental DiscountsEssential Tenants OpenSo far customers choose to visit neighborhood malls instead of enclosed malls to avoid virus

Use Thai Shopping Center Association Policy (TSCA) of

best-effort measure for tenants during shutdown period

+1.3%Like-for-Like Traffic Growth

(Jan-Feb 2020)

Supermarket, pharmacies, banks, office, and F&B delivery tenants are

critical shops that stay open

30%Of Tenant Mix Still Open

(%)

Other period discount is considered on case-by-case

basis for each tenant

IOpportunity to lay down long-term strategic actions in leasing and cost management

1. Leasing Revenues: Strong long-term foundation with Committed Occupancy of 94%

2. Cost Reduction: Achieved significant Cost Savings of 20% on outsource expenses

3. COVID-19: Temporary short-term impact of around 12% of Rental Discount Expense

4. Acquisitions: High Certainty of new properties to be added within FY2020

OUTLOOK FOR 2020

Stronger and Robust Cash Flows for the Long Term

FINANCIAL PERFORMANCE

2

I BKER DEC-19 PERFORMANCE AT A GLANCE

Remark:Total Net Leasable Area as per Filing dated 11-Dec-19 was 139,557 sqm, a deviation in NLA was due to change in use of leasable area Rental Reversion Rate is based on renewal rate of expired NLA for the period WALE = Weighted Average Lease Expiry

Rental Reversion Rate(%)

2.9%

Total Net Leasable Area(sqm)

139,539

Average Rental Rate(THB/sqm/month)

576

Weighted Avg Lease Expiry (WALE) (Years)

1.66

Occupancy rate(%)

92.7%

Proportion of Anchor Tenant NLA (%)

30.8%

613

649

601

383

601

366

446

543

517

646 ‖ 87.3%

‖ 79.3%

‖ 92.5%

‖ 92.1%

‖ 85.5%

‖ 94.3%

‖ 96.3%

‖ 93.7%

‖ 99.3%

‖ 90.6%

0 500 1,000

0 500 1,000

CDC

TC

TCR

AMR

IMP

PLN

SRM

SRS

SRP

TS

Average Rental Rate (THB/sqm)

‖ Occupancy rate (%)

Average monthly rental rate & Occupancy rate for Dec-19

I INCOME STATEMENT AND BALANCE SHEET

(Amounts in THB m) 2019(1)

RevenuesRental income(3) 45.59Services and utilities income(3) 62.46Interest income 0.62Other income 9.25Total incomes 117.92ExpensesCosts of rental and services 36.83Fees and expenses for property management 16.05Administration expense 0.82Amortization of deferred expenses 1.49Finance costs 8.43Total expenses 63.62Net investment income 54.30Total unrealized gain loss on investment 0.00Increase in net assets from operations 54.30

(Amounts in THB m) 2019(1)

AssetsInvestment in leasehold properties at fair value 11,171.14Investment in securities and cash at financial institutions 778.35Rental and services receivables 53.85Other assets 185.94Total Assets 12,189.29LiabilitiesTrade accounts payable 11.79Accrued expenses, and rental and services income received in advance(4)

430.50

Deposits from rental and service 351.74Long-term loan(2) 2,758.64Other liabilities 1.79Total Liabilities 3,554.47Net asset value 8,634.82Capital from unitholders 8,897.99Discount on trust units (317.47)Retained earnings 54.30Net asset value 8,634.82Net asset value per unit (THB) 9.8785

Remark(1) For the period 26 November (incorporation date) o 31 December 2019(2) Loan outstanding of THB 2,764m (amortization of finance cost of THB 5.4m)(3) Based on reclassification of the statement, rental and services income and Utilities income

accounted for 71.8% and 14.3% of total incomes, respectively(4) Accrued WHT of THB 341.81m Due to rounding, numbers presented throughout this document may not add up precisely to the total

I REVENUE & NLA BREAKDOWN

NLA BY PROJECTRENTAL & SERVICES REVENUE BY PROJECT

CDC 26%

TC 22%

TCR 18%

AMR 4%

IMP 5%

PLN 8%

SRM 7%

SRS 2%

SRP 3% TS 5%

CDC 31%

TC 28%

TCR 16%

AMR 2%

IMP 4%

PLN 5%

SRM 4%

SRS 2%

SRP 2% TS 5%

65%

35%

75%

25%

I TENANT MIX & CONTRACT EXPIRATION

CONTRACT EXPIRATIONTENANT MIX

Remark:Information as of 31-Dec-19

10.5%6.5%

14.3%

1.9%

31.4%

16.4%

18.0%

1.0%

41.9%

22.9%

32.3%

2.9%

2020 2021 2022 >2022

Anchor tenant Other tenant

Based on occupied NLA

I DISTRIBUTION OF TENANTS BY ARR AND WALE

0

5,000

10,000

15,000

20,000

25,000

30,000

0 500 1,000 1,500 2,000 2,500

NLA

(sqm

)

