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REIT Performance Assets Performance Financial Statement Management Discussion and Analysis Appraisal Report Unit NAV
2017 2018 2019 2020 2021 9M/2021 9M/2022
Operation Performance (Thousand Baht)
Rental income 19,012 226,337 286,061 424,367 495,680 328,645 337,523
Interest income 18 856 393 330 72 62 101
Other income 221 38 2,331 1,993 2,964 2,448 567
Total income 19,251 227,231 288,785 426,691 498,716 331,155 338,191
Total expenses 1,322 20,082 47,354 60,039 67,467 45,464 48,547
Finance costs 1,413 21,540 32,311 73,384 73,988 54,553 58,582
Net profit on investments 16,516 185,609 209,119 293,268 357,261 231,138 231,062
Net gain (loss) on investment  - - - (7,358) (8,929) (6,800) (2,620)
Net gain on changes in fair value of investments  - - - 1,432 (129,772) (110,427) (66,138)
Net realised gain (loss) from sale of investments in securities - - 2,335 - - - -
Net realised gain (loss) from investments in freehold and leasehold properties - (1,420) (3,416) - - - -
Net unrealised gain (loss) from investments in freehold and leasehold properties  - (3,975) (71,794) - - - -
Net unrealised gain (loss) from investments in securities - - 327 - - - -
The effect of changes in foreign exchange rates - - (14,626) 33,209 178,533 207,513 221,993
Net increase in net assets resulting from operations 16,516 180,214 121,947 320,552 397,093 321,424 384,297
Financial Position (Thousand Baht)
Investment Properties 4,172,774 4,339,997 6,780,673 7,258,856 7,507,987 7,507,987 7,940,230
Other assets 171,518 42,072 196,284 232,678 286,804 286,804 195,012
Total assets 4,344,292 4,382,069 6,976,956 7,491,534 7,794,791 7,794,791 8,135,242
Long-term loans 588,889 599,095 1,488,210 1,683,507 1,736,793 1,736,793 1,783,343
Other payable and accrued expenses 82,836 54,774 87,521 331,051 364,890 364,890 415,314
Total liabilities 671,725 653,869 1,575,731 2,014,558 2,101,683 2,101,683 2,198,657
Net assets 3,672,567 3,728,200 5,401,226 5,476,977 5,693,108 5,693,108 5,936,585
Financial Ratios
Number of outstanding units at the end of period (units) 409,400,000 409,400,000 711,500,000 711,500,000 711,500,000 711,500,000 711,500,000
Net investment income (Baht per unit) 0.0404 0.4534 0.2939 0.4122 0.5021 0.3249 0.3248
Net asset value (Baht per unit) 8.9706 9.1065 7.5913 7.6978 8.0016 8.0016 8.3438
Interest bearing debt to total assets ratio (%) 13.56% 13.67% 21.33% 22.47% 22.28% 22.28% 21.92%
Total liabilities to total assets (%) 15.46% 14.92% 22.58% 26.89% 26.96% 26.96% 27.03%
Total liabilities to net assets value ratio (times) 0.18 0.18 0.29 0.37 0.37 0.37 0.37