Sasseur REIT (CRPU)

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
Fashion39.7%
International Brands21.3%
Sports15.8%
Shoe Wear5.5%
Children5.3%
Miscellaneous5.2%
F&B3.2%
Ad-hoc Outlet2.2%
Kids Amusement Park1.0%
Anchor Tenants0.4%
Lifestyle0.3%
Gross rental income
(by geographical location)
Percentage
China100%

Metrics2Q 20201Q 2020
Gearing Ratio
(Aggregate Leverage)
28.1%28.5%
Weighted Average Debt to Maturity
(Average Term to Maturity)
2.23 years2.49 years
Average Cost of Debt (p.a.)4.17%4.34%
Occupancy Rate93.6%94.8%
Weighted Average Lease Expiry
(by GRI)
0.8 years1.0 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 20202Q 20191H 20201H 2019
MetricsS$ milS$ milS$ milS$ mil
Gross Revenue28.029.153.260.0
Distributable Income18.219.234.238.9
DPU1.512c1.608c2.846c3.264c

PORTFOLIO

CHINA

PropertyNPI (%)Occupancy
2Q 2020
Occupancy
1Q 2020
Chongqing Outlets45.9100.0100.0
Bishan Outlets9.584.286.5
Hefei Outlets25.394.795.5
Kunming Outlets19.497.396.0

PropertyValuation
(RMB m)

Jun-20
Valuation
(RMB m)

Dec-19
Leasehold
expiry
Chongqing Outlets2,9732,9732047
Bishan Outlets8248242051
Hefei Outlets2,7952,7952053
Kunming Outlets1,6201,6202054

Potential pipeline projects from Sponsor

Acquisition pipeline of 9 properties under Right of first refusal with Sponsor.

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