DASIN Retail Trust on Sunday (Feb 27) posted a 10.9 per cent increase in distribution per unit (DPU) to S$0.0224 for the 6 months ended December 2021, up from S$0.0202 a year earlier.

This included a "distribution waiver", which waives a portion of major unitholders' entitlement to distribution from the retail property trust.

Without the waiver, DPU rose by 32.2 per cent to S$0.0201, from S$0.0152 a year ago.

The books closure date is on Mar 16, 2022 and the DPU with the waiver is expected to be paid on Mar 30, 2022.

However, revenue declined by 0.8 per cent to S$50 million in the same period from S$50.4 million the year before.

Net property income declined by 4.6 per cent to S$37.5 million from S$39.3 million, while distributable income rose 35 per cent to S$15.9 million from S$11.8 million.

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For the full year ended Dec 31, 2021, DPU with the waiver rose 32.5 per cent to S$0.0522, while DPU without the waiver rose 62.7 per cent to S$0.0467.

Revenue for the full year rose 15.8 per cent to S$101.3 million while net property income rose 10.9 per cent to S$78.4 million and distributable income rose 79.4 per cent to S$36.9 million.

Dasin Retail Trust's manager attributed the revenue increase to contributions from Shunde Metro Mall and Tanbei Metro Mall, which were acquired in July 2020.

Shiqi Metro Mall, Ocean Metro Mall and Dasin E-Colour saw higher revenue as well due to recovery from the impact of the Covid-19 pandemic as well as lower rental rebates granted to tenants.

The trustee-manager also noted that it has maintained a stable occupancy rate of 93.9 per cent and registered a weighted lease to expiry of 3.6 years by gross rental income and 5.6 years by net lettable area. The trust also has a gearing ratio of 37.8 per cent as at Dec 31, 2021.

Additionally, it said that the asset enhancement initiative at Xiaolan Metro Mall was completed in the fourth quarter of last year and has brought in new tenants from the food and beverage as well as children sectors.

Chief executive of the trustee-manager of Dasin Retail Trust Wang Qiu said that the year's results were "commendable" and underpinned the team's solid execution capabilities and resilient business model.

"Moving ahead, we will place our top priority in completing the refinancing and continue with our efforts in optimising tenant mix and introducing trending brands to enhance customers' shopping experience," she said, adding that the manager will continue to look out for DPU yield accretive acquisition opportunities.

Units of Dasin Retail Trust closed down 1.6 per cent or S$0.005 at S$0.315 on Friday.

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