Frasers Property Industrial REIT Management (Thailand) Co., Ltd. or “FIRM”, as the manager of the Frasers Property Industrial Trust or “FTREIT”, held its annual general meeting for unit holders for the year 2024, reporting a financial performance for the fiscal year 2023 (October 1, 2022 - September 30, 2023) with total revenue of 3,779.1 million baht, an increase of 3.7%, and net investment income of 2,493.5 million baht. The trust distributed dividends from its operations for the fiscal year 2023 four times, totaling 0.7480 baht per unit, an increase of 5.8% compared to the previous year.

Mr. Thanaratch Boonyakosol, Managing Director of Frasers Property Industrial REIT Management (Thailand) Co., Ltd., revealed that in the fiscal year 2023, FTREIT had an average occupancy rate of 86.2% and a lease renewal rate of 81.8%. This success is attributed to the quality of the trust's assets, strategically located in industrial and logistics economic zones, including Bangkok, Phra Nakhon Si Ayutthaya, Pathum Thani, Samut Prakan, Prachinburi, and provinces in the Eastern Economic Corridor (EEC). Additionally, the ongoing benefits from foreign investors relocating and expanding their production bases due to the China Plus One policy have led to increased demand for rental space, particularly for factory buildings from tenants in the automotive and electronics industries.

Currently, the assets managed by FTREIT consist of 701 units of factories and warehouses, with a total leasable area of 2.26 million square meters. FTREIT is the industrial trust with the largest net leasable area held in freehold in Thailand, with managed assets valued at 49,825 million baht.

This meeting also approved a general mandate for a capital increase, allowing the issuance of up to 919,016,114 additional trust units. This capital increase is one of the funding options that FIRM considers using alongside borrowing to maintain FTREIT's debt levels appropriately, prioritizing the interests of unit holders.

For the fiscal year 2024 (October 1, 2023 - September 30, 2024), FIRM will continue to closely monitor economic trends, inflation rates, and interest rates, planning its capital structure to align with the financial and capital market conditions to manage financial costs effectively. It will also be ready to seize investment opportunities in additional assets both from Frasers Property Thailand and outside the group, as well as upgrade assets to ensure they are in good condition and meet sustainability standards, aligning with the demands of leading tenants.