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.
- As of September 30, 2022, the total assets of ALLY REIT was Bath 13,515.1 million. It has decreased by Baht 21.1 million, or 0.2%, from the previous quarter; and it has increased by Baht 971.6 million, or 7.7%, from the same period last year. The main reasons for this were the additional investment made in The Crystal Chaiyapruek project and The Prime Hua Lamphong project. Also, the account receivable from the outstanding lease fee and service fee has decreased by Baht 208.0 million, and account receivables from the Straight-Line Basis, for an amount of Baht 72.7 million.
- As of September 30, 2022, the net liability of ALLY REIT was Bath 5,065.3 million decreasing by Baht 9.7 million from the previous quarter or 0.2% QoQ but increasing by Baht 829.2 million from the same period of the previous year or 19.6% YoY. The main factor is the long-term loan agreement relevant to the additional investment in the Kad Farang Village project, the Crystal Chaiyapruek Project and Prime Hua Lamphong Project and the deposits from rental and service from the tenants of the assets that the REIT invested has increased by Baht 38.3 million or 9.8% YoY.
- AAs of September 30, 2022, Net Asset Value (“NAV”) was recorded at Baht 8,449.8 million or Baht 9.6668 per unit, an increase from Baht 9.6799 per unit as of June 30, 2022 and an increase from Baht 9.5037 per unit as of September 30, 2021.
In 4Q2022, ALLY REIT has total income of THB 424.6 million which increases by Bath 14.3 million and Bath 96.6 million or 3.5% QoQ and 29.5% YoY. Due to the ALLY REIT's additional assets investment in The Crystal Chaiyapruek Project and The Prime Hua Lamphong project and reductions in rental discounts being offered to assist tenants during the COVID-19 pandemic as a result, the REIT has rental and service income of Bath 379.7 million, an increase from the previous quarter and the same period of the previous year by 1.2% QoQ and 22.4% YoY.
For the year ended 31 December 2022, ALLY REIT has total income of THB 1,592.2 million which increases by 41.2% YoY. Due to the REIT has rental and service income of Bath 1,441.9 million, an increase from the same period of the previous year by 31.7%. Due to the resumption of normal business operations of retail malls that are under the management of the REIT and the additional investment made by the REIT.
During Q4/2022, the total expense of ALLY REIT was Baht 269.8 million. It has increased by Baht 12.2 million from the previous quarter or 4.7% and increased by Baht 53.3 million from the same period of the previous year by 24.6%. The reasons for this mainly came from the administrative expenses of Baht 31.7 million, which has increased by Baht 21.0 and Baht 14.7 million, or 195.4% and 86.5% respectively. Due to the resumption of bad debt reserve.
For the year ended 31 December 2022, ALLY REIT has total expense of THB 972.8 million which increases by 30.8% YoY. Therefore, the financial cost of the REIT has also increased from the same period last year, at 9.2 %. Moreover, as a result of the investment in additional properties, the total value of the REIT’s properties has increased, as well as the management fee the Trustee fee and the Property management fee that increased from the same period last year, at the rate of 7.5%, 7.4% and 41.1%, respectively.
During Q4/2022, the net investment income of ALLY REIT was Baht 154.8 million. It has increased by Baht 2.1 million, or 1.4% QoQ, from the previous quarter; and it has increased by Baht 43.4 million, or 38.9%, from the same period last year.
For the year ended 31 December 2022, the net investment income of ALLY REIT was Baht 619.4 million. It has increased by 61.2% from the same period last year. The main reasons for this was an additional assets investment, the subsidence of the pandemic, and the relaxation of the anti-COVID-19 measures. As a result, the REIT earned more revenue from the lease fee and the service fee, as well as from the lease fee of the common areas and the activities arranged by retail malls.
The REIT has announced distribution of returns for 3Q22 at 0.1500 Baht per unit. The REIT will post XD sign on November 24, 2022, followed by Book Closing Date November 28, 2022 and distribution of returns payment will be made on December 16, 2022.
|unit : 000’THB except indicated||4Q21||3Q22||4Q22|
|Investment in leasehold properties at fair value||12,162||12,508||12,497|
|Cash and cash at banks||544||597||641|
|Receivables on accrued rental and service income||248||264||231|
|Receivables on accrued other income||9||7||9|
|Receivables on accrued interest income||0||0||0|
|Refundable value added tax||5||5||5|
|Trade accounts payable||44||45||60|
|Other payables and accrued expenses||110||117||99|
|Rental and service income received in advance||7||13||10|
|Deposits from rental and services||411||431||432|
|Borrowings from financial institution||3,432||3,607||3,608|
|Net Asset Value per Unit (Baht)||9.5843||9.6668||9.6738|
|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||4Q21||3Q22||4Q22|
|Rental and Service income||310.0||375.0||379.7|
|Property management fees||26.1||33.0||33.3|
|Amortization of deferred expenses||5.3||5.3||5.3|
|Costs of rental and services||114.2||151.2||138.0|
|Net profit on investments||111.4||152.7||154.8|
|Net gain on changes in fair value of investments in leasehold properties||(25.2)||(20.0)||(17.6)|
|Total net loss on investments||(25.2)||(20.0)||(17.6)|
|Net increase in net assets resulting from operations||86.2||132.8||137.3|