S Prime Growth Property Fund Management Company Limited, the manager of the SPRIME real estate investment trust, has resolved to pay a dividend at the rate of 0.1600 Baht, which translates to an average yield of 9.4% based on the market price. This results in a cumulative dividend growth of over 9% for the first nine months of 2022 compared to the same period last year. In the third quarter of 2022, the trust reported total income of 130.54 million Baht and a net investment profit of 65.84 million Baht, maintaining confidence in the potential and efficiency of the properties in which the trust has invested.

Mr. Archaweech Singhsuwan, Managing Director of S Prime Growth Property Fund Management Company Limited, as the manager of the SPRIME real estate investment trust, revealed that in Q3/2022, there are signs of recovery in the office building sector, which is improving. Additionally, the Sun Tower focuses on efficient office management, allowing the overall profit to be maintained, despite some expenses for building improvements to enhance efficiency. Consequently, in Q3/2022, the trust recorded total income of 130.54 million Baht and a net investment profit of 65.84 million Baht, with an average occupancy rate of 82.71% and an average rental rate of 595 Baht/square meter/month.

As of the end of Q3/2022, the trust's net assets from operations increased by 13.03 million Baht, based on the latest property valuation as of September 30, 2022, by an independent appraiser. The fair value of the Sun Towers office space is 5,688 million Baht, while the retail space of the Sun Towers is valued at 223 million Baht, with a remaining lease term of 26.38 years.

Given the overall performance in Q3/2022, along with signs of economic recovery and demand for office space post-COVID, the company's board has resolved to pay a dividend based on the performance from July 1 to September 30, 2022, and retained earnings at the rate of 0.1600 Baht per unit, yielding an average return of 9.4% based on market price. The book closing date to determine the list of trust unit holders entitled to receive the dividend is set for November 22, 2022, with the payment scheduled for December 6, 2022. The total dividend payout for the first nine months of 2022 amounts to 0.4583 Baht, reflecting a 9% increase compared to the previous year.

Furthermore, the trust remains confident in the overall investment outlook, bolstered by signs of economic recovery and a positive trend in demand for office space. The Sun Towers office building, located at the Lat Phrao intersection, a key economic hub in northern Bangkok, is conveniently close to public transport connections and expressway access. The building is also undergoing modernization improvements in terms of hygiene and safety, with the concept of 'Enriching Community' aimed at creating a sustainable society and providing value with rental rates that are relatively low compared to similar buildings in the CBD,” Mr. Archaweech stated.