Data from Sasseur REIT’s latest disclosure has been incorporated into the Singapore REITs table.
Sasseur REIT reported distributable income of SGD23.2 million and DPU of 1.831 Singapore cents for its 3Q 2021 on 12 November.
These represent year-on-year increases of 9.4% and 3.8% respectively.
During the quarter, Sasseur REIT’s four outlets in China generated total sales of RMB 996.6 million during 3Q 2021, an increase of 12.0% quarter-on-quarter.
Total sales for the nine months ended 30 September 2021 came in at RMB 3.02 billion, 21.8% higher than RMB 2.48 billion sales recorded a year ago.
However, compared to 3Q 2020, Sasseur REIT’s EMA rental income of RMB150.4 million in 3Q 2021 was marginally lower by 1.4% due to 10.5% lower variable component.
The slight decline was due to relatively dampened consumer sentiment resulting from the large-scale outbreak of COVID-19 cases which originated from Nanjing in July 2021, said the REIT.
“Shopper traffic in our outlets was affected due to strict government regulations, including partial lockdown and travel restrictions, to control the COVID-19 outbreak”.
“In addition, the unusually warm weather reaching as high as 35 degree Celsius in September had reduced shoppers’ demand for winter fashion, thus affecting overall sales”, it added.
Despite this, Sasseur REIT was able to report higher DPU given lower interest expenses, tax and trust expenses at the REIT level, together with a favourable RMB to SGD exchange rate.
Sasseur REIT was last done on the SGX at SGD0.86, which presently implies a distribution yield of 8.52% according to data on the Singapore REITs table.