Sasseur Reit CRPU
Financials
Sasseur REIT Annual Report 2025
Explore the statements
12 tablesConsolidated Statement of Total Return
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| EMA rental income¹$’000 | 120,978 | 123,726 | PDF p. 155 |
| Expenses | |||
| REIT Manager’s management fees$’000 | (8,815) | (8,330) | PDF p. 155 |
| Trustee’s fees$’000 | (312) | (319) | PDF p. 155 |
| Other trust expenses, net$’000 | (1,362) | (851) | PDF p. 155 |
| Income | |||
| Finance income$’000 | 138 | 253 | PDF p. 155 |
| Expenses | |||
| Finance costs$’000 | (23,588) | (24,710) | PDF p. 155 |
| Income/expenses | |||
| Exchange differences$’000 | (221) | (2,272) | PDF p. 155 |
| Change in fair value of financial derivatives$’000 | (523) | (113) | PDF p. 155 |
| Total return | |||
| Total return before change in fair value of investment properties and tax$’000 | 86,295 | 87,384 | PDF p. 155 |
| Income/expenses | |||
| Change in fair value of investment properties$’000 | (7,847) | (14,164) | PDF p. 155 |
| Total return | |||
| Total return for the year before tax$’000 | 78,448 | 73,220 | PDF p. 155 |
| Tax | |||
| Tax expense$’000 | (15,192) | (17,162) | PDF p. 155 |
| Total return | |||
| Total return for the year attributable to Unitholders$’000 | 63,256 | 56,058 | PDF p. 155 |
Definitions & sources
Original report: PDF p. 155 ↗
1 The Group receives EMA rental income under the Entrusted Management Agreement (EMA), and all the operating expenses of the properties are borne by the Entrusted Manager.
Statements of Financial Position as at 31 December 2025
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Assets — Non-current assets | |||||
| Investment properties$’000 | 1,536,271 | 1,582,290 | − | − | PDF p. 154 |
| Plant and equipment$’000 | 359 | 493 | − | − | PDF p. 154 |
| Interests in subsidiaries$’000 | − | − | 1,001,757 | 1,006,102 | PDF p. 154 |
| Assets — Non-current assets subtotal | |||||
| Subtotal$’000 | 1,536,630 | 1,582,783 | 1,001,757 | 1,006,102 | PDF p. 154 |
| Assets — Current assets | |||||
| Prepayments, deposits and other receivables$’000 | 22,183 | 19,477 | 33,701 | 36,237 | PDF p. 154 |
| Cash and short-term deposits$’000 | 182,135 | 174,345 | 18,645 | 4,240 | PDF p. 154 |
| Derivative financial instruments$’000 | − | 570 | − | 78 | PDF p. 154 |
| Assets — Current assets subtotal | |||||
| Subtotal$’000 | 204,318 | 194,392 | 52,346 | 40,555 | PDF p. 154 |
| Assets | |||||
| Total assets$’000 | 1,740,948 | 1,777,175 | 1,054,103 | 1,046,657 | PDF p. 154 |
| Liabilities — Non-current liabilities | |||||
| Loans and borrowings$’000 | 214,058 | 372,295 | − | − | PDF p. 154 |
| Loans from a related party$’000 | 215,478 | 57,880 | 215,478 | − | PDF p. 154 |
| Other payables$’000 | − | − | − | 201,492 | PDF p. 154 |
| Deferred tax liabilities$’000 | 119,527 | 119,476 | − | − | PDF p. 154 |
| Liabilities — Non-current liabilities subtotal | |||||
| Subtotal$’000 | 549,063 | 549,651 | 215,478 | 201,492 | PDF p. 154 |
| Liabilities — Current liabilities | |||||
| Other payables and accruals$’000 | 139,319 | 141,194 | 4,531 | 1,587 | PDF p. 154 |
| Loans and borrowings$’000 | 7,003 | 5,497 | − | − | PDF p. 154 |
| Derivative financial instruments$’000 | 45 | 92 | 45 | − | PDF p. 154 |
| Tax payables$’000 | 40,308 | 42,760 | 10 | 8 | PDF p. 154 |
| Liabilities — Current liabilities subtotal | |||||
| Subtotal$’000 | 186,675 | 189,543 | 4,586 | 1,595 | PDF p. 154 |
| Liabilities | |||||
| Total liabilities$’000 | 735,738 | 739,194 | 220,064 | 203,087 | PDF p. 154 |
| Net assets | |||||
| Net assets$’000 | 1,005,210 | 1,037,981 | 834,039 | 843,570 | PDF p. 154 |
| Represented by | |||||
| Unitholders’ funds$’000 | 1,005,210 | 1,037,981 | 834,039 | 843,570 | PDF p. 154 |
| Units in issue and to be issued (’000)’000 Units | 1,264,707 | 1,255,516 | 1,264,707 | 1,255,516 | PDF p. 154 |
| Net asset value per Unit ($)$ per Unit | 0.79 | 0.83 | 0.66 | 0.67 | PDF p. 154 |
Definitions & sources
Original report: PDF p. 154 ↗
Earnings per Unit (EPU)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per Unit | |||
| Weighted average number of Units (‘000)’000 Units | 1,255,875 | 1,246,584 | PDF p. 183 |
| Total return after tax ($’000)$’000 | 63,256 | 56,058 | PDF p. 183 |
| EPU¹ (cents) – basic and diluted²cents per Unit | 5.037 | 4.497 | PDF p. 183 |
Definitions & sources
Original report: PDF p. 183 ↗
1 EPU is calculated by dividing the total return for the year after tax against the weighted average number of Units in issue for the reporting year. 2 Diluted EPU is the same as the basic EPU as there are no dilutive instruments in issue during the reporting year.
