Sasseur REIT property, Sasseur (Kunming) Outlets. (Photo: Sasseur REIT)

Sasseur REIT has reported a distribution per unit (DPU) of 1.656 Singapore cents for its 1Q 2019, beating IPO projection for the period by 9.3%.

The REIT’s distributable income of SGD19.7 million for the quarter also exceeded its IPO projection of SGD18.0 million by 9.3%.

Sasseur REIT’s malls generated total sales of RMB1.2 billion for 1Q 2019, 10.1% above projection for 1Q 2019, and 24.0% higher than 1Q 2018.

The REIT has attributed these increases to its art-commerce business model, an employee partnership programme that was established in 2018, and seasonal sales promotions.

Sasseur REIT’s portfolio occupancy rate for 1Q 2019 increased to 96.1% from 95.2% in 4Q 2018.

The REIT has attributed this to its efforts of improving, and optimising tenant mix at its properties.

Sasseur REIT was last done on the Singapore Exchange at SGD0.78, 0.6% lower from its previous close.

Related: Sasseur REIT explains why it remains unfazed by trade tensions, tapering growth in China

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.