Sasseur REIT’s DPU drops 1.8% YoY to $0.019 in Q4 2021

This is due to the retention of its distributable income.

Sasseur REIT’s distribution per unit (DPU) dropped 1.8% year-on-year (YoY) to $0.019 in the fourth quarter (Q4) of the financial year 2021 after it retained $2.2m of its distributable income to fund asset enhancement initiatives and for working capital purposes.

This equates to a distributable income of $23.1m.

If there was no retention, the REIT’s distributable income would have been $25.3m, whilst DPU would be $0.02079, up 7.4% than the record-high DPU in Q4 2020.

On the other hand, the REIT’s full-year DPU — before and after retention — increased by 18.3% to $0.07740 and 8.5% to $0.07104, respectively.

The DPU before retention “represents a record high full-year DPU for Sasseur REIT and its third consecutive year of growth,” the REIT’s manager said in a bourse filing.

For the full financial year, a total of $7.7m distributable income was retained.

Looking at 2022, the REIT believes its assets will “continue to benefit from China’s dual circulation policies which promote domestic consumption.”

“Despite slower economic growth, we believe outlet business remains appealing due to its unique positioning as a value-for-money shopping destination,” it added.