Consolidated Statement of Cash Flows
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year before tax$’000 | 78,448 | 73,220 | PDF p. 158 |
| Cash flows from operating activities; Adjustments for | |||
| REIT Manager’s management fees paid/payable in Units$’000 | 6,012 | 6,664 | PDF p. 158 |
| Straight-line adjustments$’000 | 3,223 | 726 | PDF p. 158 |
| Change in fair value of investment properties$’000 | 7,847 | 14,164 | PDF p. 158 |
| Change in fair value of financial derivatives$’000 | 523 | 113 | PDF p. 158 |
| Finance costs$’000 | 23,588 | 24,710 | PDF p. 158 |
| Finance income$’000 | (138) | (253) | PDF p. 158 |
| Unrealised translation differences$’000 | 2,093 | 2,281 | PDF p. 158 |
| Cash flows from operating activities | |||
| Cash flows before changes in working capital$’000 | 121,596 | 121,625 | PDF p. 158 |
| Cash flows from operating activities; Changes in working capital | |||
| Prepayments, deposits and other receivables$’000 | (3,465) | 6,584 | PDF p. 158 |
| Other payables and accruals$’000 | (1,407) | (3,167) | PDF p. 158 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 116,724 | 125,042 | PDF p. 158 |
| Tax paid$’000 | (10,409) | (9,351) | PDF p. 158 |
| Interest received$’000 | 190 | 237 | PDF p. 158 |
| Net cash generated from operating activities$’000 | 106,505 | 115,928 | PDF p. 158 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties$’000 | (1,094) | (1,116) | PDF p. 158 |
| Additions of plant and equipment$’000 | − | (493) | PDF p. 158 |
| Net cash used in investing activities$’000 | (1,094) | (1,609) | PDF p. 158 |
| Cash flows from financing activities | |||
| Proceeds from bank loans$’000 | 54,950 | − | PDF p. 158 |
| Loans from a related party$’000 | 212,435 | − | PDF p. 158 |
| Repayment of bank loans$’000 | (211,391) | (5,444) | PDF p. 158 |
| Repayment of onshore Sponsor loan$’000 | (54,950) | − | PDF p. 158 |
| Distribution to Unitholders$’000 | (74,991) | (56,859) | PDF p. 158 |
| Interest paid$’000 | (19,726) | (19,580) | PDF p. 158 |
| Decrease/(increase) in restricted cash$’000 | 5,417 | (446) | PDF p. 158 |
| Net cash used in financing activities$’000 | (88,256) | (82,329) | PDF p. 158 |
| Cash flows | |||
| Net increase in cash and cash equivalents$’000 | 17,155 | 31,990 | PDF p. 158 |
| Cash and cash equivalents at beginning of the year$’000 | 164,262 | 131,197 | PDF p. 158 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | (3,672) | 1,075 | PDF p. 158 |
| Cash and cash equivalents at end of the year$’000 | 177,745 | 164,262 | PDF p. 158 |
Definitions & sources
Original report: PDF p. 158 ↗
The statement says the accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Changes in Unitholders’ Funds
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Opening balance | |||||
| At beginning of the year$’000 | 1,037,981 | 1,019,612 | 843,570 | 855,352 | PDF p. 157 |
| Operations | |||||
| Total return for the year attributable to Unitholders$’000 | 63,256 | 56,058 | 59,448 | 38,413 | PDF p. 157 |
| Net increase in net assets resulting from operations$’000 | 63,256 | 56,058 | 59,448 | 38,413 | PDF p. 157 |
