Statement of income
(Unit: Baht in thousand except indicated)|
Q3/2025
|
Q2/2025
|
QoQ
|
Q3/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 193,781 | 198,028 | -2.1% | 194,223 | -0.2% |
| Interest income | 1,657 | 1,697 | -2.4% | 1,916 | -13.5% |
| Dividend income | - | - | n.m. | - | n.m. |
| Other income | 4,995 | 632 | 690.3% | 2,813 | 77.6% |
| Total income | 200,433 | 200,357 | 0.0% | 198,952 | 0.7% |
| Costs of rental and services | 37,717 | 52,037 | -27.5% | 42,242 | -10.7% |
| REIT Manager's fee | 10,180 | 9,836 | 3.5% | 10,152 | 0.3% |
| Trustee's fee | 3,452 | 3,411 | 1.2% | 3,482 | -0.9% |
| Registrar's fee | 374 | 370 | 1.1% | 378 | -1.1% |
| Property management fee | 8,761 | 8,680 | 0.9% | 8,658 | 1.2% |
| Professional fees | 989 | 980 | 0.9% | 1,466 | -32.5% |
| Other expenses | 6,090 | 6,302 | -3.4% | 6,329 | -3.8% |
| Finance cost | 19,653 | 19,986 | -1.7% | 21,807 | -9.9% |
| Income tax expenses | 14,452 | 12,171 | 18.7% | 12,736 | 13.5% |
| Total expenses | 101,668 | 113,773 | -10.6% | 107,250 | -5.2% |
| Net investment income | 98,765 | 86,584 | 14.1% | 91,702 | 7.7% |
| Gains (losses) from changes in fair value of investment in debt securities | 23 | -10 | 330.0% | -8 | -387.5% |
| Gains (losses) on revaluation of investments in subsidiaries | - | - | n.m. | - | n.m. |
| Gains (losses) on revaluation of investments in properties and leasehold rights over properties | 1,411 | 1,395 | 1.1% | 1,476 | -4.4% |
| Increase in net assets from operations | 100,199 | 87,969 | 13.9% | 93,170 | 7.5% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q3/2025
|
Q2/2025
|
QoQ
|
Q3/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 146,778 | 112,566 | 30.39% | 94,546 | 55.2% |
| Investments in subsidiaries at fair value through profit or loss | - | - | n.m. | - | n.m. |
| Investments in properties and leasehold rights over properties at fair value | 8,435,843 | 8,417,357 | 0.22% | 8,525,982 | -1.1% |
| Cash and cash equivalents | 502,770 | 553,986 | -9.24% | 575,959 | -12.7% |
| Receivables | 12,173 | 11,470 | 6.13% | 8,032 | 51.6% |
| Loan to subsidiary | - | - | n.m. | - | n.m. |
| Intangible assets | 51,032 | 47,207 | 8.10% | 49,726 | 2.6% |
| Total assets | 9,148,596 | 9,142,586 | 0.07% | 9,254,245 | -1.14% |
| Accrued Interest | 6,054 | 13,089 | -53.75% | 6,072 | -0.30% |
| Other payables | 237,751 | 235,518 | 0.95% | 251,471 | -5.46% |
| Accrued expenses | 997,878 | 996,022 | 0.19% | 990,644 | 0.73% |
| Income tax payable | 1,049,497 | 1,049,402 | 0.01% | 1,049,122 | 0.04% |
| Unearned income | 275,735 | 274,324 | 0.51% | 286,101 | -3.62% |
| Deposit received from customers | 116,542 | 132,642 | -12.14% | 98,990 | 17.73% |
| Total liabilities | 2,683,457 | 2,700,997 | -0.65% | 2,682,400 | 0.04% |
| Capital from unitholders | 4,528,811 | 4,548,575 | -0.43% | 4,607,869 | -1.72% |
| Retained earnings | 1,936,328 | 1,893,014 | 2.29% | 1,963,976 | -1.41% |
| Net assets | 6,465,139 | 6,441,589 | 0.37% | 6,571,845 | -1.62% |
| Net asset value per unit (Baht) | 11.8084 | 11.7654 | 0.37% | 12.0033 | -1.62% |
Statement of income
(Unit: Baht in thousand except indicated)|
Q3/2025
|
Q2/2025
