Statement of income
(Unit: Baht in thousand except indicated)|
Q1/2026
|
Q4/2025
|
QoQ
|
Q1/2025
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 70,159 | 68,773 | 2.0% | 66,071 | 6.2% |
| Interest income | 2,506 | 2,656 | -5.7% | 2,750 | -8.9% |
| Dividend income | 55,000 | 55,000 | 0.0% | 52,000 | 5.8% |
| Other income | 233 | 836 | -72.1% | 3,075 | -92.4% |
| Total income | 127,898 | 127,265 | 0.5% | 123,896 | 3.2% |
| Costs of rental and services | 15,217 | 19,116 | -20.4% | 16,732 | -9.1% |
| REIT Manager's fee | 10,051 | 10,051 | 0.0% | 9,971 | 0.8% |
| Trustee's fee | 3,387 | 7,166 | -52.7% | 3,400 | -0.4% |
| Registrar's fee | 363 | 371 | -2.2% | 369 | -1.6% |
| Property management fee | 4,936 | 4,919 | 0.3% | 4,975 | -0.8% |
| Professional fees | 458 | 649 | -29.4% | 548 | -16.4% |
| Other expenses | 646 | 3,371 | -80.8% | 932 | -30.7% |
| Finance cost | 17,365 | 19,254 | -9.8% | 20,505 | -15.3% |
| Income tax expenses | - | - | n.m. | - | n.m. |
| Total expenses | 52,423 | 64,897 | -19.2% | 57,432 | -8.7% |
| Net investment income | 75,475 | 62,368 | 21.0% | 66,464 | 13.6% |
| Gains (losses) from changes in fair value of investment in debt securities | 31 | 95 | -67.2% | -24 | -229.2% |
| Gains (losses) on revaluation of investments in subsidiaries | 255,084 | 21,999 | 1059.5% | 18,054 | 1312.9% |
| Gains (losses) on revaluation of investments in properties and leasehold rights over properties | -155,275 | -14,298 | 986.0% | -124,215 | 25.0% |
| Increase in net assets from operations | 175,315 | 70,163 | 149.9% | -39,721 | -541.4% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q1/2026
|
Q4/2025
|
QoQ
|
Q1/2025
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 146,321 | 145,987 | 0.2% | 106,799 | 37.0% |
| Investments in subsidiaries at fair value through profit or loss | 6,705,634 | 6,472,550 | 3.6% | 6,472,550 | 3.6% |
| Investments in properties and leasehold rights over properties at fair value | 1,691,080 | 1,842,226 | -8.2% | 1,820,444 | -7.1% |
| Cash and cash equivalents | 142,091 | 149,734 | -5.1% | 166,431 | -14.6% |
| Receivables | 81,342 | 79,488 | 2.3% | 78,765 | 3.3% |
| Loan to subsidiary | 96,378 | 96,378 | 0.0% | 96,378 | 0.0% |
| Intangible assets | 23,343 | 22,546 | 3.5% | 24,686 | -5.4% |
| Total assets | 8,886,189 | 8,808,908 | 0.9% | 8,766,053 | 1.4% |
| Accrued Interest | 5,969 | 14,693 | -59.37% | 5,906 | 1.07% |
| Other payables | 80,534 | 79,724 | 1.02% | 81,803 | -1.55% |
| Accrued expenses | 988,820 | 999,754 | -1.09% | 994,207 | -0.54% |
| Income tax payable | 1,049,688 | 1,049,593 | 0.01% | 1,049,308 | 0.04% |
| Unearned income | 262,104 | 260,473 | 0.63% | 271,339 | -3.40% |
| Deposit received from customers | 35,167 | 40,523 | -13.22% | 46,102 | -23.72% |
| Total liabilities | 2,422,282 | 2,444,761 | -0.9% | 2,448,665 | -1.1% |
| Capital from unitholders | 4,489,281 | 4,509,046 | -0.4% | 4,568,340 | -1.7% |
| Retained earnings | 1,974,626 | 1,855,101 | 6.4% | 1,749,048 | 12.9% |
| Net assets | 6,463,907 | 6,364,147 | 1.6% | 6,317,388 | 2.3% |
| Net asset value per unit (Baht) | 11.8062 | 11.6240 | 1.6% | 11.5386 | 2.3% |