Average Rental Rate (THB/sqm/month)

Mean ARR of THB 576

1.78WALE (Years)62.7%

% to total occupied NLA







RemarkDue to rounding, numbers presented throughout this document may not add up precisely to the totalWALE = Weighted Average Lease Expiry

PERFORMANCE BY ASSET

3

I

Electronics/IT3.5%

Fashion 0.6%

Financial 1.3%Food & Beverage

6.8%

Health & Beauty5.0%

Home Decoration59.4%

Lifestyle 1.3%

Office 6.8%

Service 0.3%

Supermarket5.5%

Vacant 9.4%

CRYSTAL DESIGN CENTER (CDC)

CONTRACT EXPIRATIONTENANT MIX

OCCUPANCY & AVERAGE MONTHLY RENTAL RATESPROJECT HIGHLIGHT

572 604 621 613546 558 584 556

95.5%92.3% 94.1%

90.6%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19

Average Rental Rate (THB/sqm) Rental Revenue per NLA (THB/sqm)

Occupancy rate (%) - RHS Rental Revenue per NLA = Occupancy rate X Average Rental Rate

LOCATION1420/1 Praditmanutham road, Bangkapi, BangkokINVESTED AREA ▪ GFA: 52,583 sqm▪ NLA: 36,021 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ In Dec-19, there was additional newly-built NLA of 1,209 sqm (in discussion

with potential tenant) ▪ Rental reversion rate in Dec-19 was 1.9%

0.0%5.8%

15.6%

4.5%

32.4% 21.4%

17.9%

2.3%

32.4%

27.2%

33.5%

6.9%

2020 2021 2022 >2022


I THE CRYSTAL EKAMAI – RAMINDRA (TC)

Education 11.0%

Electronics/IT1.0%

Fashion 11.1%

Financial 4.8%

Food & Beverage20.2%

Health & Beauty22.5%

Lifestyle 3.2%

Service 0.7%

Supermarket7.5%

Cinema 17.1%

Vacant 0.7%

CONTRACT EXPIRATION


TENANT MIX

596642 661 649

575622 646 644

96.5% 96.9% 97.7% 99.3%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION215 Praditmanutham road, Ladprao, BangkokINVESTED AREA▪ GFA: 69,341 sqm▪ NLA: 30,778 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ Occupancy rate improved due to an increase in leasing activity of Health &

Beauty segment▪ A Japanese restaurant took up another 195.6 sqm in Jan-20 boosting the

occupancy rate further

0.7%4.6%

30.1%

0.0%

25.1% 16.1%

23.3%

0.0%

25.8%

20.7%

53.4%

0.0%

2020 2021 2022 >2022


I THE CRYSTAL RATCHAPRUEK (TCR)

Education 11.4%

Electronics/IT3.2%

Fashion 3.6%

Financial 4.1%



Home Decoration4.1%

Lifestyle 2.7%

Service 0.5%

Supermarket7.8%

Cinema 21.0%

Vacant 6.3%

CONTRACT EXPIRATION


TENANT MIX

548 549 574 601511 508

548 563

93.3% 92.6%95.4% 93.7%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION555/9 Ratchapruek road, Bang Kruai, NonthaburiINVESTED AREA ▪ GFA: 51,635 sqm▪ NLA: 24,426 sqmINVESTMENT RIGHT (on investment date)▪ 23.2-year leasehold

OPERATING HIGHTLIGHT▪ Some Food & Beverage tenants relinquished the lease prior to investment

date causing a decrease in occupancy rate ▪ New restaurants, Ootoya and The Pizza Company, moved in offering

variety of choices to customers

32.4%

7.1%0.0% 0.0%

36.2%

14.6%

9.7%0.0%

68.6%

21.7%

9.7%

0.0%

2020 2021 2022 >2022


I AMORINI MALL (AMR)

Education 4.4%

Fashion 3.3%Financial 2.1%


Health & Beauty6.4%

Lifestyle 6.1%

Service 2.7%

Supermarket29.5%

Vacant 3.7%

CONTRACT EXPIRATION


TENANT MIX

369 355 354 383360 353 342 368

97.6% 99.4%96.6% 96.3%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION1 Suan Siam road, Khan Na Yao, BangkokINVESTED AREA ▪ GFA: 10,331 sqm▪ NLA: 5,092 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ Occupancy rate remained stable with one unit switching in Health & Beauty

segment from Aesthetic to Physiotherapy ▪ Rental rate edged up due to an organic step rate growth and the new

tenant

30.7%

0.0% 4.0% 0.0%

41.5%

10.6% 4.4% 8.8%

72.1%

10.6% 8.5% 8.8%

2020 2021 2022 >2022


I I’M PARK CHULA (IMP)

