- Sasseur REIT reported their 1H25 results, with topline EMA (Entrusted Management Agreement) rental income expanding 2.2% y-o-y to RMB336.2mil. Variable EMA rental (30% of total EMA structure) rose 0.3% y-o-y in RMB terms, benchmarking a similar increase in Sasseur REIT’s 1H25 tenant sales.
1H25 DPU of 3.055 cents in line with estimates.
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Stronger quarter for sales across anchor outlet malls.
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- Chongqing Liangjiang Outlet Mall, Sasseur REIT’s largest asset, delivered its best 2Q since listing while the Kunming Outlet Mall benefitted from recent AEI completions.
- On the other hand, Hefei Outlet Mall continued to face discount-led competition amidst ongoing tenant mix efforts at the asset, which saw 1H24 tenant sales declining 4.5%.
Capital management remains stable and healthy with a more pivotal shift to RMB debt denomination.
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