Frasers Property Thailand Industrial Freehold & Leasehold real estate investment trust (FTREIT) recorded net investment income of Bt422 million from a total income of Bt677 million in the first quarter of fiscal year 2019, which ended on December 31, 2018.
The strong results reflected REIT managers’ abilities to acquire new high-quality tenants for their factory and warehouse portfolio, as well as efficient management of costs and operational expenses, said Frasers Property Industrial REIT Management (Thailand) Co Ltd’s managing director, Peerapat Srisukont
The Board of FIRM approved dividend payments of Bt0.1670 per share, an increase of 4.4 per cent from Bt0.16 per share in the previous quarter.
During the first quarter of the fiscal year ended 2019, Frasers Property (Thailand) monetised assets in eight industrial and logistics parks to support its growth. These assets are in strategic locations like Chon Buri, Samut Prakan, Ayutthaya, Pathum Thani and Prachin Buri, with total asset value of over Bt1.907 billion and total gross floor area of 72,775 square metres.
During the same quarter, FTREIT also successfully issued debentures at a competitive interest cost for investment in the above-mentioned assets. The subscription saw an overwhelming response from investors. As a result, FTREIT maintains its leadership position as Thailand’s largest industrial and logistics REIT with assets valued at over Bt36 billion.