FTREIT achieves continuous growth with new high occupancy rate, booking half-year total revenue of THB 1.9 billion
¨ FTREIT reported a robust set of results for its 1HFY2023 (October 2022 – March 2023) with total revenue of THB 1.9 billion, a 3% increase Y-o-Y, and THB 1.3 billion net profit on investment.
¨ For 2QFY2023 (January – March 2023), total revenue rose by 3.1% Y-o-Y at THB 0.9 billion with THB 0.6 billion net profit on investment.
¨ Record a new high occupancy rate of 88%.
¨ FTREIT announced 2QFY2023 distribution payment at THB 0.1870 per unit.
BANGKOK, 4 MAY 2023
Frasers Property Industrial REIT Management (Thailand) Company Limited (“FIRM”), the REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT), reported a robust set of results for its 1HFY2023 (October 2022 – March 2023), with an increase of total revenue of 3% Y-o-Y to THB 1.9 billion. Net profit on investment also rose by THB 1.3 billion. As for 2QFY2023 (January – March 2023) total revenue rose by 3.1% compared to the previous year with total revenue of THB 0.9 billion, with the net profit on investment of THB 0.6 billion.
FTREIT’s impressive growth in 2QFY2023 was attributed to the company’s efficient portfolio management, leading to an increase in both net leasable area and rental rate. The high-growth industries of electronics, automation, and logistics contributed to an increase in demand. These factors combined helped FTREIT achieve a new record high of 88% occupancy rate as at 31 March 2023, surpassing previous occupancy levels.
“Our performance in the first half of FY2023 has exceeded our expectations and FTREIT has recorded an outstanding performance,” said Mr. Thanarat Boonyakosol, Managing Director of FIRM. “We have experienced an increase in tenant demand, driven by the Electric Vehicle (EV) megatrend and supportive government trade and investment policies aimed at making Thailand the ASEAN EV hub. The electronics industry, one of our main sources of tenants, has also exhibited stable growth. In addition, Thailand is a key beneficiary of the China Plus One policy with more investors expanding their manufacturing bases outside of China.”
The distribution payment from the second quarter operations is announced at THB 0.1870 per trust unit which will be paid on 1 June 2023. The accumulated distribution for the first half of FY2023 is THB 0.3740 per trust unit.
“We want to maintain FTREIT’s position as Thailand’s leading REIT by selectively growing its portfolio as well as attracting new tenants to grow our tenant base. We currently have the highest net leasable area at 2.13 million square metres, and aim to acquire an additional 200,000 square metres by the end of FY2023,” added Mr. Thanarat Boonyakosol.
