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FTREIT shows positive growth 

Aug 19. 2019
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By The Nation

Frasers Property Industrial REIT Management (Thailand) in its capacity as the REIT manager of FTREIT, on Monday announced FTREIT's total income of Bt694.5 million for the third quarter of its fiscal year 2019, an increase of 4 per cent. Net investment income rose 12 per cent to Bt446.3 million from Bt399.2 million for the second quarter of fiscal year 2018 (Apr – Jun'18).

The increase took into account contributions from FTREIT’s asset acquisition value of Bt3.6 billion from Frasers group on August and December 2018. In additional, occupancy rate increased from 79 per cent (as of June 30, 2018) to 82 per cent (as of June 30. 2019).

In terms of operating performance for the first nine months of FY2019 (October 1, 2018-June 30, 2019), FTREIT's total income was Bt2.08 billion, a 40 per cent increase over the same period last year. Net investment income for 9-month period was Bt1.33 billion, an increase of 42 per cent.

The growth was mainly derived from increasing rental and service income from transfer assets from 3 PFPOs – TFUND, TLOGIST and TGROWTH in December 2017 and acquisition of additional assets in August and December 2018, according to the company reports.

Peerapat Srisukont, managing director of Frasers Property Industrial REIT Management (Thailand), noted that the company was focused on delivering sustainable growth through its strong asset management by maintaining high renewal and occupancy rates.

At present, FTREIT has an average occupancy rate of more than 82 per cent.

The distribution payment from the third quarter of fiscal year 2019 operations was announced at Bt0.1670 per unit, and increase of 4.4 per cent from Bt0.1600 per unit for the same period of last year. The DPU of the 9- month operation was 4.8 per cent higher at Bt0.5010 per unit, from Bt0.4781 per unit a year ago.

“Subsequent to the quarter ending July 19, 2019, the Board of Directors of REIT Manager approved additional investment in properties owned by Frasers Property Thailand. These properties are located in the Laem Chabang 2 and Sri Racha projects and comprise two warehouse buildings with 6 units with a net leaseable area of around 29,850 sqm and with investment value not exceeding Bt637 million. These new properties are high quality buildings and located in prime industrial and logistics areas,” he said.

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