Sasseur Reit Q3 DPU falls 17.7% to S$0.01512 on unfavourable FX, higher finance costs

SASSEUR Real Estate Investment Trust (Reit) has posted a distribution per unit (DPU) of S$0.01512 for the third quarter ended Sep 30, down 17.7 per cent on the year from S$0.01838.

The drop in DPU came mainly from unfavourable foreign exchange (FX) rates and higher finance costs, its manager said in a business update on Friday (Nov 10).

The China retail-focused Reit’s entrusted management agreement income was 6.5 per cent higher in yuan terms at 161.9 million yuan, but 1.5 per cent lower at S$30.3 million in Singapore dollar terms.

Total outlet sales for the quarter rose 15.8 per cent to 1.1 billion yuan.

As at end-September, portfolio occupancy stood at 97.9 per cent – a record high since its initial public offering (IPO) in 2018, the manager said. The Reit’s weighted average lease expiry by net lettable area stood at 2.4 years.

Gearing, meanwhile, was 25.4 per cent – the Reit’s lowest since its IPO, down from 26.2 per cent at end-June. Sasseur Reit’s interest coverage ratio remained unchanged at four times from the previous quarter.

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The distribution will be paid out on Dec 27, after the record date on Dec 11.

The Reit’s portfolio includes outlets in China, such as Sasseur (Hefei) Outlet.

Units of Sasseur Reit ended Thursday unchanged at S$0.675.