Statement of income
(Unit: Baht in thousand except indicated)|
Q1/2026
|
Q4/2025
|
QoQ
|
Q1/2025
|
YoY
|
|
|---|---|---|---|---|---|
| Rental and services income | 195,279 | 195,215 | 0.0% | 188,571 | 3.6% |
| Interest income | 1,413 | 1,579 | -10.5% | 1,785 | -20.8% |
| Dividend income | - | - | n.m. | - | n.m. |
| Other income | 757 | 1,017 | -25.6% | 3,541 | -78.6% |
| Total income | 197,449 | 197,811 | -0.2% | 193,897 | 1.8% |
| Costs of rental and services | 33,713 | 40,266 | -16.3% | 36,906 | -8.7% |
| REIT Manager's fee | 10,051 | 10,051 | 0.0% | 9,971 | 0.8% |
| Trustee's fee | 3,387 | 7,166 | -52.7% | 3,400 | -0.4% |
| Registrar's fee | 363 | 371 | -2.2% | 369 | -1.6% |
| Property management fee | 8,460 | 9,051 | -6.5% | 8,694 | -2.7% |
| Professional fees | 1,581 | 1,157 | 36.6% | 873 | 81.1% |
| Other expenses | 6,319 | 7,907 | -20.1% | 6,480 | -2.5% |
| Finance cost | 17,370 | 19,262 | -9.8% | 20,522 | -15.4% |
| Income tax expenses | 14,186 | 14,111 | 0.5% | 13,581 | 4.5% |
| Total expenses | 95,430 | 109,343 | -12.7% | 100,796 | -5.3% |
| Net investment income | 102,019 | 88,468 | 15.3% | 93,101 | 9.6% |
| Gains (losses) from changes in fair value of investment in debt securities | 31 | 95 | -67.2% | -24 | -229.2% |
| 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 | 57,358 | -14,616 | -492.4% | -151,820 | -137.8% |
| Increase in net assets from operations | 159,408 | 74,276 | 114.6% | -58,743 | -371.4% |
Statements of financial position
(Unit: Baht in thousand except indicated)|
Q1/2026
|
Q4/2025
|
QoQ
|
Q1/2025
|
YoY
|
|
|---|---|---|---|---|---|
| Investments in debt securities measured at fair value through profit or loss | 146,321 | 145,987 | 0.23% | 106,799 | 37.0% |
| 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 | 8,511,787 | 8,440,109 | 0.85% | 8,394,555 | 1.4% |
| Cash and cash equivalents | 507,103 | 520,668 | -2.61% | 574,115 | -11.7% |
| Receivables | 9,102 | 7,957 | 14.39% | 7,647 | 19.0% |
| Loan to subsidiary | - | - | n.m. | - | n.m. |
| Other assets | 42,796 | 44,754 | -4.38% | 46,638 | -8.2% |
| Total assets | 9,217,109 | 9,159,475 | 0.63% | 9,129,754 | 0.96% |
| Accrued Interest | 5,969 | 14,693 | -59.37% | 5,906 | 1.07% |
| Income tax payable | 238,643 | 238,225 | 0.18% | 235,760 | 1.22% |
| Long-term borrowings from financial institutions | 988,820 | 999,754 | -1.09% | 994,207 | -0.54% |
| Debentures | 1,049,688 | 1,049,593 | 0.01% | 1,049,308 | 0.04% |
| Lease liabilities | 262,428 | 261,118 | 0.50% | 272,928 | -3.85% |
| Other liabilities | 125,765 | 134,150 | -6.25% | 138,363 | -9.11% |
| Net assets | 2,671,313 | 2,697,532 | -0.97% | 2,696,472 | -0.93% |
| Capital from unitholders | 4,489,281 | 4,509,046 | -0.44% | 4,568,340 | -1.73% |
| Retained earnings | 2,056,515 | 1,952,897 | 5.31% | 1,864,942 | 10.27% |
| Net assets | 6,545,796 | 6,461,943 | 1.30% | 6,433,282 | 1.75% |
| Net asset value per unit (Baht) | 11.9557 | 11.8026 | 1.30% | 11.7502 | 1.75% |
Source:
Reference to financial statements Auditor’s Report on Review of Interim Financial Information for Q1/2026, Q4/2025 and Q1/2025