Management Discussion & Analysis
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Analysis of Operating Results

*Distributable Income calculates from net increase in net assets from operations, excluding net unrealised gain on investments.

Total Income

In 2Q2018, FUTUREPF had total income of 252.8 million baht, which decreased by 5.2 million baht or 2% from the same period of last year, mainly resulted from:

  1. Revenue from shop area decreased by 2.9 million baht or 2%, mainly resulted from the drop in average occupancy rate in this quarter from 97% to 95% while average rental rate was similar to the same period of last year.
  2. Revenue from common area also decreased by 2.4 million baht or 3% due to the decrease in average occupancy rate from 87% to 85%.

Comparing with 1Q2018, total income increased by 4.1 million baht or 2%, due to the increase in rental income of 3.6 million baht or 1.4% from increase in average rental rate.

Total Expenses

In 2Q2018, FUTUREPF had total expenses of 48.9 million baht, which became slightly lower by 0.3 million baht or 1% compared with the same period of last year. The details are as follows:

  1. Property expenses increased by 0.5 million baht or 2%, mainly due to the increased in marketing expenses. However, repair & maintenance expense and insurance premium dropped from the same period of last year.
  2. Property management fees increased by 0.6 million baht or 3%, mainly due to the increasing of commission fee.
  3. Fund-related expenses decreased by 1.4 million baht or 21%, mainly due to the decrease in interest expense.

Comparing with 1Q2018, the fund had total expenses increased by 4.4 million baht or 10%, mainly resulted from the increase in marketing expenses and repair & maintenance expense which results in increased of property expenses.

Net Investment Income

In 2Q2018, FUTUREPF had net investment income of 203.8 million baht that decrease by 4.9 million baht or 2% compared with the same period of last year because total income had greater decreases than total expenses. Therefore, FUTUREPF announced the dividend payment of 183.8 million baht, or 0.347 baht per investment unit, which slightly decreased from 0.355 baht per investment unit in 2Q2017.

Comparing with 1Q2018, FUTUREPF announced the dividend payment same as the previous quarter because they both had net investment income at similar level.

Unrealized Gain (Loss) from Changes in Investment Value

In 2Q2018, FUTUREPF recorded unrealised loss from changes on investment of 22.0 million baht, resulted from change in assumption of the valuation of investments in order to align with current business situation. Moreover, the fund had capital expenditures for the improvement of the equipment and the renovation of leasable area of 0.2 million baht. Thus, FUTUREPF had net unrealised loss in property investment of 22.2 million baht.

Profitability

In 2Q2018, net investment income margin was 81% and distribution income margin was 73%, which was at the same level as 2Q2017 and 1Q2018.

Balance Sheet

As of 30 June 2018, FUTUREPF had total assets of 7,306.6 million baht. The major assets consisted of the investments in properties of 6,910.0 million baht and the investment in securities and cash at banks of 338.7 million baht. Total liabilities were 501.0 million baht, mostly from deposits of rental and service.

Therefore, FUTUREPF had net asset value 6,805.6 million baht or 12.8513 baht per unit, decreased from 12.8553 baht per unit as of 31 March 2018.

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