"CPN Retail Growth Property Fund" or "CPNREIT" showcased its potential in the first quarter of 2026, generating total revenue of 1.781 billion baht, a 15% increase year-on-year (YoY), with net investment income of 1.076 billion baht, up 9% YoY. The growth was remarkable across all business segments, benefiting from proactive asset management and the recovery of the tourism sector, with average traffic reaching 95% of normal levels, supporting an occupancy rate of 94%. A dividend of 0.2800 baht per unit was announced, yielding 9.7%.

Ms. Patmika Pongsuraymas, CEO of CPN REIT Management Co., Ltd., the fund manager of CPNREIT, disclosed the performance results for Q1/2026 (January - March), indicating total revenue of 1.781 billion baht, a 15% increase compared to the previous year (YoY), while net investment income reached 1.076 billion baht, a 9% YoY increase, attributed to proactive asset management and increased revenue recognition across all business segments.

The key driving factors came from three main business segments: 1.) Shopping Center Business generated rental and service income of 1.390 billion baht, a 17% YoY increase due to revenue recognition from the new contract of Central Rama 2, effective from August 16, 2025, adding 10,845 square meters of rental space, along with significant revenue recognition from Central Pinklao and Central Chiang Mai Airport after renovations were completed. 2.) Office Building Business earned rental and service income of 262 million baht, a 7% YoY increase, continuing to grow, especially in The Nine Towers, which saw an increase in tenants. 3.) Hotel Business generated rental income of 107 million baht, a 5% YoY increase, driven by the strong performance of Hilton Pattaya.

As of the end of Q1/2026, CPNREIT maintained a strong financial position with total assets of 94.592 billion baht and sustained a high average occupancy rate of 94% across shopping centers and office buildings, an increase from the previous quarter (QoQ) due to the acquisition of new tenants in several projects, such as Central Pattaya, Pinklao Tower A and B, and The Nine Towers, along with increased occupancy rates at Central Chiang Mai Airport following the completion of Phase 1 and Phase 2 renovations. Additionally, shopper traffic surged to 95% compared to normal conditions and exceeded the YoY figure of 88%, reflecting the recovery of the tourism sector and vibrant consumer spending at the beginning of the year. Hilton Pattaya achieved an average occupancy rate of 93%.

Given the strong performance, and to reward unitholders, the fund has decided to distribute benefits from Q1/2026 operations at a rate of 0.2800 baht per unit, yielding 9.7% (calculated from the closing price of 11.40 baht per unit as of March 31, 2026). The XD mark is set for May 26, 2026, with the book closing date on May 28, 2026, and the benefit payment to unitholders scheduled for June 11, 2026.

Ms. Patmika further stated that in Q1/2026, the fund issued two sets of debentures totaling 2.5 billion baht, comprising Set 1, a 5-year debenture worth 1.5 billion baht, which is a sustainability-linked debenture maturing in March 2031 with a fixed interest rate of 2.29% per annum, and Set 2, a 1-year zero-coupon bond worth 1 billion baht maturing in March 2028 with a discount interest rate of 1.50% per annum, offered to institutional investors (PP-II) to repay maturing debentures. These debentures received a credit rating of "A+" with a "Stable" outlook from TRIS Rating Co., Ltd. on February 20, 2026.

For this year's operational plan, CPNREIT focuses on enhancing revenue generation and operational efficiency of the assets it currently invests in, while continuing to pursue its goal of doubling its asset size by 2032 through the continuous selection of quality assets to enter the portfolio, aiming to provide stable and consistent returns to unitholders.

Currently, CPNREIT owns and invests in high-potential assets, including 7 shopping centers: Central Pinklao, Central Chiang Mai Airport, Central Rama 2, Central Rama 3, Central Pattaya, Central Marina, and Central Lampang; 4 office buildings: Pinklao Tower A and B, The Nine Towers, and R House (formerly Unilever House); and 1 hotel: Hilton Pattaya, strategically located across the country.