SINGAPORE (Aug 11): The trustee-manager of Dasin Retail Trust (DRT) has declared a distribution per unit (DPU) of 3.01 cents for the six months ended June with distribution waiver, 5% above its forecast 2.88 cents for the period.
Without the distribution waiver, DPU for the half year would have been 1.36 cents.
Based on the offering price of 80 cents and after factoring the distribution waiver, this translates to an annualised distribution yield of $7.59 cents per share, 4% above the forecasted 7.25 cents.
The group posted revenue of $21.4 million for 1H17, 14% more than its forecast of $18.8 million.
This was mainly due to an increase in revenue earned from the Initial Portfolio of approximately $1.0 million and revenue recognised from Shiqi Metro Mall of $0.7 million for the period from June 20 to 30, 2017.
Meanwhile, net property income came in at $17.4 million, exceeding the 14% of the forecasted $15.4 million.
This was mainly attributed to an increase in net property income earned from the Initial Portfolio of approximately $0.5 million and net property income recognised from Shiqi Metro Mall of $0.6 million for the period from June 20 to 30, 2017.
The revenue and net property income forecast was prepared on the assumption that Shiqi Metro Mall was acquired on June 30, 2017.
During the six months ended June 2017, the group incurred commitment fee expense of $1.6 million on the undrawn but committed facilities of the Offshore Facilities and also fully expensed off capitalised transaction costs on the bank borrowings held by Xiaolan Xinduhui of $1.3 million, upon repayment of such borrowings on January 18, 2017.
Both expenses were not included in the forecast.
Li Wen, CEO of the Trustee-Manager of DRT, says, “We will continue on our proactive asset management strategy and prudent investment approach to generate inorganic and organic growth to provide stable and growing distributions for our unitholders.”
Units in DRT closed 1 cent higher at 82 cents on Friday.
