Sasseur Reit Q3 DPU rises 7.6% to 1.764 S cents

SASSEUR Real Estate Investment Trust (Sasseur Reit), which owns outlet malls in China, posted a 7.6 per cent rise in its distribution per unit (DPU) to 1.764 Singapore cents for the third quarter ended Sept 30, 2020, from 1.64 cents a year ago.

The Reit's rental income under its entrusted management agreements (EMAs) was S$30.3 million, down 1 per cent from S$30.6 million a year earlier. After adjusting for a straight-lining of an annual 3 per cent escalation of the fixed component of EMA rental income, it would be S$32.6 million.

Distributable income rose 8.5 per cent year on year to S$21.2 million, from S$19.6 million for Q3 2019. The increase was mainly attributable to lower tax expense and interest expense, which were partially offset by higher trust expenses.

The distribution will be paid out on Dec 28, following books closure on Dec 14.

Sasseur Reit's portfolio occupancy rate remained stable at 93.1 per cent for the third quarter this year, the manager said.

As at 10.59am on Friday, Sasseur Reit units were trading at S$0.80, up S$0.02 or 2.6 per cent.