CPN Retail Growth Leasehold REIT (CPNREIT) posted 5.84 billion baht in revenue for 2023, an increase of 16% year-on-year.
Net profit from investments amounted to 3.94 billion baht, up 20.1% year-on-year.
CPNREIT reported 1.53 billion baht in revenue in the fourth quarter of 2023, a gain of 9.3% year-on-year, while net profit from investments tallied 1.02 billion baht, up 12.4%.
This increase is in line with the recovery of retail business and food and beverage businesses, as well as the recovery of the tourism sector from both domestic and foreign tourists.
CPNREIT also announced a distribution payment to unitholders of 1.126 baht per unit, representing a yield of 10% of the price at the end of 2023 at 11.3 baht per unit.
Pattamika Pongsurayamas, chief executive of CPNREIT Management Co, said CPNREIT has shown strong performance in line with the recovery of retail business and the revival of Thai tourism.
"Our shopping mall business totals seven projects, which is the core business of CPNREIT. It recovered rapidly with outstanding results," said Ms Pattamika.
For the year 2023, the average occupancy rate of shopping malls and office buildings was 94%.
The average number of customers has increased by 15% year-on-year, which reflects an improvement in consumption and tourist spending.
In addition, with CPNREIT's investment plan in Central Pinklao Project, the REIT Manager has announced it will pay distributions from operations during the fourth quarter of 2023 at 0.257 baht per unit.
The sign of XD (excluding dividends) will be posted on Feb 28, with a March 15 payment date.
Regarding the plans to offer additional trust units of no more than 1.1 billion units to invest in Central Pinklao Project and Central Rama 2 Project with combined investment value not exceeding 25.014 billion baht, CPNREIT filed a registration statement and draft prospectus with the Securities and Exchange Commission in late 2023, which is still under consideration for offering a new unit trust within 2024.
The proposed investment in these two projects is expected to support and enhance CPNREIT's revenue growth in the long term.
It will also enable CPNREIT to maintain a diversified portfolio in terms of revenue sources and locations of assets, reinforcing its position as the largest shopping centre and retail REIT.