Mitihoon – BANGKOK, 28 NOVEMBER 2024 Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT) reported steady results for FY2024 (Oct 2023 – Sep 2024), delivering total revenue of THB 3,968.7 million, up 5%, and net profit on investment of THB 2,558.1 million. FTREIT maintained its position as an industrial trust leader in FY2024, successfully acquiring additional assets from its sponsor and regained inclusion in the FTSE Global Equity Index Series (FTSE GEIS) in September 2024. 4Q2024 (Jul – Sep 2024) dividends were announced at THB 0.1870 per unit.
Mr. Bhumpharn Arunthammakul, Managing Director of Frasers Property Industrial REIT Management (Thailand) Company Limited or “FIRM” as the REIT manager of FTREIT said, “The trust achieved its FY2024 targets, maintaining an average portfolio occupancy rate of 85.8%. Rental income grew steadily, particularly from factory rentals driven by demand from companies executing on their China Plus One strategy. FY2024 total revenue reached THB 3,968.7 million, increasing by THB 189.5 million or 5% year-on-year, with net profit on investment of THB 2,558.1 million”
The trust delivered over 5,100 sqm of green-certified space to clients in future industries (New S-Curve), including the electronics and aviation sectors. These developments include both new greenfield construction projects, and brownfield building enhancement projects which involve renovating existing structures and constructing building extensions on already developed sites. FTREIT is Thailand’s first industrial REIT to design and develop custom factories for clients.
During FY2024, FTREIT successfully acquired 10 factory and warehouse units over 30,800 sqm from Frasers Property Thailand. As at 30 September, FTREIT’s portfolio value was THB 50,573.6 million with 2.3 million sqm of leasable area, of which 72% (1.6 million sqm) is freehold, making it Thailand’s largest industrial REIT by net leasable area and freehold space.
FTREIT will pay 4QFY2024 dividends of THB 0.1870 per unit, with ex-dividend date on 11 December 2024, record date for determining unitholders entitled to receive dividends on 12 December 2024, and payment date on 26 December 2024. Total dividends for FY2024 amount to THB 0.7480 per unit.
Effective 23 September 2024, FTREIT had also been reselected for inclusion in the FTSE GEIS, a globally recognised equity index series compiled by FTSE Russell. The FTSE GEIS is an index that comprises over 19,000 high-potential listed securities from 49 countries worldwide. Inclusion in this index plays a crucial role in attracting increased investment weighting from institutional investors and funds, both from Thailand and internationally.
Looking ahead to 2025, FIRM anticipates sustained tailwinds from several key drivers: 1) Manufacturing relocation from China, which is driving increased demand for factory rentals, 2) Export value growth in line with the manufacturing sector’s expansion, and 3) Domestic consumption growth supporting warehouse rental demand – all of which will benefit FTREIT’s business operations.
For FY2025 (October 2024 – September 2025), FTREIT has allocated an investment budget of approximately THB 2 billion to expand its portfolio through investments in new assets from both Frasers Property Thailand and other companies.
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