Sasseur REIT EMA rental income dip 2.1% to $33.1m in Q1

But its DPU grew 1.5% to 1.849 cents.

Sasseur REIT recorded a 2.1% decline in its Entrusted Management Agreement (EMA) rental income to $33.1m in the first quarter of 2023 from $33.8m in 2022.

The depreciation of the Chinese RMB against the Singaporean Dollar compared to the first quarter of 2022 drove the company's falling EMA rental income.

Its distributable income to Unitholders decreased by 4.0% to $23.7m from $24.7m.

However, its distribution per unit (DPU) climbed 1.5% to 1.849 cents from 1.822 cents.

READ MORE: Sasseur REIT posts highest Q3 DPU in four years

Meanwhile, Sasseur REIT's outlet sales grew 17.9% year-over-year to RMB1.29b (S$247.6m) from RMB1.096b (S$209.97m) due to pent-up demand in retail spending, post-economic re-opening in the first quarter of 2023 after the lifting of inter-city movement restrictions and supply chain disruptions in the past year, and successful promotional events at outlets to capitalise on a rebound in retail spending.