| Unitholders’ transactions — Units in issue | |||||
| REIT Manager’s management fees paid in Units$’000 | 2,969 | 3,415 | 2,969 | 3,415 | PDF p. 157 |
| Distribution to Unitholders$’000 | (74,991) | (56,859) | (74,991) | (56,859) | PDF p. 157 |
| Unitholders’ transactions — Units in issue subtotal | |||||
| Subtotal$’000 | (72,022) | (53,444) | (72,022) | (53,444) | PDF p. 157 |
| Unitholders’ transactions — Units to be issued | |||||
| REIT Manager’s management fees payable in Units$’000 | 3,043 | 3,249 | 3,043 | 3,249 | PDF p. 157 |
| Unitholders’ transactions | |||||
| Net decrease in net assets resulting from Unitholders’ transactions$’000 | (68,979) | (50,195) | (68,979) | (50,195) | PDF p. 157 |
| Foreign currency translation reserve | |||||
| Movement in foreign currency translation reserve$’000 | (27,048) | 12,506 | − | − | PDF p. 157 |
| Closing balance | |||||
| At end of the year$’000 | 1,005,210 | 1,037,981 | 834,039 | 843,570 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Financial Highlights — Statement of Total Return, Statement of Financial Position, and Key Financial Metrics
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Financial highlights | 2024Financial highlights | 2023Financial highlights | 2022Financial highlights | 2021Financial highlights | Source |
|---|---|---|---|---|---|---|
| Statement of Total Return Highlights | ||||||
| EMA rental income1 (RMB million)RMB million | 682.3 | 664.1 | 658.5 | 594.7 | 611.9 | PDF p. 7 |
| - Fixed ComponentRMB million | 474.8 | 461.0 | 447.5 | 434.5 | 421.8 | PDF p. 7 |
| - Variable ComponentRMB million | 207.5 | 203.1 | 211.0 | 160.2 | 190.1 | PDF p. 7 |
| EMA rental income ($ million)1$ million | 124.2 | 124.5 | 124.9 | 121.3 | 127.5 | PDF p. 7 |
| Statement of Financial Position Highlights | ||||||
| Investment properties ($ million)$ million | 1,536.3 | 1,582.3 | 1,580.2 | 1,639.0 | 1,801.0 | PDF p. 7 |
| Total assets ($ million)$ million | 1,740.9 | 1,777.2 | 1,747.7 | 1,767.8 | 1,989.8 | PDF p. 7 |
| Gross borrowings$ million | 436.9 | 440.9 | 442.1 | 488.3 | 518.6 | PDF p. 7 |
| Unitholders’ funds ($ million)$ million | 1,005.2 | 1,038.0 | 1,019.6 | 1,067.8 | 1,209.2 | PDF p. 7 |
| Key Financial Metrics | ||||||
| Distribution per Unit (S cents)S cents | 6.138 | 6.082 | 6.249 | 6.550 | 7.104 | PDF p. 7 |
| Distribution yield2 (%)% | 9.0 | 8.9 | 9.1 | 8.7 | 8.4 | PDF p. 7 |
| Aggregate leverage (%)% | 25.1 | 24.8 | 25.3 | 27.6 | 26.1 | PDF p. 7 |
| Interest coverage ratio (times)times | 4.7 | 4.6 | 4.3 | 4.4 | 5.1 | PDF p. 7 |
| Weighted average cost of borrowings (%)% | 4.4 | 5.3 | 5.6 | 4.9 | 4.4 | PDF p. 7 |
| Net asset value per Unit ($)$ per Unit | 0.79 | 0.83 | 0.82 | 0.87 | 0.99 | PDF p. 7 |
| Number of Units in issue (million)million Units | 1,260 | 1,251 | 1,243 | 1,231 | 1,217 | PDF p. 7 |
| Market capitalisation2 ($ million)$ million | 857 | 851 | 851 | 929 | 1,028 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Notes: 1 Excludes straight-line accounting adjustments. 2 Based on year-end closing unit price.
