Amid stock market volatility and uncertain interest rate directions, many investors are turning to assets that provide steady cash flow, such as Real Estate Investment Trusts (REITs) and Property Funds.
These investments are backed by assets like office buildings, warehouses, or rental factories. Their key appeal is "dividends," which by law these funds must distribute to unit holders at no less than 90% of their adjusted net profits.
However, a high dividend in any single year may not tell the full story. The real question investors should ask is, "Which funds have consistently paid dividends over the long term?"
Thairath Money surveyed REITs and Property Funds listed on the Stock Exchange of Thailand using the following criteria.
The results yielded the following five funds.
Frasers Property Industrial REIT (FTREIT) is the largest fund in this group with a market cap of 38.74 billion baht.
This trust invests in ownership and leasehold rights of factory and warehouse properties, as well as related supporting assets. Most properties are located in key economic zones like the Eastern Economic Corridor (EEC), an area expected to benefit from industrial investment and production base relocations to Thailand.
Dividend yields over the past 5 years:
Price performance:
WHA Industrial Property Leasehold Investment Trust (WHAIR) ranks second with a market cap of 8.89 billion baht. It invests in leasehold rights to over 136 factory buildings and 34 warehouses with 30-year leases.
All assets are located in industrial estates developed by WHA Group, one of Thailand’s largest industrial estate developers, giving the fund exposure to manufacturing activity and foreign direct investment (FDI) in industrial estates.
Dividend yields over the past 5 years:
Price performance:
Golden Venture Leasehold Property Investment Trust (GVREIT) has a market cap of 6.27 billion baht and focuses exclusively on Grade A office assets. It invests in leasehold rights for parts of Park Ventures Ecoplex at the Ploenchit-Witthayu intersection and Sathorn Square on Narathiwat Ratchanakarin-Sathorn roads, both in Bangkok’s central business district with mass transit connections.
Dividend yields over the past 5 years:
Price performance:
Thailand Prime Property Leasehold Investment Trust (TPRIME) has a market cap of 4.63 billion baht. It invests in leasehold rights of Mercury Tower and indirectly holds nearly all shares of Exchange Tower’s owner. Both buildings are in Bangkok’s central business district.
Dividend yields over the past 5 years:
Price performance:
Prime Office Property Leasehold Fund (POPF) has a market cap of 4.29 billion baht. It is a traditional property fund currently holding leasehold rights to Samatcha Wanich 2 (UBC II) on Sukhumvit Road and leasehold land, office buildings, and related structures at Bangna Tower.
Dividend yields over the past 5 years:
Price performance:
However, a high return does not always mean good. It is important to distinguish between dividends or returns from operating profits and those returned to unitholders as capital repayments, since capital returns reduce the fund’s capital base or net asset value per unit.
Additionally, investors should check the remaining lease terms for leasehold funds and monitor interest rate trends, as REITs and Property Funds often compete with bond yields. Declining interest rates tend to positively affect these funds’ unit prices.
Importantly, past dividend data is historical and does not guarantee future returns. Investors should study prospectuses and financial statements carefully before making investment decisions.
(Data from the Stock Exchange of Thailand, market close on 2 Sep 2026 GMT+7)
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