Sasseur Reit posts Q1 DPU of 1.656 Singapore cents, beating forecast

SASSEUR Reit on Monday posted a first-quarter distribution per unit (DPU) of 1.656 Singapore cents, 9.3 per cent higher than the projected DPU of 1.515 Singapore cents.

For the three months ended March 31, distributable income was S$19.7 million, also 9.3 per cent above forecast.

Sasseur Reit's net property income, listed as entrusted management agreements rental income, was S$30.9 million, 2.4 per cent above forecast.

Portfolio occupancy in the first quarter rose to 96.1 per cent from 95.2 per cent in the fourth quarter, due to continued efforts to improve and optimise the tenant mix, the Reit said.

Net asset value per unit was 88.97 Singapore cents as at March 31, down from 90.33 cents as at Dec 31.

Sasseur Reit will adopt a quarterly payout from the first quarter onwards so that unitholders can enjoy more frequent distributions, said Vito Xu, chairman of the Reit manager. "China's economy and urban household disposable income per capita continue to grow. We are confident that our unique art-commerce business model blending outlet shopping with art-inspired architecture and family-themed lifestyle will continue to appeal to the middle-class. This will lead to stronger sales for FY2019."