SINGAPORE (Feb 27): The trustee-manager of Dasin Retail Trust (DRT) has posted distribution per unit (DPU) of 1.96 cents for the 4Q ended December, some 2% lower than forecast 4Q DPU of 1.99 cents.
This brings DPU for the full year to 7.16 cents in FY17, some 6% higher than the DPU forecast of 6.74 cents.
To recap, two of DRT’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 the distribution waiver, 4Q DPU of 0.89 cents would have been 1% lower than the forecast of 0.90 cents.
DRT achieved revenue of $18.2 million in 4Q17, which was 17% higher than forecast.
The increase is mainly attributed to revenue recognised from Shiqi Metro Mall following the completion of its acquisition in June 2017, as well as the positive effect of recognising future rent escalations contained in the master lease between Xiaolan Xinduhui (Xiaolan Metro Mall) and Zhongshan Dasin Metro-Mall Merchant Investment Co.
4Q net property income was $14.2 million, 11% higher than forecast, mainly due to the higher net revenue earned.
As at end December, cash and cash equivalents stood at $20.2 million.
“We are pleased to achieve a set of commendable results for DRT’s first financial year. The DPU yield of 8.95% exceeded what was promised during the initial public offering. This is a testament to the strong operating metrics of the quality malls in the portfolio,” says Li Wen, CEO of the trustee-manager.
“Occupancy remains strong at 100% occupancy, as a result of our proactive asset management and leasing capabilities. We will continue to enhance our portfolio to provide stable and growing distributions for our unitholders,” he adds.
Units of DRT closed 1 cent higher at 85.5 cents on Tuesday.
