Management Discussion & Analysis
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Analysis of Operating Results

*Distributable Income calculates from net increase in net assets from operations, excluding net unrealized gain from changes in investment value.

Total Income

In 2Q2017, FUTUREPF had total income of 258.0 million baht, which increased by 15.9 million baht or 7% from the same period of last year. It was mainly driven from:

  1. revenue from shop area increased by 9.5 million baht or 6%, mainly due to the average occupancy rate raised from 94% to 97%.
  2. revenue from common area increased by 6.4 million baht or 9%, mainly due to the average occupancy rate built up to 87% from 82%.

Comparing with 1Q2017, the fund has total income increased by 0.9 million baht, mainly resulted from the increasing of average occupancy rate in common area from 85% to 87%.

Total Expenses

In 2Q2017, FUTUREPF had total expenses of 49.2 million baht, which decreased by 7.4 million baht or 13% compared with the same period of last year. The main reasons were as follows:

  1. property management fees decreased by 5.7 million baht or 21%, mainly due to the decreasing of commission fee.
  2. fund-related expenses and other expenses decreased by 2.0 million baht or 24%, mainly due to the decreased of interest expense.

Comparing with 1Q2017, the fund has total expenses increased by 2.4 million baht or 5%, mainly due to the increase of marketing expenses, because the fund had more marketing events when compared with the previous quarter.

Net Investment Income and Distribution Income

In 2Q2017, FUTUREPF had net investment income of 208.7 million baht, which increased by 23.3 million baht or 13% compared with the same period of last year. It was resulted from the increasing of rental income while total expenses dropped. Therefore, FUTUREPF announced the dividend payment of 188.0 million baht, or 0.355 baht per investment unit. It was increased from 0.316 baht per investment unit in 2Q2016.

Compared with 1Q2017, FUTUREPF had net investment income decreased by 1.5 million baht or 1%, which was due to the increasing of total expense.

Unrealized Gain (Loss) from Changes in Investment Value

In 2Q2017, FUTUREPF recorded unrealized gain from changes in investment value of 6.0 million baht compared with 1Q2017. However, the fund had capital expenditures for the improvement of the equipment and the renovation of leasable area of 0.8 million baht. Thus, the fund had net unrealized gain in property investment of 5.2 million baht.

Profitability

In 2Q2017, the net investment income margin increased to 81% from 77% and the distribution income margin also increased to 73% from 69% when compared with the same period of last year. This was resulted from improvement of the operating performance.

Comparing with 1Q2017, the net investment income margin and distribution income margin slightly decreased by 1%, resulted from the increasing of total expenses.

Balance Sheet

As of 30 Jun 2017, FUTUREPF had total assets of 7,379.9 million baht. The major assets consisted of the investments in properties 7,001.0 million baht and the investment in securities and cash at banks 329.6 million baht. Total liabilities were 556.8 million baht, most was in the form of deposits of rental and service and borrowing.

Therefore, FUTUREPF had net asset value 6,823.0 million baht or 12.8841 baht per unit, increased from 12.8382 baht per unit as the end of previous quarter.

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