Performance Highlights
ALLY successfully expanded the scope of the investment policy beyond retail assets into commercial assets such as office buildings, markets, and warehouses –with the goal to diversify revenue stream and risk as well as increase the growth opportunities by extending the asset universe.
Balance Sheet
- As of June 30, 2024, the REIT had total assets of 13,680.3 million baht, an increase of 242.1 million baht and 60.3 million baht from the previous quarter and the same period of the previous year, or 1.8% and 0.4%, respectively, mainly due to an increase of 219.3 million baht in investment in leasehold rights of real estate at fair value, resulting from investment in additional assets, namely the Happy Avenue Don Muang project.
- As of June 30, 2024, the REIT had total liabilities of THB 5,246.3 million, an increase of THB 210.5 million and THB 197.9 million from the previous quarter and from the same period of the previous year, or 4.2% and 3.9%, respectively, mainly due to long-term loans for additional investment in the Happy Avenue Don Mueang project
- Net assets as of June 30, 2024 amounted to THB 8,434.0 million, representing THB 9.6487 net assets per unit, an increase from THB 9.6126 per unit at the end of Q1 2024 and a decrease from THB 9.8061 per unit at the end of Q2 2023.
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Consideration of the REIT 's payment of compensation from the performance in the second quarter of 2024, the trust manager has set aside a reserve for future loan repayments to be paid in the second quarter of 2024 not exceeding 29 million baht and for the renovation and repair of real estate in 2024 at a rate of 3% of total revenue to be used in calculating the adjusted net profit in accordance with the criteria of the SEC.
The REIT announced the payment of benefits to unitholders in the second quarter of 2024 at 0.1330 baht per unit, with the closing date of the unit transfer register for the right to receive benefits on August 27, 2024, and the payment date on September 19, 2024.
Income Statement
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In Q2/2024, the REIT had total revenue of 419.0 million baht, an increase of 13.0 million baht from the previous quarter or 3.2%, and a decrease of 9.8 million baht from the same period of the previous year or 2.3%, respectively. The main reason was the rental and service income which increased from the previous quarter by 10.2 million baht or 2.7%, but decreased when compared to the same period of the previous year by 16.5 million baht or 4.1%.
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In Q2/2024, the REIT had total expenses of 261.0 million baht, an increase of 10.4 million baht from the previous quarter or 4.2%, and a decrease of 6.8 million baht or 2.5% from the same period last year, mainly due to an increase in administrative expenses of 6.0 million baht and 9.5 million baht, or 51.5% and 117.3% compared to the previous quarter and the same period last year, respectively.
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In Q2/2024, the REIT had net investment income of 157.9 million baht, an increase of 2.5 million baht from the previous quarter and a decrease of 3.0 million baht from the same period last year, or 1.6% and 1.9% compared to the previous quarter and the same period last year, respectively.
Overall, net investment income for the first half of 2024 decreased from the same period last year to 313.4 million baht, or 2.1%.
However, the increase in net assets from operations for Q2/2024 was 146.1 million baht, an increase of 1569.4% from the previous quarter, mainly due to net loss from changes in fair value of investment in leasehold rights in real estate, which is not a cash item and does not affect the Trust's cash flow.
| unit : 000’THB except indicated | 2Q23 | 1Q24 | 2Q24 |
|---|---|---|---|
| Assets | |||
| Investment in leasehold properties at fair value | 12,606 | 12,472 | 12,691 |
| Cash and cash at banks | 688 | 627 | 634 |
| Receivables on accrued rental and service income | 203 | 200 | 203 |
| Receivables on accrued other income | 5 | 9 | 20 |
| Receivables on accrued interest income | - | 1 | 0 |
| Deferred expenses | 30 | 14 | 9 |
| Refundable value added tax | 5 | 5 | 5 |
| Refundable deposits | 36 | 36 | 37 |
| Other assets | 46 | 74 | 81 |
| Total Assets | 13,620 | 13,438 | 13,680 |
| Liabilities | |||
| Trade accounts payable | 41 | 44 | 46 |
| Other payables and accrued expenses | 125 | 121 | 133 |
| Rental and service income received in advance | 11 | 11 | 10 |
| Deposits from rental and services | 427 | 417 | 423 |
| Borrowings from financial institution | 3,611 | 3,587 | 3,785 |
| Lease liabilities | 823 | 846 | 840 |
| Other liabilities | 11 | 10 | 10 |
| Total liabilities | 5,048 | 5,036 | 5,246 |
| Net Asset | 8,572 | 8,402 | 8,434 |
| Net Asset Value per Unit (Baht) | 9.8061 | 9.6126 | 9.6487 |
| Number of trust units issued at the end of the period/year (thousand units) | 874,100 | 874,100 | 874,100 |
| unit : 000’THB except indicated | 2Q23 | 1Q24 | 2Q24 |
|---|---|---|---|
| Income | |||
| Rental and Service income | 403.4 | 376.7 | 386.9 |
| Interest income | 0.8 | 1.0 | 1.0 |
| Other income | 24.6 | 28.3 | 31.0 |
| Total Income | 428.8 | 406.0 | 419.0 |
| Expense | |||
| Management fees | 13.2 | 12.9 | 13.0 |
| Trustee fees | 3.4 | 3.3 | 3.4 |
| Registrar fees | 0.6 | 0.6 | 0.6 |
| Property management fees | 35.7 | 34.0 | 34.4 |
| Professional fees | 1.0 | 1.2 | 0.7 |
| Amortization of deferred expenses | 5.2 | 5.2 | 5.2 |
| Costs of rental and services | 148.9 | 126.5 | 130.5 |
| Administrative expenses | 8.1 | 11.6 | 17.6 |
| Finance costs | 51.7 | 55.2 | 55.6 |
| Total expenses | 267.8 | 250.6 | 261.0 |
| Net profit on investments | 160.9 | 155.4 | 157.9 |
| Net gain on changes in fair value of investments in leasehold properties | (20.2) | (146.7) | (11.9) |
| Total net loss on investments | (20.2) | (146.7) | (11.9) |
| Net increase in net assets resulting from operations | 140.7 | 8.7 | 146.1 |