CPNREIT announces 2Q24 results with total revenue of Baht 1,504 million, increased by 5.9% YoY and net profit from investments of Baht 1,055 million

CPNREIT announces 2Q24 results with total revenue of Baht 1,504 million, increased by 5.9% YoY and net profit from investments of Baht 1,055 million, increased by 12.1%yoy, and announced distribution payment from the 2-month operating result (May-Jun 2024) at Baht 0.1682 per unit

Bangkok – CPN Retail Growth Leasehold REIT (CPNREIT) has announced its operating results for 2Q24, whereby it earned a total revenue amounting Baht 1,504 million, an increase of 5.9%yoy. This increase is in line with the ongoing expansion of private consumption and service sector.

Ms. Pattamika Pongsurayamas, Chief Executive Officer of CPNREIT Management Company Limited, in her capacity as the REIT Manager of CPNREIT, said that CPNREIT has continued strong performance in line with the expansion of private consumption, service sector and employment driven mainly by the tourism sector. Overall, for 2Q24, the assets invested by CPNREIT i.e. seven shopping malls and 4 office buildings have a high average occupancy rate at approximately 93%. The average number of customers using the shopping malls remained at the same level as in the previous quarter. Rental income from shopping malls business increased by 5.9%yoy and rental income from office business grew by 7.1%yoy. Also, rental income from the hotel business increased in accordance with the lease contract. As a result, CPNREIT’s total revenue amounted to Baht 1,504 million, an increase of 5.9%yoy, and its net profit from investments amounted to Baht 1,055 million, an increase of 12.1%yoy. In addition, CPNREIT’s total assets amounted to Baht 91,734 million, an increase of 12.7%ytd from the lease renewal of the Central Pinklao project in early May, with total trust units of 3,621 million units, increased from the capital raising from the issuance of 1,053 million new trust units.

From the continuous strong operating performance, the REIT Manager announced the distribution payment to the trust unitholders from the two-month operation period from 4 May – 30 June 2024 at the rate of Baht 0.1682 per unit, divided into the dividend of Baht 0.0399 per unit and the capital reduction of Baht 0.1283 per unit, with the XD and XN posted date will be on 28 August 2024 and the payment date will scheduled on 11 September 2024. Combined with the dividend payment prior to the capital raising from the first four-month operation period from 1 January – 3 May 2024 at the rate of Baht 0.3618 per unit, paid on 17 May 2024., the 1H24 distribution payment equaled to Baht 0.5300 per unit, representing the yield of 9.4% at the price of Baht 11.30.

Currently, the assets invested by CPNREIT totaling 12 projects consisting of the 7 shopping malls (Central Rama 2, Central Rama 3, Central Pinklao, Central Chiangmai Airport, Central Pattaya, Central Marina, and Central Lampang), the 4 office buildings (Pinklao Tower A and Tower B, The Ninth Towers, and Unilever House) and the hotel i.e. Hiiton Pattaya.