C P Tower Growth Leasehold Property Fund : Management Discussion and Analysis Quarter 2 Ending 30 Jun 2022

C.P. TOWER GROWTH LEASEHOLD PROPERTY FUND (CPTGF)
Management Discussion and Analysis Quarter 2/2022
	Financial Highlight	2565					2564		2565	2564
	(Unit:Thousand Baht)	Q2		Q1		%		Q2	%	YTD	YTD	%
	Investment Renenues
	Rental & Service Income	270,736		308,665		-12%		239,176	13%	579,401	523,468	11%
	Other income	4,061		6,597		-38%		3,607	13%	10,658	12,536	-15%
	Total Revenue	274,797		315,262		-13%		242,783	13%	590,059	536,004	10%
	Expenses
	Property's expenses	108,682		106,025		3%		102,094	6%	214,707	204,586	5%
	Fund'sexpenses	6,454		6,142		5%		5,838	11%	12,596	11,232	12%
	Total Expenses	115,136		112,167		3%		107,932	7%	227,303	215,818	5%
	Net Investment Revenues	159,661		203,095		-21%		134,851	18%	362,756	320,186	13%
	Gains (losses) on revaluation of investments	(73,078)		(179,911)		41%		47,134	-255%	(252,989)	26,152	-1067%
	Increase in net assets from operations	86,583		23,184		373%		181,985	-52%	109,767	346,338	-68%

Performance in Q2/22, The fund received the total income at 247.80 M.THB, including interest and other income, decreased by 40.47 M.THB or 13% QoQ. Due to the remedial measurement to assist the retailer affected by the COVID - 19 during Q2 - Q3/65.

The fund has total expense at 115.14 M.THB increased by 2.97 M.THB or 3% QoQ. The property's expense mainly came from the repair and maintenance which was in accordance with the annual budget approved by the Fund while, fund's expenses consist of management fee trustee fee registrar fee and administrative expenses.

In quarter 2/2022, the fund received income at 274.80 M.THB, after deducted by total expenses at

115.14 M.THB, the net investment revenue was 159.66 M.THB decreased by 43.44 M.THB or 21.39% QoQ. For the change in fair value of investment in property, mainly came from the unrealized loss on asset valuation which is valued by independent valuer by using Discounted Cash Flow method on an annually basis and review by quarterly basis. In Q2/22, the fair value was decreased of 73.00 M.THB, improved from Q1/22 by 106.83 M.THB or 40.62% when compared to Q1/22 which its fair value was decreased of 179.91 M.THB.

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Balance Sheet

(Unit:Thousand Baht)	As of Jun 30,2022	%	As of Mar 31,2022	%
Investment in Leashold Porperty (Fair value)	9,334,000	93.73%	9,407,000	93.55%
Investment in Securities, Cash & Cash equivalents	1,003,285	10.07%	943,157	9.38%
Other assets	86,665	0.87%	121,789	1.21%
Total assets	10,423,950	104.68%	10,471,946	104.14%
Total liabilities	465,699	4.68%	416,548	4.14%
Net assets Value	9,958,251	100.00%	10,055,398	100.00%
Capital received from Unitholders	9,751,421	97.92%	9,751,421	96.98%
Retained earnings	206,830	2.08%	303,977	3.02%
Net Assets Value (Baht per Unit)	10.2980		10.3985

As of June30, 2022, The fund has total assets at 10,423.95 M.THB, the proportion includes the Leasehold Property (Fair value) at 9,334.00 M.THB or 93.73% of the net asset value, cash equivalents at 1,003.29 M.THB or 10.07% of the net asset value and other assets at 86.67 M.THB or 0.87% of the net asset value sequentially.

The total liabilities was 465.70 M.THB or 4.68% of the net asset value which comprised of other payables, accrued expenses, unearned income and deposits from tenants. Therefore, the fund has net asset value at 9,958.25 M.THB or equivalent to 10.2980 Baht per unit.

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