Sasseur REIT property, Sasseur (Chongqing) Outlets, in Chongqing City. (Photo: Sasseur REIT)Sasseur REIT property, Sasseur (Chongqing) Outlets, in Chongqing City. (Photo: Sasseur REIT)

Sasseur REIT reported on 21 February that the aggregate sales of its four outlets increased by 31.9% year-on-year which led to a 10.7% year-on-year higher EMA rental income (RMB).

“We are very encouraged by the strong growth in Sasseur REIT’s outlet sales in 2023, with Chongqing Liangjiang Outlet’s sales setting a new high and exceeding pre-COVID level in FY2019 by 8.5%”, said Cecilia Tan, CEO of the REIT’s manager.

“The strong sales attested to the robustness and resilience of the REIT’s outlet business, amidst economic uncertainties in China, particularly in the second half of the year”, she added.

However, the stronger SGD relative to the RMB as well as higher finance costs and tax expense affected FY2023 distributable income which fell by 5.8% year-on-year.

Against the SGD, RMB has depreciated 7.0% for the year as compared to the same
period in 2022, said the REIT.

As a result, DPU for FY2023 was lower by 4.6% year-on-year at 6.249 Singapore cents.

Excluding the impact of foreign currency translation, FY2023 DPU would have been higher by 4.1% year-on-year at 6.822 cents, said the REIT.

Sasseur REIT was last done on the Singapore Exchange at SGD0.685, which presently implies a distribution yield of 9.12% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.