FTREIT Announces 10.4% Year-on-Year Growth in Total Revenue to reach THB 1,674.3 Million in 1HFY2021 and 2QFY2021 Distribution of 0.1680 Baht Per Unit
- FTREIT recorded year-on-year (“Y-o-Y”) growth of 10.4% in its total revenue to THB 1,674.3 million for the first half of its fiscal year ended 31 March 2021, while net investment income increased by 15.9% Y-o-Y to THB 1,155.9 million.
- Average occupancy rate of 2QFY2021 (January – March 2021) rose 2.3% Q-o-Q to 86.3%.
- The distribution payment from the second quarter operations was announced at 0.1680 Baht per unit.
BANGKOK, 6 May 2021
Frasers Property Industrial REIT Management (Thailand) Company Limited or “FIRM” as the REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT or “FTREIT” reported a robust set of results for 2QFY2021 (January – March 2021) despite the protracted COVID-19 situation, with an increase in total revenue of 14.7% or THB 110.9 million Y-o-Y to THB 864.3 million. Net investment income also rose 20.9% or THB 107.3 million to THB 621.8 million on the back of an increase in assets under management and higher occupancy rate. In 1HFY2021 (October 2020 – March 2021), FTREIT delivered total revenue of THB 1,674.3 million, an increase of 10.4% or THB 157.7 million Y-o-Y, while its net investment income increased by 15.9% or THB 158.9 million Y-o-Y to THB 1,155.9 million.
The distribution payment from the second quarter operations of THB 0.1680 per unit will be paid on 2 June 2021. The accumulated distribution of FTREIT for 1QFY2021 and 2QFY2021 is THB 0.3360 per unit.
Currently, FTREIT’s assets under management portfolio comprise 636 units of high-quality factories and warehouses with a combined total leasable area of 2.03 million sqm. With assets located in strategic choice locations for industrial and logistics industries served by good transportation links, i.e. in Ayutthaya, Pathumthani, Samutprakan, Prachinburi and provinces in the Eastern Economic Corridor, FTREIT’s portfolio achieveded a healthy average occupancy rate of 86.3% in the second quarter.
On 22 March 2021, at the last review of FTSE Global Equity Index Series (FTSE GEIS) on 22 March 2021, FTREIT remained a component stock of the FTSE GEIS. Being part of the leading global benchmark index has enabled FTREIT to reach out to a larger pool of institutional investors on both local and international fronts.
Mr. Peerapat Srisukont, Managing Director of FIRM, said: “As the REIT manager, we are satisfied with outstanding performance in the first half of the fiscal year 2021 despite the prolonged COVID-19 situation. The pandemic has not had a major impact on FTREIT as manufacturers and logistics operators, which are our existing factory and warehouse tenants, have gained experience from the COVID-19 disruption last year so they were able to adapt their business operations. Besides, a continuous demand from sectors of logistics, electronics and hardware as well as our additional investments also drove FTREIT’s higher occupancy rate, resulting in our improved performance.
For the second half of the fiscal year 2021, FIRM and the property manager (Frasers Property Thailand) will target to add new tenants from growing sectors such as pharmaceutical and e-commerce to our portfolio as part of our active portfolio management. Furthermore, we will invest in asset enhancement initiative projects to improve the quality of our current properties to drive occupancy rate and rental rate. FIRM also has investment plans to acquire high-quality assets from Frasers Property Thailand and other companies in strategic areas to support FTREIT’s further growth and generate sustainable returns to the trust unitholders.”
