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 March 31, 2024, the Trust had total assets of 13,438.2 million baht, a decrease of 175.9 million baht from the previous quarter and a decrease of 190.7 million baht from the same period last year, or 1.3 % and 1.4 %, respectively. This was caused by investments in real estate leasehold rights at fair value decreasing from the previous quarter by 141.7 million baht, or 1.1 %.
- As of March 31, 2024, the REIT had total liabilities of 5,035.8 million baht, a decrease of 42.1 million baht from the previous quarter and a decrease of 16.3 million baht from the same period last year, or 0.8 and 0.3 %, respectively, with the main reasons being: From long-term loans, it decreased by 29.2 million baht compared to the previous quarter and the same period last year. or equivalent to 0.7 and 0.6 %, respectively.
- Net assets as of March 31, 2024 were 8,402.4 million baht, equivalent to net assets of 9.6126 baht per unit, decreased from 9.7656 baht per unit at the end of the 4th quarter of 2023 and decreased from 9.8121 at the end of the 1st quarter of 2023.
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Considering the REIT's compensation payment from the operating results in the 1st quarter of 2024, the REIT manager sets aside a reserve fund for future loan repayments that will be paid for the 2nd quarter of 2024, not exceeding 29 million baht, and for improving and repairing real estate for 2024 at the rate of 3 percent of total income in order to calculate adjusted net profit according to the criteria of the SEC Office.
ALLY REIT announces the payment of benefits to trust unitholders for the first quarter of 2024 in the amount of 0.1310 baht per unit, with the closing date of the trust unit transfer register book scheduled for the right to receive benefits on 24 May 2024. and benefits are scheduled to be paid on June 16, 2024.
Income Statement
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In the first quarter of 2024, the Trust had total income of 406.0 million baht, a decrease of 21.8 million baht from the previous quarter and a decrease of 14 million baht from the same period of the previous year, or 5.1% and 3.3%, respectively. This was mainly due to decreased rental and service income. Compared to the previous quarter and the same period last year, 2.1 % and 4.5 %, respectively.
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In the first quarter of 2024, the REIT had total expenses of 250.6 million baht, a decrease of 10.6 million baht from the previous quarter and a decrease of 10.4 million baht from the same period last year, or 4.1% and 4.0%, respectively. This was mainly due to a decrease in rental and service costs of 2.7 % and 12.6% compared to the previous quarter. and the same period of the previous year, respectively.
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In the first quarter of 2024, the REIT had net investment income of 155.4 million baht, a decrease of 11.2 million baht from the previous quarter and a decrease of 3.6 million baht from the same period last year, or 6.7 % and 2.3 % compared to last quarter and the same period of the previous year, respectively.
For the first quarter of 2024, the REIT had a loss from property valuation and an increase in net assets from operations for 2023 at 8.7 million baht, a decrease from the previous quarter and the same period of the previous year. Accounted for 92.9 % and 96.8 %, respectively, with the main cause being a net loss from changes in the fair value of investments in leasehold real estate. This is not a cash transaction and does not affect the cash flow of the trust.
| unit : 000’THB except indicated | 1Q23 | 4Q23 | 1Q24 |
|---|---|---|---|
| Assets | |||
| Investment in leasehold properties at fair value | 12,611 | 12,613 | 12,472 |
| Cash and cash at banks | 681 | 671 | 627 |
| Receivables on accrued rental and service income | 208 | 196 | 200 |
| Receivables on accrued other income | 3 | 26 | 9 |
| Receivables on accrued interest income | 1 | 0 | 1 |
| Deferred expenses | 35 | 20 | 14 |
| Refundable value added tax | 5 | 5 | 5 |
| Refundable deposits | 36 | 36 | 36 |
| Other assets | 49 | 47 | 74 |
| Total Assets | 13,629 | 13,613 | 13,438 |
| Liabilities | |||
| Trade accounts payable | 47 | 45 | 44 |
| Other payables and accrued expenses | 110 | 125 | 121 |
| Rental and service income received in advance | 14 | 9 | 11 |
| Deposits from rental and services | 434 | 425 | 417 |
| Borrowings from financial institution | 3,610 | 3,614 | 3,587 |
| Lease liabilities | 825 | 851 | 846 |
| Other liabilities | 13 | 10 | 10 |
| Total liabilities | 5,052 | 5,078 | 5,036 |
| Net Asset | 8,577 | 8,536 | 8,402 |
| Net Asset Value per Unit (Baht) | 9.8121 | 9.7656 | 9.6126 |
| 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 | 1Q23 | 4Q23 | 1Q24 |
|---|---|---|---|
| Income | |||
| Rental and Service income | 394.3 | 384.6 | 376.7 |
| Interest income | 0.7 | 1.0 | 1.0 |
| Other income | 25.0 | 42.1 | 28.3 |
| Total Income | 420.0 | 427.8 | 406.0 |
| Expense | |||
| Management fees | 13.0 | 13.3 | 12.9 |
| Trustee fees | 3.3 | 3.4 | 3.3 |
| Registrar fees | 0.6 | 0.6 | 0.6 |
| Property management fees | 34.9 | 34.2 | 34.0 |
| Professional fees | 0.6 | 0.6 | 1.2 |
| Amortization of deferred expenses | 5.2 | 5.3 | 5.2 |
| Costs of rental and services | 144.8 | 130.1 | 126.5 |
| Administrative expenses | 9.8 | 16.9 | 11.6 |
| Finance costs | 48.8 | 56.8 | 55.2 |
| Total expenses | 261.0 | 261.2 | 250.6 |
| Net profit on investments | 159.0 | 166.6 | 155.4 |
| Net gain on changes in fair value of investments in leasehold properties | (17.6) | (43.0) | (146.7) |
| Total net loss on investments | (17.6) | (43.0) | (146.7) |
| Net increase in net assets resulting from operations | 137.3 | 123.6 | 8.7 |