In the FY2023, the REIT’s entrusted manager agreement (EMA) income grew by 10.7% y-o-y to RMB658.5 million as both fixed and variable components rose. The REIT’s variable component, in particular, surged by 31.7% y-o-y to RMB211.0 million.
Sasseur REIT has reported a distribution per unit (DPU) of 6.249 cents for the FY2023 ended Dec 31, 2023, 4.6% lower y-o-y.
Distributable income for the full year fell by 5.8% y-o-y to $83.4 million due to the stronger Singapore dollar (SGD) relative to the renminbi (RMB) as well as higher finance costs and tax expenses. The renminbi fell by 7.0% for the year against the SGD compared to the same period in 2022. Excluding the impact of foreign currency translation, the REIT’s DPU for the FY2023 would have been 4.1% higher y-o-y at 6.822 cents.
