CPNREIT Posts 17% Revenue Jump to 1.79 Billion Baht
CPNREIT's Q2 revenue surged 17% to 1.79 billion baht, driven by newly acquired shopping malls and higher occupancy rates across its retail and office properties. The trust raised assets to 94.7 billion baht while maintaining a 94% occupancy
CPN Retail Growth Real Estate Investment Trust (CPNREIT) reported strong performance in the second quarter of 2025, posting total revenue of 1.786 billion baht, a 17% increase year-on-year, with net investment profit of 1.073 billion baht, up 7% from the prior year. The trust's three core business segments all contributed to the growth.
The shopping mall business generated 1.405 billion baht in rental and service income, up 22%, boosted by the addition of Central Phra Ram 2 from mid-August 2024 and the ramp-up of Central Pinklao and Central Chiang Mai Airport following renovation completion. The office building segment earned 264 million baht, up 3%, from The Nine Towers and Pinklao Tower with higher occupancy rates, while the hotel business contributed 108 million baht, up 5%, through annual rental adjustments.
CPNREIT now holds total assets of 94.692 billion baht with an average occupancy rate of 94% across shopping malls and office buildings, up from 91%, reflecting the completion of phases 1 and 2 of Central Chiang Mai Airport and new tenants across Central Pattaya, Central Marina, and Central Lampang. The trust is distributing 0.28 baht per unit with an 8.6% yield and has issued 3.6 billion baht in bonds to manage financing costs and ensure long-term sustainability.
