Prospect REIT Management Co., Ltd., the manager of the property investment trust for logistics and industrial real estate, PROSPECT REIT, announced that its Q2 2022 performance remains robust, with total revenue of 111.1 million baht, an increase of 1.56% from the previous quarter, and a net investment profit (operating profit) of 71.04 million baht, up 0.17%. The main driver of this significant growth is attributed to a higher occupancy rate of 94.5%, which has been maintained consistently, along with the strategic location of the Bangkok Free Trade Zone (BFTZ) on Bangna-Trad Road, Km 23, recognized as a key industrial and logistics hub in Thailand. The quality and flexibility of the buildings have garnered trust from both Thai and foreign operators, leading to continuous leasing of warehouses and factories.

Additionally, PROSPECT REIT is set to distribute benefits to trust unit holders at a rate of 0.2285 baht per unit, scheduled for payment on September 9, 2022. The trust is also gearing up to invest heavily in high-quality assets after unit holders approved PROSPECT REIT to invest in additional properties in the BFTZ 2 and BFTZ 3 projects, with a filing submitted to the Securities and Exchange Commission (SEC) last July.

Ms. Aranong Chaitong, Chief Executive Officer of Prospect REIT Management Co., Ltd., as the trust manager, stated, "The situation in Q2 2022 shows positive signs, as evidenced by our performance exceeding that of the previous quarter. Notably, we achieved a 100% renewal rate for existing tenants whose contracts expired in Q2 2022. Since the establishment of PROSPECT REIT, the renewal rate has never fallen below 80%. Additionally, we have welcomed new tenants, both Thai and foreign, engaged in food processing and logistics services, which are sectors with strong growth potential. This performance reflects our vision in selecting quality assets, focusing on key factors such as location potential, property quality under good management, project management expertise, and comprehensive One-Stop Service that meets the needs of various industries, leading to long-term leasing decisions by operators."

Looking ahead to the second half of the year, PROSPECT REIT assesses that the overall market for warehouses and factories remains bright, supported by positive factors such as relaxed travel measures and an improving economic situation. According to the Ministry of Commerce, Thailand's international trade statistics show an increase in imports and exports of 34.05% and 20.49%, respectively, compared to the same quarter last year. Currently, the managed properties are located on Bangna-Trad Road, Km 23, which has advantages in transportation, serving as a hub connecting air, land, and water transport. Moreover, the projects include both Free Zone and General Zone areas, with the tax benefits of the Free Zone attracting foreign investors to gradually establish production bases in the future.

"For this quarter, we recognized rental income from the X44 project on Bangna-Trad Road, Km 18, which PROSPECT REIT invested in earlier this year, sourced from developers outside of the main sponsor. By the end of 2022, PROSPECT REIT will further invest in the BFTZ 2 project on Theparak Road and BFTZ 3 on Bangna-Trad Road, Km 19, developed by Prospect Development Co., Ltd., which has upgraded the building design to better meet customer demands. The trust manager is confident that the implementation of a strategy allowing for independent asset selection and focusing on high-potential real estate investments will enable asset value to reach 10 billion baht, paving the way for sustainable growth of PROSPECT REIT," Ms. Aranong added.