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【The Straits Times】Sasseur Reit posts DPU of 1.587 cents in maiden results

发布时间:2018-08-07

https://www.straitstimes.com/business/companies-markets/sasseur-reit-posts-dpu-of-1587-cents-in-maiden-results-0


Sasseur Reit posts DPU of 1.587 cents in maiden results

An outlet mall in Chongqing that is part of Sasseur Reit's portfolio. The manager's chief executive Anthony Ang said sales at the mall "continue to outperform forecast as a more mature mall", contributing to total sales of $193.3 million, jumping 40.
An outlet mall in Chongqing that is part of Sasseur Reit's portfolio. The manager's chief executive Anthony Ang said sales at the mall "continue to outperform forecast as a more mature mall", contributing to total sales of $193.3 million, jumping 40.6 per cent on a pro forma basis compared with the same period a year ago.PHOTO: SASSEUR GROUP

Jump in total sales mainly due to higher outlet sales registered at four portfolio properties in China

Sasseur Real Estate Investment Trust (Reit) announced a distribution per unit (DPU) of 1.587 cents in its first financial results after its mainboard listing on March 28.

Its DPU - recorded from March 28 to June 30 - was 4.6 per cent higher than what was forecast in its prospectus, as was its distributable income to unit holders, which at $18.74 million was higher than the $17.91 million forecast.

For the period under review, net property income - recorded as "entrusted management agreement" in Sasseur Reit's earnings - was $32.29 million, 3 per cent higher than the $31.35 million forecast.

The Reit clocked total sales of $193.3 million, jumping 40.6 per cent on a pro forma basis compared with the same period a year ago, mainly attributable to higher outlet sales registered at the four portfolio properties at its Chongqing, Bishan, Hefei and Kunming outlet malls.

"Despite the second quarter being typically a seasonally slower quarter for the industry, Sasseur Reit performed very well in sales, putting us on track to achieving our forecast sales targets for the full fiscal year," said the manager's chief executive Anthony Ang.

"The sales at Chongqing outlet mall continue to outperform forecast as a more mature mall, while sales at the younger outlet malls at Bishan, Hefei and Kunming continue to gain traction with strong growth," he added.

  • AT A GLANCE

  • REVENUE: $193.3 million

    NET PROPERTY INCOME: $32.29 million

    DISTRIBUTION PER UNIT: 1.587 cents

Sasseur Reit's initial portfolio consists of four retail outlet malls in China, with a combined net lettable area of 304,573.1 sq m.

The current distribution will be paid out on or before Sept 30.

The manager intends to distribute 100 per cent of the distributable income to unit holders until Dec 31 next year, thereafter lowering it to at least 90 per cent of the Reit's distributable income.

Sasseur Reit units yesterday ended two cents higher at 75 cents.

A version of this article appeared in the print edition of The Straits Times on August 07, 2018, with the headline 'Sasseur Reit posts DPU of 1.587 cents in maiden results'. Print Edition | Subscribe

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