FTREIT Reports First Half Financials, Revenue Nears 2 Billion Baht, Highlights Strong Manufacturing Demand Supporting High Rental Rates

FTREIT has announced its financial performance for the first half of the fiscal year 2024 (October 2023 - March 2024), generating total revenue of 1,974.1 million baht, an increase of 106.7 million baht or 5.7% compared to the same period last year. The net investment income was 1,275.2 million baht, up by 3.6 million baht or 0.3%. In the second quarter of fiscal year 2024 (January - March 2024), total revenue reached 984.4 million baht, an increase of 49.2 million baht or 5.3% compared to the same period last year, with net investment income of 638.3 million baht, up by 2.4 million baht or 0.4%

Mr. Thanaratch Boonyakosol, Managing Director of Frasers Property Industrial REIT Management (Thailand) Co., Ltd., or "FIRM" as the trust manager of the Frasers Property Industrial REIT, or "FTREIT", stated that the trust continues to benefit from the increasing demand for factory and warehouse space from the electronics and automotive sectors, as well as foreign investors relocating their production bases from China, particularly from Hong Kong, Taiwan, and the United States. Additionally, the overall Thai economy is expanding due to private consumption and the recovery of the tourism sector, along with a rise in consumer confidence, partly driven by measures to reduce living costs related to electricity and fuel, and government economic stimulus policies such as the Easy e-Receipt project, resulting in an average rental rate increase to 86% in the latest quarter.