Capital Management — Key Financial Indicators
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Key Financial Indicators | |||
| Gross borrowings ($ million)$ million | 436.9 | 440.9 | PDF p. 48 |
| Aggregate leverage (%)% | 25.1 | 24.8 | PDF p. 48 |
| Average debt maturity (years)years | 4.2 | 2.5 | PDF p. 48 |
| Debt headroom ($ million)1,2$ million | 867.2 | 895.3 | PDF p. 48 |
| Weighted average cost of debt per year (%)3% | 4.4 | 5.3 | PDF p. 48 |
| Interest coverage ratio4 (times)times | 4.7 | 4.6 | PDF p. 48 |
Definitions & sources
Original report: PDF p. 48 ↗
1 Debt headroom is computed based on total assets and assumes a corresponding increase in total assets with new debts raised. 2 Based on MAS prescribed leverage limit of 50.0%. 3 Excludes one-off adjustment related to the write-off of unamortised transaction cost. 4 The ratio is calculated by dividing the trailing 12 months EBITDA (excluding the effects of any fair value changes of financial derivatives and investment properties, and foreign exchange translation) by the trailing 12 months’ interest expense and borrowing-related fees in accordance with the revised Property Funds Appendix guidelines with effect from 28 November 2024.
Consolidated Distribution Statement
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution statement | |||
| Income available for distribution to Unitholders at beginning of the year$’000 | 10 | 9 | PDF p. 156 |
| Total return for the year attributable to Unitholders$’000 | 63,256 | 56,058 | PDF p. 156 |
| Distribution adjustments (Note A)$’000 | 22,410 | 27,239 | PDF p. 156 |
| Distribution statement subtotal | |||
| Subtotal$’000 | 85,666 | 83,297 | PDF p. 156 |
| Distribution statement | |||
| Less: Amount retained for the principal amortisation of onshore loans and capital expenditures$’000 | (8,457) | (7,385) | PDF p. 156 |
| Amount available for distribution to Unitholders$’000 | 77,219 | 75,921 | PDF p. 156 |
| Distribution to Unitholders | |||
| Distribution of 3.055 cents per Unit for the period from 1/1/2025 to 30/6/2025$’000 | (38,356) | − | PDF p. 156 |
| Distribution of 3.083 cents per Unit for the period from 1/7/2025 to 31/12/2025$’000 | (38,852) | − | PDF p. 156 |
| Distribution of 3.153 cents per Unit for the period from 1/1/2024 to 30/6/2024$’000 | − | (39,276) | PDF p. 156 |
| Distribution of 2.929 cents per Unit for the period from 1/7/2024 to 31/12/2024$’000 | − | (36,635) | PDF p. 156 |
| Total distributions to Unitholders$’000 | (77,208) | (75,911) | PDF p. 156 |
| Distribution statement | |||
| Amount available for distribution to Unitholders at end of the year$’000 | 11 | 10 | PDF p. 156 |
| Distribution per unit | |||
| Distributions per Unit (DPU) (cents)cents per Unit | 6.138 | 6.082 | PDF p. 156 |
| Distribution adjustments (Note A) | |||
| REIT Manager’s management fees paid/payable in Units$’000 | 6,012 | 6,664 | PDF p. 156 |
| Straight-line adjustments$’000 | 3,223 | 726 | PDF p. 156 |
| Change in fair value of investment properties$’000 | 7,847 | 14,164 | PDF p. 156 |
| Deferred tax expense$’000 | 2,712 | 3,291 | PDF p. 156 |
| Exchange differences$’000 | 2,093 | 2,281 | PDF p. 156 |
| Change in fair value of financial derivatives$’000 | 523 | 113 | PDF p. 156 |
| Distribution adjustments$’000 | 22,410 | 27,239 | PDF p. 156 |
Definitions & sources
Original report: PDF p. 156 ↗
1 Distribution relating to the period from 1 July 2025 to 31 December 2025 will be made subsequent to the reporting date (Note 24). 2 Distribution relating to the period from 1 July 2024 to 31 December 2024 was made in March 2025. 3 The DPU relates to the distributions in respect of the relevant financial year.
Statement of Portfolio — valuation (RMB)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Property portfolio | |||
| Sasseur (Chongqing Liangjiang) OutletRMB’000 | 3,270,000 | 3,188,000 | PDF p. 159 |
| Sasseur (Chongqing Bishan) OutletRMB’000 | 761,000 | 780,000 | PDF p. 159 |
| Sasseur (Hefei) OutletRMB’000 | 2,774,000 | 2,838,000 | PDF p. 159 |
| Sasseur (Kunming) OutletRMB’000 | 1,558,000 | 1,614,000 | PDF p. 159 |
| Portfolio totals | |||
| Investment properties, at valuationRMB’000 | 8,363,000 | 8,420,000 | PDF p. 159 |
Definitions & sources
Original report: PDF p. 159 ↗
Property valuation currency and unit are as printed in the source.
