Sasseur Reit Q3 DPU 4.5% higher than forecast at 1.542 cents

SINGAPORE - Real estate investment trust Sasseur Reit on Monday (Nov 12) announced a distribution per unit (DPU) of 1.542 cents for the third quarter ended Sept 30.

DPU for the Reit, which listed on the Singapore Exchange mainboard in March 2018, was 4.5 per cent higher than the 1.476  cents forecast in its prospectus. Distributable income to unitholders of $18.2 million was also 4.5 per cent higher than the $17.4 million forecast.

Sasseur Reit's net property income, listed as entrusted management agreements rental income, was $29.08 million, 0.7 per cent higher than its $28.87 million forecast.

For the year-to-date period, net property income was $58.7 million, 2.6 per cent higher than the $57.2 million forecast.

Total sales reached 2.04 billion yuan ($404 million), about 7 per cent higher than forecast and 36.7 per cent higher than total sales of 1.5 billion yuan for the same period of the previous year.

Anthony Ang, chief executive officer of Sasseur Reit manager, said: "The third quarter has seen strong growth as sales volume continues to grow. This is boosted by higher sales prices per unit and higher spending per customer during the autumn and winter seasons as well as major promotion events, such as the September anniversary activities. The good sales performance may be attributed to the excellent work of the operation team of the entrusted manager."

Sasseur Reit said that distribution to unitholders will be paid semi-annually, with the amount calculated based on the Reit's half-yearly results. The first distribution for the period from the listing date of March 28 to June 30 was paid on Sept 27.

Units of Sasseur Reit last traded at $0.675 on Friday.