FTREIT announces strong 1QFY2024 performance with nearly THB 1 billion

FTREIT announces strong 1QFY2024 performance with nearly THB 1 billion

FTREIT announces strong 1QFY2024 performance with nearly THB 1 billion revenue and 6.2% profit growth, prepares THB 2,500 million to boost portfolio expansion

 

Frasers Property Industrial REIT Management (Thailand) Company Limited (“FIRM”), the REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“FTREIT”) has released its 1QFY2024 (October – December 2023) operating results, achieving total revenue of THB 989.7 million and posting a 6.2% year-on-year growth in net profit on investment to reach THB 636.8 million. FTREIT announced a final dividend payment of THB 0.1870 per unit for 1QFY2024, which will be paid on 7 March 2024, and aims to invest THB 2,500 million for expanding 100,000 sqm of new leasable area to capture growing demand for quality industrial spaces.

Mr. Thanarat Boonyakosol, Managing Director of FIRM, as the REIT Manager of FTREIT, said: “FTREIT’s robust performance for the quarter is attributed to strong operational fundamentals and expansion of its leasable area from the previous year. The portfolio remains healthy with an average occupancy rate of 85.5%. For this current year, FTREIT has outlined an investment plan valued between THB 2,000 - 2,500 million to expand the portfolio over THB 50 billion, which will enable the REIT to grow through high potential investments in new assets from Frasers Property Thailand and other parties. FTREIT’s focus on investing in strategic industrial and logistics locations with prospective tenants is expected to yield stable income and attractive returns on investment for unitholders.”

 

FIRM anticipates an upward trend in the economy, driven by the resurgence in tourism, increased exports, and stronger domestic consumption and remains optimistic about Thailand’s 2024 economic outlook. FIRM will also closely monitor the government’s economic stimulus package that encompasses various initiatives, including the Digital Wallet project and a comprehensive investment policy for foreign investors. These efforts could collectively contribute to increase leasing demand for quality factory and warehouse spaces.