Education 18.1%

Fashion 0.6%



Lifestyle 6.7%

Office 14.1%

Supermarket3.4%

Vacant 3.9%

CONTRACT EXPIRATION


TENANT MIX

692637 666

601619 586627

566

89.4%92.0%

94.2% 94.3%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION353 Charoen Muang road, Pathum Wan, BangkokINVESTED AREA▪ GFA: 14,165 sqm▪ NLA: 6,601 sqmINVESTMENT RIGHT (on investment date)▪ 14.7-year leasehold

OPERATING HIGHTLIGHT▪ ARR was weighted down from an additional 290 sqm occupied as an office

for Grand Uniland and a modification of ARR structure of some tenants ▪ New medium-size office construction of a major commercial bank adjacent

to the project helps encouraging leasing activity

9.3%4.7%

0.0% 0.0%

43.8%

17.1% 25.3%

0.0%

53.0%

21.7%25.3%

0.0%

2020 2021 2022 >2022


I PLEARNARY MALL (PLN)

Education 8.9% Electronics/IT0.2%

Fashion 1.5%

Financial 3.4%



Lifestyle 14.1%

Office 8.9%

Service 0.8%

Supermarket9.1%

Vacant 14.7%

CONTRACT EXPIRATION


TENANT MIX

438 434394 366389 373

325 313

88.9%86.0%

82.6%85.5%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION242, 244, 246 Watcharapol road, Bang Khen, BangkokINVESTED AREA▪ GFA: 25,527 sqm▪ NLA: 11,353 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ Net increase in occupied area came from an additional 1,006 sqm office

area of Prinsiri PCL offsetting a decrease in occupied area of some tenants▪ ARR was weighted down by additional office area of Prinsiri PCL

23.1%

8.4%0.0%

10.4%

44.8%

5.3%

8.1%0.0%

67.8%

13.7%8.1% 10.4%

2020 2021 2022 >2022


I SAMMAKORN PLACE RAMKUMHAENG (SRM)

Fashion 1.3%Financial 6.6%



Home Decoration8.5%

Lifestyle 3.3%

Office 26.2%

Service 2.9%

Supermarket14.9%

Vacant 7.9%

CONTRACT EXPIRATION


TENANT MIX

471 477 443 446397 401 399 411

84.3% 84.1%

90.0%92.1%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATIONRamkamhaeng 110 road, Saphan Sung, BangkokINVESTED AREA▪ GFA: 22,050 sqm▪ NLA: 10,340 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ Positive net take up rate driven by new tenants in Food & Beverage and

Service segments ▪ Additional 1,667 sqm was occupied as office for Sammakorn PCL

17.5%

0.0%

26.6%

0.0%

14.4%

5.8%

35.7%

0.0%

32.0%

5.8%

62.3%

0.0%

2020 2021 2022 >2022


I SAMMAKORN PLACE RANGSIT (SRS)

Education 5.1%Fashion 2.2%

Financial 8.7%


Health & Beauty3.8%

Home Decoration0.7%

Lifestyle 16.5%Office 0.7%

Service 10.1%

Supermarket27.6%

Vacant 7.5%

CONTRACT EXPIRATION


TENANT MIX

515 511 515 543

437 448 463502

84.9%87.7%

89.9%92.5%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATIONRangsit-Klong 2 road, Pathum ThaniINVESTED AREA▪ GFA: 5,112 sqm▪ NLA: 3,413 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ The improvement in occupancy rate and ARR came from new tenants in

Food & Beverage and Service segments ▪ Occupancy rate was strengthened further with new tenants, in Health &

Beauty segment, commencing in Jan-20

0.0% 0.0%

29.9%

0.0%

31.2%

12.0%

25.3%

1.6%

31.2%

12.0%

55.2%

1.6%

2020 2021 2022 >2022


I SAMMAKORN PLACE RATCHAPRUEK (SRP)


Financial 10.5%


Health & Beauty4.7%

Lifestyle 2.8%Service 1.1%

Supermarket31.4%

Vacant 20.7%

CONTRACT EXPIRATION


TENANT MIX

483 481 479 517440 446 451

410

91.1% 92.7% 94.2%

79.3%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION62/26-32 Ratchapruek road, Pak Kret, BangkokINVESTED AREA▪ GFA: 7,037 sqm▪ NLA: 4,585 sqmINVESTMENT RIGHT (on investment date)▪ 30-year leasehold

OPERATING HIGHTLIGHT▪ Occupancy rate plunged as some tenants gave up the lease prior to the

investment transaction▪ Significant effort dedicated to attract new tenants such as fitness center

and major Food and Beverage brand

0.0%

39.6%

0.0% 0.0%

25.2%

25.2%

10.1%0.0%

25.2%

64.8%

10.1%

0.0%

2020 2021 2022 >2022


I THE SCENE TOWN IN TOWN (TS)


