Sasseur Reit posts 1.2% rise in Q1 rental income; changes to semi-annual distributions

SASSEUR real estate investment trust’s (Reit) rental income under its entrusted management agreement (EMA) model for the first quarter ended March rose 1.2 per cent year on year to 172.6 million yuan (S$32.6 million).

However, the rental income was 1.4 per cent lower in Singapore-dollar terms due to a 2.5 per cent depreciation of yuan against Singapore dollars, the Reit manager said on Tuesday (May 14).

The moderate rise in rental income under EMA model in yuan was mainly driven by a 3 per cent rise for fixed component income of 115.2 million yuan. This was offset by a 2.2 per cent decline in the variable component of 57.4 million yuan due to a higher sales base in the first quarter last year from strong retail spending post-Covid, said the manager.