|
QoQ
|
Q3/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 68,494 | 72,655 | -5.7% | 73,103 | -6.3% |
| Interest income | 2,744 | 2,713 | 1.1% | 2,771 | -1.0% |
| Dividend income | 55,000 | 78,000 | -29.5% | 48,000 | 14.6% |
| Other income | 1,600 | 530 | 201.9% | 3,100 | -48.4% |
| Total income | 127,838 | 153,898 | -16.9% | 126,974 | 0.7% |
| Costs of rental and services | 16,633 | 22,768 | -26.9% | 19,019 | -12.5% |
| REIT Manager's fee | 10,180 | 9,836 | 3.5% | 10,152 | 0.3% |
| Trustee's fee | 3,452 | 3,411 | 1.2% | 3,482 | -0.9% |
| Registrar's fee | 374 | 370 | 1.1% | 378 | -1.1% |
| Property management fee | 4,813 | 4,888 | -1.5% | 4,870 | -1.2% |
| Professional fees | 582 | 359 | 62.1% | 857 | -32.1% |
| Other expenses | 743 | 782 | -5.0% | 741 | 0.3% |
| Finance cost | 19,642 | 19,971 | -1.6% | 21,783 | -9.8% |
| Income tax expenses | - | - | n.m. | - | n.m. |
| Total expenses | 56,419 | 62,385 | -9.6% | 61,282 | -7.9% |
| Net investment income | 71,419 | 91,513 | -22.0% | 65,692 | 8.7% |
| Gains (losses) from changes in fair value of investment in debt securities | 23 | -10 | 330.0% | -8 | -387.5% |
| Gains (losses) on revaluation of investments in subsidiaries | 22,000 | 22,000 | 0.0% | 22,000 | 0.0% |
| Gains (losses) on revaluation of investments in properties and leasehold rights over properties | 1,726 | 1,707 | 1.1% | 1,779 | -3.0% |
| Increase in net assets from operations | 95,168 | 115,210 | -17.4% | 89,463 | 6.4% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q3/2025
|
Q2/2025
|
QoQ
|
Q3/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 146,778 | 112,566 | 30.4% | 94,546 | 55.2% |
| Investments in subsidiaries at fair value through profit or loss | 6,472,550 | 6,472,550 | 0.0% | 6,476,496 | -0.1% |
| Investments in properties and leasehold rights over properties at fair value | 1,850,976 | 1,841,828 | 0.5% | 1,940,453 | -4.6% |
| Cash and cash equivalents | 148,347 | 158,004 | -6.1% | 185,659 | -20.1% |
| Receivables | 83,090 | 108,077 | -23.1% | 74,657 | 11.3% |
| Loan to subsidiary | 96,378 | 96,378 | 0.0% | 96,378 | 0.0% |
| Other assets | 21,291 | 22,777 | -6.5% | 23,967 | -11.2% |
| Total assets | 8,819,410 | 8,812,180 | 0.1% | 8,892,156 | -0.9% |
| Accrued Interest | 6,054 | 13,089 | -53.7% | 6,072 | -0.30% |
| Income tax payable | 81,771 | 81,015 | 0.9% | 87,128 | -6.15% |
| Long-term borrowings from financial institutions | 997,878 | 996,022 | 0.2% | 990,644 | 0.73% |
| Debentures | 1,049,497 | 1,049,402 | 0.0% | 1,049,122 | 0.04% |
| Lease liabilities | 274,772 | 273,046 | 0.6% | 283,897 | -3.21% |
| Other liabilities | 37,983 | 46,670 | -18.6% | 34,152 | 11.22% |
| Net assets | 2,447,955 | 2,459,244 | -0.5% | 2,451,015 | -0.1% |
| Capital from unitholders | 4,528,811 | 4,548,575 | -0.4% | 4,607,869 | -1.7% |
| Retained earnings | 1,842,644 | 1,804,361 | 2.1% | 1,833,272 | 0.5% |
| Net assets | 6,371,455 | 6,352,936 | 0.3% | 6,441,141 | -1.1% |
| Net asset value per unit (Baht) | 11.6373 | 11.6035 | 0.3% | 11.7646 | -1.1% |
Source:
Reference to financial statements Auditor’s Report on Review of Interim Financial Information for Q2/2025, Q3/2025 and Q3/2024