The ‘AIMIRT’ Trust has revealed a strong performance for the first quarter of 2024, announcing a dividend payout for the first four months of the year based on operations from January 1 to April 30, 2024, totaling 0.2867 baht per unit. This comes as the trust prepares to finalize the conversion deal of the ‘PPF’ property fund into the ‘AIMIRT’ trust, marking a historic development for property funds and REITs in Thailand, enhancing mutual benefits and ensuring that unit holders from both sides gain advantages.

Ms. Yanichasa Chatwuthikobkul, Chief Financial Officer of AIM Reit Management Co., Ltd., as the manager of the ‘AIMIRT’ trust, disclosed the Q1 2024 operational results for the period from January 1 to March 31, 2024. The ‘AIMIRT’ trust continues to show strong performance, with total revenue of 219 million baht and a net profit (increase in net assets from operations) of 120 million baht, an increase of 29 million baht or over 31% from the previous quarter. This stable performance reflects the strong fundamentals of the assets in the trust's portfolio. In Q1 2024, the trust maintained a high average occupancy rate of 94% and a 100% lease renewal rate. The board of directors has approved a dividend payout for the first four months of 2024 based on operations from January 1 to April 30, 2024, and from retained earnings prior to investing in the ‘PPF’ property fund at a total rate of 0.2867 baht per unit. The XD mark will be set on May 27, and dividends will be paid to trust unit holders on June 13.

Mr. Jaratsrit Atthawetthayawut, Managing Director of AIM Reit Management Co., Ltd., added that the performance of the ‘AIMIRT’ trust has shown consistent growth. Currently, ‘AIMIRT’ is the first and only independent REIT managing assets worth over 11 billion baht. After the inclusion of the ‘PPF’ property fund, the total asset size will increase by over 20%, reaching approximately 13 billion baht. This will enhance the strength and potential of the ‘AIMIRT’ trust in various aspects, particularly in asset diversification, especially in strategic EEC locations, and will increase the proportion of freehold assets to about 67%. This presents an opportunity to expand a quality portfolio, aligning with the goal of managing the trust for stable, continuous, and sustainable growth. The investment in the ‘PPF’ property fund represents a significant development in investment for property funds and REITs in Thailand, marking the first time a property fund has merged with an independent trust, benefiting unit holders of both the ‘PPF’ property fund and the ‘AIMIRT’ trust in terms of future growth and higher return opportunities.

Mr. Thanadech Opasayanon, Co-Managing Director of AIM Reit Management Co., Ltd., further explained that the conversion of the ‘PPF’ property fund into the ‘AIMIRT’ trust will be executed by issuing new trust units of the ‘AIMIRT’ trust along with cash to the ‘PPF’ property fund, with a swap ratio of 1 investment unit of the ‘PPF’ property fund for 0.8731 trust units of the ‘AIMIRT’ trust, plus cash of 0.7500 baht per 1 investment unit of the ‘PPF’ property fund. This investment in the ‘PPF’ property fund does not require fundraising from current unit holders of the ‘AIMIRT’ trust, as it involves swapping new trust units of the ‘AIMIRT’ trust with investment units of the ‘PPF’ property fund (Share Swap), which will expand the base of unit holders of the ‘AIMIRT’ trust and enhance the stability and liquidity of the ‘AIMIRT’ trust units.

The trust manager is confident that this investment in the ‘PPF’ property fund aligns well with the trust's goal of steadily expanding its asset portfolio and is another testament to the success of being the first independent REIT in the country. The ‘AIMIRT’ trust can select investments in diverse potential assets while prioritizing the interests of investors. For future growth strategies, the ‘AIMIRT’ trust will continue to invest in various industrial properties to expand its portfolio of quality assets. Operating on an ‘independent REIT’ platform provides the ‘AIMIRT’ trust with excellent opportunities to negotiate investments in quality assets in prime locations, thereby increasing the chances of generating sustainable returns for investors.