GVREIT maintains strong 92% occupancy rate and declares dividend of THB 0.1911 per trust unit in its 4QFY23 results

Thursday 30 November 2023 09:02
Frasers Property Commercial Asset Management (Thailand) Company Limited or "FPCAMT", as the REIT Manager of Golden Ventures Leasehold Real Estate Investment Trust or "GVREIT", announced the operating results of the trust for the fourth quarter of fiscal year 2023 (4QFY23) (July-September 2023), with total revenue of THB 284.1 million, bringing total revenue in FY23 to THB 1,160 million. The distribution payment for 4QFY23 amounts to THB 155.71 million baht, or 0.1911 baht per trust unit, which will be paid on 25 December 2023, contributing to an accumulated FY23 distribution of 0.7856 baht per trust unit.
GVREIT maintains strong 92% occupancy rate and declares dividend of THB 0.1911 per trust unit in its 4QFY23 results

Ms. Chantraporn Chan, Managing Director of Frasers Property Commercial Asset Management (Thailand) Company Limited, said, "The commercial real estate landscape remains highly competitive, characterised by a surge in supply, which has been exerting pressure on rental decisions and rental ratesadjustment. Against this backdrop, the company continues to improve the quality of its asset, notably with the recent launch of 'PromptMove', a fully-furnished office rental solution designed under the ready-to-move-in and ready-to-use concept at Sathorn Square. This solution caters to SME entrepreneurs or small, fast-growing organisations with a need for private spaces without the burden of long-term rental commitments or extensive furnishing costs, allowing tenants to enjoy subscription-based payments."

In 4QFY23, GVREIT's portfolio had an average occupancy rate of 92%, with Park Ventures Ecoplex and Sathorn Square recording occupancy rates of 95% and 91%, respectively - higher than the average occupancy rate in the market. On 20 October 2023, the trust secured an 'A-' credit rating with a 'Stable' outlook from TRIS Rating, affirming the company's position as the leading prime grade office developer in Bangkok's CBD. In addition, the trust was recognised by GRESB, a leading ESG benchmark that evaluates organisations for their transparency in disclosing ESG information and policies.

Looking ahead, FPCAMT remains focused on maintaining a high portfolio occupancy rate through its comprehensive strategy and plan, by strengthening relationships with existing tenants while proactively securing new occupants. FPCAMT will exercise prudence in managing costs while seeking to enhance asset quality in its portfolio by optimising rental spaces. In addition, the company will continue to organise activities to promote ESG, nd create inspiring experiences for tenants.

Source: Frasers Property (Thailand)