CPN Retail Growth Leasehold REIT (CPNREIT) posted total revenue of 1.5 billion baht in the second quarter this year, an increase of 5.9% year-on-year.
Net profit from investments was 1.06 billion baht, up 12.1% year-on-year.
The assets invested by CPNREIT constitute a total of 12 projects, consisting of seven malls (Central Rama 2, Central Rama 3, Central Pinklao, Central Chiangmai Airport, Central Pattaya, Central Marina and Central Lampang), four office buildings (Pinklao Tower A and Tower B, The Ninth Towers and Unilever House) and Hilton Pattaya Hotel.
Pattamika Pongsurayamas, chief executive of CPNREIT, said the company has seen continued strong performance in line with the expansion of private consumption for the service sector, driven mainly by the tourism sector.
"Overall, for the second quarter, the assets invested by CPNREIT had a high average occupancy rate of around 93%," she said.
The average number of customers using the shopping malls remained at the same level as in the previous quarter.
Rental income from the shopping mall business increased by 5.9% year-on-year and rental income from office business grew by 7.1%.
Rental income from the hotel business increased in line with lease contracts.
An aerial view shows a birds-eye-view of the Central Pinklao shopping mall.
CPNREIT's total assets amounted to 91.7 billion baht, an increase of 12.7% year-to-date from the lease renewal of the Central Pinklao project in early May, with total trust units of 3.621 billion, increasing from the capital raised from the issuance of 1.053 billion new trust units.
The distribution payment to trust unitholders from the two-month operation period from May 4–June 30 was at a rate of 0.1682 baht per unit.
This can be separated into the dividend of 0.0399 baht per unit and the capital reduction of 0.1283 baht per unit, which will be posted on Aug 28. The payment date is scheduled for Sept 11.
Combined with the dividend payment prior to the capital raised from the first four-month operation period from Jan 1–May 3, at a rate of 0.3618 baht per unit, paid on May 17, the distribution payment for the first half of the year equalled 0.53 baht per unit, representing a yield of 9.4% at a price of 11.30 baht.
