SINGAPORE (Nov 10): The trustee-manager of Dasin Retail Trust reported 3Q DPU of 2.23 cents. This exceeded forecast DPU of 1.99 cents by 12%.
Dasin Retail Trust is the China retail property trust providing direct exposure to the fast-growing Pearl River Delta region.
To recap, two of Dasin Retail Trust’s major unitholders have agreed to not receive distributions for some of the REIT’s units they own, according to its IPO prospectus when it listed in January. This would mean higher distributions for other unitholders instead.
Without distribution waiver, DPU would have increased by 13% to 1.01 cents from forecast 0.90 cents.
Revenue rose 21% to $18.7 million from a year ago, 21% higher than forecast. Net property income exceeded forecast by 25% to $15.9 million attributable to attributable to the acquisition of Shiqi Metro Mall earlier than forecasted as well as better operational metrics.
As at end Sept, portfolio occupancy stood at 100% portfolio occupancy while gearing remained at 31.5%.
Dasin Retail Trust’s pipeline of ROFR assets will comprise 10 completed properties and nine properties under development. This pipeline spans the cities of the Pearl River Delta Region of Zhongshan, Zhuhai, Shunde and Macau.
Zhang Zhencheng, chairman of the trustee-manager of Dasin Retail Trust, says, “Zhongshan’s GDP increased 7.5% year-on-year, reaching RMB256.7 billion for the first nine months of 2017...The plan to develop Guangdong-Hong Kong-Macau Greater Bay Area includes major infrastructure projects, important development platforms as well as major economic and trade cooperation that is expected to have a positive impact on the Trust and its properties.”
Units in Dasin Retail Trust closed at 80 cents.
