Statement of income
(Unit: Baht in thousand except indicated)|
Q1/2025
|
Q4/2024
|
QoQ
|
Q1/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 188,571 | 191,106 | -1.3% | 196,128 | -3.9% |
| Interest income | 1,785 | 2,181 | -18.2% | 1,701 | 4.9% |
| Dividend income | - | - | n.m. | - | n.m. |
| Other income | 3,541 | 1,375 | 157.5% | 254 | 1294.1% |
| Total income | 193,897 | 194,662 | -0.4% | 198,083 | -2.1% |
| Costs of rental and services | 36,906 | 44,820 | -17.7% | 39,928 | -7.6% |
| REIT Manager's fee | 9,971 | 10,011 | -0.4% | 10,261 | -2.8% |
| Trustee's fee | 3,400 | 6,984 | -51.3% | 3,513 | -3.2% |
| Registrar's fee | 369 | 376 | -1.9% | 377 | -2.1% |
| Property management fee | 8,694 | 8,924 | -2.6% | 8,342 | 4.2% |
| Professional fees | 873 | 2,282 | -61.7% | 1,871 | -53.3% |
| Other expenses | 6,480 | 4,637 | 39.7% | 5,631 | 15.1% |
| Finance cost | 20,522 | 21,355 | -3.9% | 21,539 | -4.7% |
| Income tax expenses | 13,581 | 13,132 | 3.4% | 13,771 | -1.4% |
| Total expenses | 100,796 | 112,521 | -10.4% | 105,233 | -4.2% |
| Net investment income | 93,101 | 82,141 | 13.3% | 92,850 | 0.3% |
| Gains (losses) from changes in fair value of investment in debt securities | -24 | 62 | -138.7% | - | n.m. |
| Gains (losses) on revaluation of investments in subsidiaries | -151,820 | -14,552 | 943.3% | -298,134 | -49.1% |
| Gains (losses) on revaluation of investments in properties and leasehold rights over properties | - | -31 | -100.0% | - | n.m. |
| Increase in net assets from operations | -58,743 | 67,620 | -186.9% | -205,284 | -71.4% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q1/2025
|
Q4/2024
|
QoQ
|
Q1/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 106,799 | 102,834 | 3.86% | 49,755 | 114.6% |
| 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 | 8,394,555 | 8,530,033 | -1.59% | 8,500,040 | -1.2% |
| Cash and cash equivalents | 574,115 | 571,048 | 0.54% | 651,079 | -11.8% |
| Receivables | 7,647 | 6,601 | 15.85% | 8,892 | -14.0% |
| Loan to subsidiary | - | - | n.m. | - | n.m. |
| Intangible assets | 46,638 | 47,020 | -0.81% | 54,572 | -14.5% |
| Total assets | 9,129,754 | 9,257,536 | -1.38% | 9,264,338 | -1.45% |
| Accrued Interest | 5,906 | 15,015 | -60.67% | 7,967 | -25.87% |
| Other payables | 235,760 | 246,405 | -4.32% | 260,440 | -9.48% |
| Accrued expenses | 994,207 | 992,434 | 0.18% | 987,155 | 0.71% |
| Income tax payable | 1,049,308 | 1,049,216 | 0.01% | 1,048,938 | 0.04% |
| Unearned income | 272,928 | 271,549 | 0.51% | 283,166 | -3.62% |
| Deposit received from customers | 138,363 | 120,374 | 14.94% | 128,347 | 7.80% |
| Total liabilities | 2,696,472 | 2,694,993 | 0.05% | 2,716,013 | -0.72% |
| Capital from unitholders | 4,568,340 | 4,588,105 | -0.43% | 4,647,399 | -1.70% |
| Retained earnings | 1,864,942 | 1,974,438 | -5.55% | 1,900,926 | -1.89% |
| Net assets | 6,433,282 | 6,562,543 | -1.97% | 6,548,325 | -1.76% |
| Net asset value per unit (Baht) | 11.7502 | 11.9863 | -1.97% | 11.9604 | -1.76% |
Statement of income
(Unit: Baht in thousand except indicated)|
Q1/2025
|
Q4/2024
|
QoQ
|
