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
Total asset Value (MB.)
Cash & Equivalents (MB.)
Net asset Value (MB.)
NAV (Baht/ Unit)
Debt /TAV (Times)
- On March 31,2022, the net asset of ALLY REIT is THB 13,406.3 million increasing for THB 311.8 million or 2.4% from the net asset of year 2021 as a result of investment in immoveable leasehold under fair value of THB 12,418.9 million, which is equivalent to 2.1% growth rate from that of the previous year owing to the additional investment in the Crystal Chaiyapruek Project and Prime Hua Lamphong Project and accrued rent and service income of THB 276.1 million, increasing for 11.2% compared to that of the year 2021 as a result of debtor's late payment, totaling THB 215.8 million and the debts arising in connection with the straight-line methods of THB 60.3 million.
- On March 31, 2022, the net liability of ALLY REIT is THB 4,950.2 million increasing by 5.3% and 27.2% from the previous quarter and the same period of the previous year. The main factor is the long-term loan agreement relevant to the additional investment in the Kad Farang Villageproject, the Crystal Chaiyapruek Project and Prime Hua Lamphong Project.
- As of March 31, 2022, Net Asset Value (“NAV”) was recorded at Baht 8,456.1 million or Baht 9.6740 per unit, an increase from Baht 9.6024 per unit as of 31 December 2021.
- The REIT has announced distribution of returns for 1Q22 at 0.1620 Baht per unit. The REIT will post XD sign on 25 May 2022, followed by Book Closing Date on 27 May 2022 and distribution of returns payment will be made on 15 June 2022.
Income Statement
Total revenue (MB.)
Net investment income (MB.)
Distribution income (MB.)
Distribution per unit (Baht)
- In 1Q2022, ALLY REIT has net income of THB 371.3 million which increases by 13.2% and 12.2% in comparison with the previous quarter and the same period last year. Due to the ALLY REIT's additional investment in the Prime Hua Lamphong project.
- In 1Q22, Total expense was Baht 218.7 million, increased by 1.0%QoQ and 15.3%YoY as the result of property manager fee increase by 18.7%QoQ and costs of rental and serviceincreased by 3%QoQ due to the normal opening of the shopping center project under the management of the REIT and the relaxationactivities which are in accordance with the provincial government’s measures.
- In Q1, 2022, the net investment income was Baht 152.2 million, increasing for Baht 41.1 million or 36.9%QoQ and Bath 11.4 million or 7.9%YoY due to completed acquisition of the additional assets and the better situation of the COVID-19 pandemic.
| unit : 000’THB except indicated | 1Q21 | 4Q21 | 1Q22 |
|---|---|---|---|
| Assets | |||
| Investment in leasehold properties at fair value | 12,161,749 | 12,161,749 | 12,418,938 |
| Cash and cash equivalents | 543,896 | 543,896 | 563,158 |
| Receivables on accrued rental and service income | 248,424 | 248,424 | 276,126 |
| Receivables on accrued other income | 9,179 | 9,179 | 7,201 |
| Receivables on accrued interest income | 10 | 9 | 164 |
| Deferred expenses | 61,466 | 61,466 | 56,296 |
| Refundable value added tax | 5,359 | 5,359 | 5,359 |
| Refundable deposits | 34,101 | 34,101 | 34,626 |
| Other assets | 30,311 | 30,311 | 44,458 |
| Total Assets | 13,094,495 | 13,094,495 | 13,406,326 |
| Liabilities | |||
| Trade accounts payable | 43,681 | 43,681 | 44,017 |
| Other payables and accrued expenses | 109,693 | 109,693 | 108,061 |
| Rental and service income received in advance | 6,673 | 6,672 | 16,935 |
| Deposits from rental and services | 411,289 | 411,289 | 425,044 |
| Borrowings from financial institution | 3,431,785 | 3,431,785 | 3,604,165 |
| Lease liabilities | 674,443 | 674,443 | 729,636 |
| Other liabilities | 23,445 | 23,445 | 22,371 |
| Total liabilities | 4,701,009 | 4,701,009 | 4,950,229 |
| Net Asset | 8,393,486 | 8,393,486 | 8,456,097 |
| Net Asset Value per Unit (Baht) | 9.6024 | 9.5843 | 9.6740 |
| 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 | 1Q21 | 4Q21 | 1Q22 |
|---|---|---|---|
| Income | |||
| Rental and Service income | 324.6 | 310.0 | 335.6 |
| Interest income | 0.2 | 0.1 | 0.2 |
| Other income | 6.3 | 17.8 | 35.5 |
| Total Income | 331.0 | 328.0 | 371.3 |
| Expense | |||
| Management fees | 12.0 | 12.5 | 12.8 |
| Trustee fees | 3.1 | 3.2 | 3.3 |
| Registrar fees | 0.9 | 0.3 | 0.5 |
| Property management fees | 28.4 | 26.1 | 31.0 |
| Professional fees | 1.6 | 0.6 | 1.0 |
| Amortization of deferred expenses | 5.2 | 5.3 | 5.2 |
| Costs of rental and services | 98.6 | 114.2 | 117.7 |
| Administrative expenses | 6.7 | 17.0 | 10.2 |
| Finance costs | 33.3 | 37.3 | 37.1 |
| Total expenses | 189.6 | 216.5 | 218.7 |
| Net profit on investments | 141.4 | 111.4 | 152.5 |
| Net gain on changes in fair value of investments in leasehold properties | 26.8 | (25.2) | 23.7 |
| Total net loss on investments | 26.8 | (25.2) | 23.7 |
| Net increase in net assets resulting from operations | 168.2 | 86.2 | 176.2 |