- Sasseur REIT (SGX:CRPU) reported Entrusted Management Agreement (EMA) rental income of S$32.6m for 1Q24 (-1.4% y-o-y), which is in line with our expectations.
Growth from escalation of fixed component.
- - Read this at SGinvestors.io -
- In Singapore dollar terms, rental income dipped 1.4% y-o-y to S$32.6m as the renminbi depreciated 4.1% y-o-y against the Singapore dollar.
1Q23 was a high base boosted by revenge spending.
- 1Q23 was a high base boosted by pent-up demand and revenge spending after the policy U-turn with the sudden removal of all COVID-19 measures. Thus, outlet sales declined 2.6% y-o-y in 1Q24.
- Only the Hefei outlet clocked positive growth of 2.9% y-o-y for outlet sales due to contributions from new tenants after the optimisation of tenant mix.
Consumers switched to affordable domestic fashion brands and sportswear.
- - Read this at SGinvestors.io -
Portfolio occupancy improved 0.3ppt q-o-q to 97.9% in 1Q24.
- Read more at SGinvestors.io.
