Frasers Property Industrial REIT Management (Thailand) Company Limited or 'FIRM', as the REIT Manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT or 'FTREIT', today announced its operating results for the third quarter (April - June 2022). The total revenue was THB 913.4 million, representing an increase of THB 47.8 million or 5.5%, compared to the same period last year, and the net investment profit amounted to THB 628.4 million, an increase of THB 31.5 million or 5.3% Y-o-Y. The key factors of the rise were the higher average occupancy rate and investment in assets in the previous year, resulting in the operating result for the first nine months of FY2022 (October 2021 - June 2022) reaching to THB 2,726.2 million, an increase of THB 186.3 million, or 7.3% Y-o-Y, while the net profit on investment was THB 1,899.2 million, an increase of THB 146.4 million, or 8.4%, compared to the same period last year.
The distribution payment from the third quarter operations is announced at THB 0.1750 per unit which will be paid on 1 September 2022. The accumulated distribution for three quarters of FY2022 is THB 0.5200 per unit.
Mr. Thanarat Boonyakosol, Managing Director of FIRM, said "In the previous quarter, the overall economy has improved from the government's plan in regard to the country reopening. Furthermore, as the COVID-19 outbreak situation begins to ease, the business sector has further recovered. However, the conflict between Russia and Ukraine seemed to be protract, which has affected the logistics industry with slower exports and more demand for short-term warehousing . Thus, in the third quarter, the average occupancy rate was at 86.0%.
"According to the unitholders' approval for the acquisition of high-quality assets from Frasers Property Thailand Public Company Limited and its subsidiaries at the Extraordinary General Meeting (No.1/2022), the investment in the additional assets amounts to approximately THB 1,716 million. This investment comprise 27 units of factory and warehouse units and is scheduled for completion of assets transfer in September 2022. After completion of the acquisition, FTREIT's leasable area will increase to 2.14 million sq.m., bolstering FTREIT to maintain its position as the largest REIT in Thailand. Its total asset value will also increase to around THB 46,249 million. In accordance with the plan, in 3QFY2022, FTREIT invested in additional assets at the value of THB 796.5 million and its first batch of asset transfering was made on 28 June 2022. This consists of nine units of factory and warehouse buildings, with leasable area of 37,625 sq.m. While this total investment reinforces FTREIT's position as the leading REIT in Thailand, it will also uplift FIRM's portfolio of high-quality assets comprising factories and warehouses located in Thailand's strategic locations, widen the diversity of tenants' profiles and increase its percentage of freehold properties," added Mr. Thanarat Boonyakosol.