Q1/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 66,071 | 68,404 | -3.4% | 72,246 | -8.5% |
| Interest income | 2,750 | 2,925 | -6.0% | 2,692 | 2.2% |
| Dividend income | 52,000 | 50,000 | 4.0% | 54,000 | -3.7% |
| Other income | 3,075 | 1,074 | 186.3% | 114 | 2597.4% |
| Total income | 123,896 | 122,403 | 1.2% | 129,052 | -4.0% |
| Costs of rental and services | 16,732 | 21,107 | -20.7% | 19,437 | -13.9% |
| REIT Manager's fee | 9,971 | 10,011 | -0.4% | 10,261 | -2.8% |
| Trustee's fee | 3,400 | 6,984 | -51.3% | 3,513 | -3.2% |
| Registrar's fee | 369 | 376 | -1.8% | 377 | -2.1% |
| Property management fee | 4,975 | 4,973 | 0.0% | 4,455 | 11.7% |
| Professional fees | 548 | 1,324 | -58.6% | 615 | -10.9% |
| Other expenses | 932 | 698 | 33.5% | 880 | 5.9% |
| Finance cost | 20,505 | 21,335 | -3.9% | 21,511 | -4.7% |
| Income tax expenses | - | - | n.m. | - | n.m. |
| Total expenses | 57,432 | 66,808 | -14.0% | 61,049 | -5.9% |
| Net investment income | 66,464 | 55,595 | 19.6% | 68,003 | -2.3% |
| Gains (losses) from changes in fair value of investment in debt securities | -24 | 62 | -138.9% | - | n.m. |
| Gains (losses) on revaluation of investments in subsidiaries | 18,054 | 22,000 | -17.9% | -42,516 | -142.5% |
| Gains (losses) on revaluation of investments in properties and leasehold rights over properties | -124,215 | -14,246 | 771.9% | -214,072 | -42.0% |
| Increase in net assets from operations | -39,721 | 63,410 | -162.6% | -188,585 | -78.9% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q1/2025
|
Q4/2024
|
QoQ
|
Q1/2024
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 106,799 | 102,834 | 3.9% | 49,755 | 114.6% |
| Investments in subsidiaries at fair value through profit or loss | 6,472,550 | 6,476,496 | -0.1% | 6,476,496 | -0.1% |
| Investments in properties and leasehold rights over properties at fair value | 1,820,444 | 1,932,435 | -5.8% | 1,924,360 | -5.4% |
| Cash and cash equivalents | 166,431 | 176,492 | -5.7% | 222,376 | -25.2% |
| Receivables | 78,765 | 75,744 | 4.0% | 80,938 | -2.7% |
| Loan to subsidiary | 96,378 | 96,378 | 0.0% | 96,378 | 0.0% |
| Other assets | 24,686 | 23,675 | 4.3% | 28,259 | -12.6% |
| Total assets | 8,766,053 | 8,884,054 | -1.3% | 8,878,562 | 0.1% |
| Accrued Interest | 5,906 | 15,015 | -60.7% | 7,967 | -25.87% |
| Income tax payable | 81,803 | 90,367 | -9.5% | 86,364 | -5.28% |
| Long-term borrowings from financial institutions | 994,207 | 992,434 | 0.2% | 987,155 | 0.71% |
| Debentures | 1,049,308 | 1,049,216 | 0.0% | 1,048,938 | 0.04% |
| Lease liabilities | 271,339 | 269,651 | 0.6% | 280,360 | -3.22% |
| Other liabilities | 46,102 | 39,744 | 16.0% | 41,986 | 9.80% |
| Net assets | 2,448,665 | 2,456,427 | -0.3% | 2,452,770 | -0.2% |
| Capital from unitholders | 4,568,340 | 4,588,105 | -0.4% | 4,647,399 | -1.7% |
| Retained earnings | 1,749,048 | 1,839,523 | -4.9% | 1,778,393 | -1.7% |
| Net assets | 6,317,388 | 6,427,627 | -1.7% | 6,425,792 | -1.7% |
| Net asset value per unit (Baht) | 11.5386 | 11.7399 | -1.7% | 11.7366 | -1.7% |
Source:
Reference to financial statements Auditor’s Report on Review of Interim Financial Information for Q4/2024, Q3/2024 and Q4/2023