As at 2020 Second Quarter Financial Results (14 Aug 2020)
Sasseur REIT is the first listed outlet mall REIT in Asia, listed on 28 Mar 2018. It has ownership/interest in 4 properties worth S$1.6 billion (RMB 8.2 billion) as at 30 Jun 2020.
| Gross rental income (by sector) | Percentage |
| Fashion | 39.7% |
| International Brands | 21.3% |
| Sports | 15.8% |
| Shoe Wear | 5.5% |
| Children | 5.3% |
| Miscellaneous | 5.2% |
| F&B | 3.2% |
| Ad-hoc Outlet | 2.2% |
| Kids Amusement Park | 1.0% |
| Anchor Tenants | 0.4% |
| Lifestyle | 0.3% |
| Gross rental income (by geographical location) | Percentage |
| China | 100% |
| Metrics | 2Q 2020 | 1Q 2020 |
| Gearing Ratio (Aggregate Leverage) | 28.1% | 28.5% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 2.23 years | 2.49 years |
| Average Cost of Debt (p.a.) | 4.17% | 4.34% |
| Occupancy Rate | 93.6% | 94.8% |
| Weighted Average Lease Expiry (by GRI) | 0.8 years | 1.0 years |
| Top 10 tenants (gross rental income) | 18.0% | (as at 31 Dec 19) |
| Top tenant (gross rental income) | 7.5% | (as at 31 Dec 19) |
WALE is low, as REIT deliberates short leases to optimise tenant mix. In conventional retail malls, the typical lease terms are 5 to 10 years for anchor tenants and 1 to 3 years for other tenants. Sasseur REIT however has intentionally opted for a shorter lease to
- cease leases to under-performing brands more easily and replace them with brands that are better suited to changing consumers’ trends
- renew leases more frequently at higher commission rates for brands that perform well
| 2Q 2020 | 2Q 2019 | 1H 2020 | 1H 2019 | |
| Metrics | S$ mil | S$ mil | S$ mil | S$ mil |
| Gross Revenue | 28.0 | 29.1 | 53.2 | 60.0 |
| Distributable Income | 18.2 | 19.2 | 34.2 | 38.9 |
| DPU | 1.512c | 1.608c | 2.846c | 3.264c |
PORTFOLIO
CHINA
| Property | NPI (%) | Occupancy 2Q 2020 | Occupancy 1Q 2020 |
| Chongqing Outlets | 45.9 | 100.0 | 100.0 |
| Bishan Outlets | 9.5 | 84.2 | 86.5 |
| Hefei Outlets | 25.3 | 94.7 | 95.5 |
| Kunming Outlets | 19.4 | 97.3 | 96.0 |
| Property | Valuation (RMB m) Jun-20 | Valuation (RMB m) Dec-19 | Leasehold expiry |
| Chongqing Outlets | 2,973 | 2,973 | 2047 |
| Bishan Outlets | 824 | 824 | 2051 |
| Hefei Outlets | 2,795 | 2,795 | 2053 |
| Kunming Outlets | 1,620 | 1,620 | 2054 |
Potential pipeline projects from Sponsor
Acquisition pipeline of 9 properties under Right of first refusal with Sponsor.
Theory of Constraints 
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