Bhiraj Office Leasehold Real Estate Investment Trust
BOFFICE.BK
Stock Exchange of Thailand5.35
THB
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Bhiraj Office Leasehold Real Estate Investment Trust
BOFFICE.BK
(Stock Exchange of Thailand)
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5.35
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ROIC.AI
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- Bhiraj Office Leasehold Real Estate Investment Trust Bhiraj Office Leasehold Real Estate Investment Trust (BOFFICE.BK) is a Thailand-based closed-end real estate investment trust that invests in long-term leasehold rights over Grade A office buildings and related movable properties; its core assets include Bhiraj Tower at EmQuartier, a 49,732 sqm office building directly connected to BTS Phrom Phong Station in Bangkok's Sukhumvit central business district as part of the EmQuartier mixed-use complex, and Bhiraj Tower at BITEC, a net leasable area office building connected to BTS Bangna Station within the BITEC mixed-use complex, with leasehold periods of approximately 26 years and 9 months for EmQuartier expiring in September 2044 and 30 years for BITEC extending to 2050. BOFFICE generates rental and service income from a diversified tenant base spanning services, consumer products, financials, industrials, technology, property and construction sectors; average occupancy rates stood at 93% for EmQuartier and 81% for BITEC in 2023, with average rental rates of 919 Baht/sq.m./month and a weighted average leasehold term of 23.26 years as of December 31, 2023. Established on January 15, 2018, and listed on the Stock Exchange of Thailand on January 23, 2018, BOFFICE is headquartered at 591 Sukhumvit Road, Khlong Tan Nua, Watthana, Bangkok, with operations focused solely on Thailand; the REIT is managed by Bhiraj REIT Management Company Limited, with property management by Bhiraj Management Company Limited and trusteeship by Kasikorn Asset Management Company Limited. Recent developments include a par value adjustment from 8.77 Baht to 8.71 Baht per unit on September 13, 2024; total assets of 9,730 million Baht and net assets of 7,183 million Baht as of December 31, 2023, supported by long-term loans totaling 2,218 million Baht at rates not exceeding MLR minus 1.65%; distribution payments of 0.6640 Baht/unit for 2023, comprising dividends and capital reductions in line with policy to distribute no less than 90% of adjusted net profit up to four times annually; and strategic enhancements such as pursuing WELL Building Standard certification for EmQuartier, ESG initiatives including WiredScore and SmartScore Gold certifications, and tenant retention efforts amid hybrid work trends and post-COVID lease adjustments that maintained overall occupancy above Bangkok Grade A averages despite some early terminations.