Sasseur REIT (SGX:CRPU
) has reported a distribution per unit (DPU) of 3.083 cents for 2HFY2025, ended Dec 31, 2025, which represent an increase of 5.3% y-o-y. For FY2025, the REIT’s DPU was up 0.9% y-o-y to 6.138 cents.
Sasseur REIT explained that the higher DPU was mainly driven by growth in outlet sales, resilient portfolio fundamentals and continued discipline in capital management.
Entrusted management agreement (EMA) income for FY2025 rose 2.7% y-o-y to RMB682.3 million, underpinned by resilient outlet sales across the portfolio.
Distributable income increased 2.8% y-o-y to $85.7 million in FY2025, mainly due to lower finance costs and reduced tax expenses.
Portfolio occupancy rate held steady at 98.8% in 4QFY2025 and no single tenant within Sasseur REIT’s portfolio accounted for more than 5% of the REIT’s revenue.
Aggregate leverage inched up slightly to 25.1% as at Dec 31, 2025, compared against 24.8% as at Dec 31, 2024.
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With the lower interest cost, Sasseur REIT saw its interest coverage ratio improved marginally to 4.7 times.
Following the newly secured onshore RMB bank loans, the manager expects to further lower its cost of debt from the current 4.4% per annum and enhance its debt maturity profile in FY2026.
As at Dec 31, 2025, Sasseur REIT’s portfolio valuation stood at RMB8.36 billion, which is a 0.7% y-o-y decline.
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The decline was attributed to valuation decline in its Chongqing Bishan, Hefei and Kunming outlet, while partially offset by gain from its Chongqing Liangjiang outlet.
On the asset enhancement initiative (AEI) front, the manager has commenced on AEI works at its Hefei outlet by reconfiguring the level 3 cinema space that is around 2,000 sq m.
The manager said that the space will be reconfigured into a multi-tenanted F&B and experiential zone, catering to the demand from the surrounding residential catchment.
“Even amid macroeconomic uncertainty and subdued consumer sentiment, our outlets portfolio continued to demonstrate its defensive strengths,” states Cheng Hsing Yuen, CEO of the manager.
“By maintaining a prudent balance between scale, quality and risk, Sasseur REIT is committed to delivering stable, resilient and sustainable long-term value to its unitholders,” says Vito Xu, Chairman of the manager.
Units in Sasseur REIT closed flat at 68.5 cents on Feb 25.