Financial 4.3%



Lifestyle 6.9%

Office 2.3%

Service 3.7%

Supermarket7.1%

Vacant 12.7%

CONTRACT EXPIRATION


TENANT MIX

618 617 645 646601 603

560 564

97.3% 97.7%

86.8% 87.3%

50.0%

75.0%

100.0%

0

250

500

750

1,000

2017 2018 6M2019 Dec-19



LOCATION1323 Ladprao 94, Wang Thongland, BangkokINVESTED AREA▪ GFA: 10,797 sqm▪ NLA: 6,931 sqmINVESTMENT RIGHT (on investment date)▪ 25.2-year leasehold

OPERATING HIGHTLIGHT▪ Leasing activity remained stable with some changes in tenant mix ▪ New Food & Beverage tenant recently took up the space and about to start

the decoration

0.0%

15.7%7.6%

0.0%

27.5%

33.2%

16.0%

0.0%

27.5%

49.0%

23.6%

0.0%

2020 2021 2022 >2022


BKER GENERAL OVERVIEW

4

I BKER VISION

INVESTMENT THESIS

VISION

STRATEGIC INVESTMENTInvest in prime, well-performing assets located in strong submarkets across the region that are occupied by top tier tenants

OPERATIONAL EXCELLENCEIncrease REIT’s value through pro-active management, operational synergies, and economies of scale.

CREATIVE ASSET REPOSITIONINGDeliver superior returns through intelligent capital investments, asset repositioning, re-tenanting, and operations.

BALANCE SHEET STRENGTHMaintain a strong balance sheet and financial flexibility

TO BE THE LEADING LIFESTYLE RETAIL REIT IN ASIA, BY CREATING ATTRACTIVE AND ENGAGING PLACES FOR PEOPLE AND THE COMMUNITY.

“The FIRST CO-REIT Manager with the most diversified assets”

I

Crystal Design Center

The Crystal Ekkamai-Ramintra

The Crystal SB Ratchapruek

Amorini Plearnary Mall The Scene Town-in-Town

I’m Park Sammakorn Place Ramkamhaeng (West)

Sammakorn Place Rangsit

Sammakorn Place Ratchapruek

Future Acquisitions

K.E.REIT Management Co,Ltd. (REIT Manager)

BKER STRUCTURE

Leasehold RightOperating Income

Distributions

Trustee fee

ServicesManagement fee

Management services Principal & Interest

Loan

Institutioal& Retail Investors

Project Owners(At least 10% of

acquisition value for 3 yrs)

Investors

Bualuang K.E. Retail Leasehold Real Estate Investment Trust

Co-REIT Manager

Lender

CommercialBank

Funds from Offering

BKER

INVE

STME

NT P

ORTF

OLIO

TBD

Property Management

Fund flow Services

Trustee

Property Management Fee

I PORTFOLIO PROPERTY TYPES AND NET LEASABLE AREA

36,021 sqmCrystal Design Center

30,778 sqmThe Crystal

Ekkamai-Ramintra

24,426 sqmThe Crystal

Ratchapruek

5,092 sqmAmorini Ramintra

6,601 sqmI’m Park Chula

11,353 sqmPlearnary MallWatcharapol 10,340 sqm

Sammakorn PlaceRamkamhaeng (West)

3,413 sqmSammakorn PlaceRangsit

4,585 sqmSammakorn PlaceRatchapruek

6,931 sqmThe SceneTown-in-Town

TOTAL NET LEASABLE AREA

139,333sqm

Remark: Information as of 30 June 2019

COMMUNITY MALLis a 6,001-20,000 NLA sqm property with a supermarket and a fitness gym as two anchor tenants along with day-to-day product, specialty stores, F&B, and service offerings in an attractive setting.

NEIGHBORHOOD MALLis a 3,001-6,000 NLA sqm property with a supermarket as an anchor tenant along with day-to-day product, specialty stores, F&B, and service offerings.

SHOPPING CENTERis a large-scale >20,001 NLA

sqm property with more than 2 anchor tenants and specialty

stores such as cinema, fashion, lifestyle, F&B

concepts, etc.

SPECIALTY MALLis a property that has product

offerings that is geared to a specific target market, such as furniture and

construction materials, family and education, sports and athletics, etc.

26%

22%

18% 8%

7%

5%

5%

4%3%

2%

BKER has diversified its portfolio property types by investing in 40% Shopping Mall, 26% Specialty Mall, 25% Community Mall and 9% in Neighborhood Mall. Consequently, this diversification helps reduce the economic volatility to BKER

bualuang k.e. retail leasehold real estate investment...

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