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Statement of income

(Unit: Baht in thousand except indicated)
 
Q2/2025
Q1/2025
QoQ
Q2/2024
YoY
Rental and services income 198,028 188,571 5.0% 189,091 4.7%
Interest income 1,697 1,785 -4.9% 2,148 -21.0%
Dividend income - - n.m. - n.m.
Other income 632 3,541 -82.2% 3,799 -83.4%
Total income 200,357 193,897 3.3% 195,038 2.7%
Costs of rental and services 52,037 36,906 41.0% 41,541 25.3%
REIT Manager's fee 9,836 9,971 -1.4% 9,999 -1.6%
Trustee's fee 3,411 3,400 0.3% 3,444 -1.0%
Registrar's fee 370 369 0.3% 377 -1.9%
Property management fee 8,680 8,694 -0.2% 8,458 2.6%
Professional fees 980 873 12.3% 2,134 -54.1%
Other expenses 6,302 6,480 -2.7% 6,506 -3.1%
Finance cost 19,986 20,522 -2.6% 21,588 -7.4%
Income tax expenses 12,171 13,581 -10.4% 12,777 -4.7%
Total expenses 113,773 100,796 12.9% 106,824 6.5%
Net investment income 86,584 93,101 -7.0% 88,214 -1.8%
Gains (losses) from changes in fair value of investment in debt securities -10 -24 58.3% - n.m.
Gains (losses) on revaluation of investments in subsidiaries 1,395 -151,820 100.9% 1,459 -4.4%
Gains (losses) on revaluation of investments in properties and leasehold rights over properties - - n.m. - n.m.
Increase in net assets from operations 87,969 -58,743 249.8% 89,673 -1.9%


Statements of financial position

(Unit: Baht in thousand except indicated)
 
Q2/2025
Q1/2025
QoQ
Q2/2024
YoY
Investments in debt securities measured at fair value through profit or loss 112,566 106,799 5.40% - n.m.
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 8,417,357 8,394,555 0.27% 8,514,515 -1.1%
Cash and cash equivalents 553,986 574,115 -3.51% 695,287 -20.3%
Receivables 11,470 7,647 49.99% 3,918 192.8%
Loan to subsidiary - - n.m. - n.m.
Intangible assets 47,207 46,638 1.22% 53,576 -11.9%
Total assets 9,142,586 9,129,754 0.14% 9,267,296 -1.35%
Accrued Interest 13,089 5,906 121.62% 15,090 -13.26%
Other payables 235,518 235,760 -0.10% 260,900 -9.73%
Accrued expenses 996,022 994,207 0.18% 988,879 0.72%
Income tax payable 1,049,402 1,049,308 0.01% 1,049,030 0.04%
Unearned income 274,324 272,928 0.51% 284,625 -3.62%
Deposit received from customers 132,642 138,363 -4.13% 118,074 12.34%
Total liabilities 2,700,997 2,696,472 0.17% 2,716,598 -0.57%
Capital from unitholders 4,548,575 4,568,340 -0.43% 4,627,634 -1.71%
Retained earnings 1,893,014 1,864,942 1.51% 1,927,691 -1.80%
Net assets 6,441,589 6,433,282 0.13% 6,555,325 -1.74%
Net asset value per unit (Baht) 11.7654 11.7502 0.13% 11.9732 -1.74%

Statement of income

(Unit: Baht in thousand except indicated)
 
Q2/2025
Q1/2025
QoQ
Q2/2024
YoY
Rental and services income 72,655 66,071 10.0% 73,081 -0.6%
Interest income 2,713 2,750 -1.3% 2,903 -6.5%
Dividend income 78,000 52,000 50.0% 48,000 62.5%
Other income 530 3,075 -82.8% 651 -18.6%
Total income 153,898 123,896 24.2% 124,635 23.5%
Costs of rental and services 22,768 16,732 36.1% 20,345 11.9%
REIT Manager's fee 9,836 9,971 -1.4% 9,999 -1.6%
Trustee's fee 3,411 3,400 0.3% 3,444 -1.0%
Registrar's fee 370 369 0.3% 377 -1.9%
Property management fee 4,888 4,975 -1.7% 4,607 6.1%
Professional fees 359 548 -34.5% 1,105 -67.5%
Other expenses 782 932 -16.1% 1,746 -55.2%
Finance cost 19,971 20,505 -2.6% 21,562 -7.4%
Income tax expenses - - n.m. - n.m.
Total expenses 62,385 57,432 8.6% 63,185 -1.3%
Net investment income 91,513 66,464 37.7% 61,450 48.9%
Gains (losses) from changes in fair value of investment in debt securities -10 -24 58.3% - n.m.
Gains (losses) on revaluation of investments in subsidiaries 22,000 18,054 21.9% 22,000 0.0%
Gains (losses) on revaluation of investments in properties and leasehold rights over properties 1,707 -124,215 101.4% 1,759 -3.0%
Increase in net assets from operations 115,210 -39,721 390.0% 85,209 35.2%

Statements of financial position

(Unit: Baht in thousand except indicated)
 
Q2/2025
Q1/2025
QoQ
Q2/2024
YoY
Investments in debt securities measured at fair value through profit or loss 112,566 106,799 5.4% - n.m.
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 1,841,828 1,820,444 1.2% 1,937,522 -4.9%
Cash and cash equivalents 158,004 166,431 -5.1% 348,171 -54.6%
Receivables 108,077 78,765 37.2% 3,918 2658.5%
Loan to subsidiary 96,378 96,378 0.0% 96,378 0.0%
Other assets 22,777 24,686 -7.7% 25,331 -10.1%
Total assets 8,812,180 8,766,053 0.5% 8,887,816 -1.4%
Accrued Interest 13,089 5,906 121.6% 15,090 -13.26%
Income tax payable 81,015 81,803 -1.0% 86,613 -6.46%
Long-term borrowings from financial institutions 996,022 994,207 0.2% 988,879 0.72%
Debentures 1,049,402 1,049,308 0.0% 1,049,030 0.04%
Lease liabilities 273,046 271,339 0.6% 282,119 -3.22%
Other liabilities 46,670 46,102 1.2% 37,757 23.61%
Net assets 2,459,244 2,448,665 0.4% 2,459,488 0.0%
Capital from unitholders 4,548,575 4,568,340 -0.4% 4,627,634 -1.7%
Retained earnings 1,804,361 1,749,048 3.2% 1,800,694 0.2%
Net assets 6,352,936 6,317,388 0.6% 6,428,328 -1.2%
Net asset value per unit (Baht) 11.6035 11.5386 0.6% 11.7412 -1.2%

Source:
Reference to financial statements Auditor’s Report on Review of Interim Financial Information for Q4/2024, Q3/2024 and Q4/2023