Dusit Thani Freehold and Leasehold Real Estate Investment Trust : Management Discussion and Analysis Half year Ending 30 Jun 2022
August 15, 2022 at 08:14 pm IST
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DREIT-0801/2022
15 August 2022
Subject:
Management Discussion and Analysis for the six-month periods ended 30 June 2022
Attention:
President
Stock Exchange of Thailand
Dusit Thani Properties REIT Co., Ltd. (the "Company" or the "REIT Manager"), in its capacity of the REIT Manager of Dusit Thani Freehold and Leasehold Real Estate Investment Trust ("DREIT"), would like to clarify the operating results from 1 January to 30 June 2022, the details as follows:
In 6M/2022, DREIT has total revenue of Baht 234.66 million, increased from the previous year by Baht
million or 7.83% as a result of revenue recognized from variable rent from the operating performance of Dusit Thani Maldives and favorable exchange rate. When deducting with the operating expenses and finance costs of Baht 72.44 million, resulting in net profit on investments of Baht 162.22 million increased from the previous year by Baht 11.53 million or 7.65%. When net with the total net gain on investments of Baht 24.82 million, which was mainly from the effect of changes in foreign exchange rates compared between 30 June 2021 and 30 June 2022. As a result, the increase in net assets resulting from operations for six-month periods ended 30 June 2022 of Baht
million, increased by 396.18% from the previous year.
The operating performance of the hotels for six-month periods ended 30 June 2022, the details are as
follows:
Performance of Assets in Thailand
Although the outbreak of COVID-19 continues to occur, but the severity of such impact has clearly decreased. The occupancy rate of properties in Thailand increases continually. As a result, the property's performance has grown significantly compared to the previous year.
Property
Dusit Thani
Dusit Thani
dusitD2
Laguna Phuket
Hua Hin
Chiang Mai
Performance Period
6M/2021
6M/2022
6M/2021
6M/2022
6M/2021
6M/2022
Occ. Rate
9%
59%
21%
46%
9%
42%
ADR
2,029
3,876
2,342
3,101
1,247
1,345
REVPAR
175
2,296
494
1,432
114
565
Total Revenue (Mil. Baht)
10.60
136.17
45.17
119.91
5.30
17.43
EBITDA (Mil. Baht)
(28.88)
38.83
(20.45)
22.06
(9.09)
(3.14)
Dusit Thani Laguna Phuket has occupancy rate in 6M/2022 at 59%, increased by 50% from the previous year. While average room rate of the hotel is approximately at 3,876 Baht per room night, increased from the previous year by 1,847 Baht per room night. Consequently, the Revenue per Available Room (REVPAR) is at 2,296 Baht per room night, increased from the previous year by 2,121 Baht per room night. For the six-month periods ended 30 June 2022, Dusit Thani Laguna Phuket has Total Revenue and EBITDA of Baht 136.17 million and Baht 38.83 million respectively.
Dusit Thani Hua Hin has occupancy rate in 6M/2022 at 46%, increased by 25% from the previous year. Whereas average room rate of the hotel is at 3,101 Baht per room night, increased from the previous year by 759 baht per room night. As a result, Revenue per Room Available (REVPAR) is at 1,432 Baht per room night which increased from the previous year by 938 Baht per room night. Eventually, the hotel has Total Revenue and EBITDA for the six-month periods ended 30 June 2022 at Baht 119.91 million and Baht 22.06 million respectively.
dusitD2 Chiang Mai has occupancy rate in 6M/2022 at 42%, increased by 33% from the previous year. While the average room rate of the hotel is approximately at 1,345 Baht per room night, increased from the previous year by 98 Baht per room night. Hence, the Revenue per Room Available is at 565 Baht per room night which increased from the previous year by 451 Baht per room night. Finally, dusitD2 Chiang Mai has Total Revenue and negative EBITDA for the six-month periods ended 30 June 2022 at Baht 17.43 million and Baht 3.14 million respectively.
Performance of Asset in Republic of Maldives
Property
Dusit Thani Maldives
Performance Period
6M/2021
6M/2022
Occ. Rate
63%
73%
ADR
536
522
REVPAR
336
379
Total Revenue (Mil. USD)
10.80
11.87
EBITDA (Mil. USD)
4.40
4.59
Dusit Thani Maldives has occupancy rate in 6M/2022 at 73%, increased by 10% from the previous year. Whereas the average room rate of the hotel is at 522 USD per room night which decreased from the previous year by 14 USD per room night. For this reason, the Revenue per Room Available (REVPAR) is at 379 USD per room night, increased from the previous year by 43 USD per room night. Lastly, Dusit Thani Maldives has Total Revenue and EBITDA for the six-month periods ended 30 June 2022 at USD 11.87 million and USD 4.89 million respectively.
Please be informed accordingly
Yours respectfully,
(Mr. Voranon Asavakittimetin)
Managing Director
Dusit Thani Properties REIT Co., Ltd.
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Dusit Thani Freehold and Leasehold Real Estate Investment Trust published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 14:43:10 UTC.
Dusit Thani Freehold and Leasehold Real Estate Investment Trust (the Trust) is a closed-end real estate investment trust. The Trust is focused on investing in high potential freehold or leasehold properties especially in hotel properties, as well as investing in other assets that favor hotel-related business, such as meeting and convention room, restaurants, fitness center, spa, swimming pool, tennis court and other. It seeks to acquire the core assets by either purchase and/or lease and/or sub-lease, either direct investment or share acquisition of the companies, aiming to generate benefits in a form of rental income or any related income, as well as initiating asset enhancement program to uplift asset potentiality in order to generate long-term sustainable income. It will invest in other assets and/or other securities and/or any other returns pursuant to the Securities and Exchange Act and/or any other relevant laws in order to diversify investment to other different aspects.