Saizen Reit's Q1 total return hit by fair value losses

Singapore

SINGAPORE-listed Saizen real estate investment trust (Reit) posted a 53.1 per cent drop in fiscal first-quarter post-tax total return attributable to unitholders to 204.1 million yen (S$2.36 million), dragged down by net fair value losses on financial derivatives as well as investment properties.

The net fair value loss on investment properties of 69 million yen in Q1 ended Sept 30 was due mainly to acquisition-related expenses, such as consumption taxes and acquisition fees paid to the manager - Japan Residential Assets Manager Ltd - for the acquisition of Strasse Nanokawa in August this year.