Statement of Portfolio — valuation (S$)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Property portfolio | |||
| Sasseur (Chongqing Liangjiang) OutletS$’000 | 600,694 | 599,090 | PDF p. 159 |
| Sasseur (Chongqing Bishan) OutletS$’000 | 139,795 | 146,578 | PDF p. 159 |
| Sasseur (Hefei) OutletS$’000 | 509,580 | 533,318 | PDF p. 159 |
| Sasseur (Kunming) OutletS$’000 | 286,202 | 303,304 | PDF p. 159 |
| Portfolio totals | |||
| Investment properties, at valuationS$’000 | 1,536,271 | 1,582,290 | PDF p. 159 |
| Other assets and liabilities (net)S$’000 | (531,061) | (544,309) | PDF p. 159 |
| Net assets attributable to UnitholdersS$’000 | 1,005,210 | 1,037,981 | PDF p. 159 |
Definitions & sources
Original report: PDF p. 159 ↗
Property valuation currency and unit are as printed in the source.
Statement of Portfolio — percentage of total net assets attributable to Unitholders
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Property portfolio | |||
| Sasseur (Chongqing Liangjiang) Outlet% | 59.8 | 57.7 | PDF p. 159 |
| Sasseur (Chongqing Bishan) Outlet% | 13.8 | 14.1 | PDF p. 159 |
| Sasseur (Hefei) Outlet% | 50.7 | 51.4 | PDF p. 159 |
| Sasseur (Kunming) Outlet% | 28.5 | 29.2 | PDF p. 159 |
| Portfolio totals | |||
| Investment properties, at valuation% | 152.8 | 152.4 | PDF p. 159 |
| Other assets and liabilities (net)% | (52.8) | (52.4) | PDF p. 159 |
| Net assets attributable to Unitholders% | 100.0 | 100.0 | PDF p. 159 |
Definitions & sources
Original report: PDF p. 159 ↗
Property valuation currency and unit are as printed in the source.
Outlet Sales (RMB million)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Outlet sales | 2024Outlet sales | 2023Outlet sales | Source |
|---|---|---|---|---|
| Outlet sales | ||||
| Total Outlet SalesRMB million | 4,599.0 | 4,482.1 | 4,663.7 | PDF p. 6 |
| Sasseur (Chongqing Liangjiang) OutletRMB million | 2,547.4 | 2,423.9 | 2,541.3 | PDF p. 6 |
| Sasseur (Chongqing Bishan) OutletRMB million | 391.3 | 377.2 | 400.7 | PDF p. 6 |
| Sasseur (Hefei) OutletRMB million | 996.0 | 1,028.1 | 1,037.1 | PDF p. 6 |
| Sasseur (Kunming) OutletRMB million | 664.3 | 652.9 | 684.6 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Original p6 chart point and year axis independently bound by PDF coordinates; RMB million.
Where the money comes from
Segment information
By business
Segment results, assets, liabilities and capital expenditure by reportable segment - Group 15 lines
| Item / unit | 2025Sasseur (Chongqing Liangjiang) Outlet | 2025Sasseur (Chongqing Bishan) Outlet | 2025Sasseur (Hefei) Outlet | 2025Sasseur (Kunming) Outlet | 2025Unallocated | 2025Total | 2024Sasseur (Chongqing Liangjiang) Outlet | 2024Sasseur (Chongqing Bishan) Outlet | 2024Sasseur (Hefei) Outlet | 2024Sasseur (Kunming) Outlet | 2024Unallocated | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment results | |||||||||||||
| EMA rental income$'000 | 55,512 | 10,754 | 33,570 | 21,142 | – | 120,978 | 56,223 | 10,951 | 34,891 | 21,661 | – | 123,726 | PDF p. 194PDF p. 195 |
| REIT Manager’s management fees$'000 | – | – | – | – | (8,815) | (8,815) | – | – | – | – | (8,330) | (8,330) | PDF p. 194PDF p. 195 |
| Trustee’s fees$'000 | – | – | – | – | (312) | (312) | – | – | – | – | (319) | (319) | PDF p. 194PDF p. 195 |
| Other trust expenses, net - Other income$'000 | 63 | 24 | 53 | 59 | – | 199 | 511 | 81 | 749 | 63 | – | 1,404 | PDF p. 194PDF p. 195 |
| Other trust expenses, net - Other expenses$'000 | 267 | 128 | 137 | 60 | (2,153) | (1,561) | – | – | 90 | 67 | (2,412) | (2,255) | PDF p. 194PDF p. 195 |
| Finance income$'000 | – | – | – | – | 138 | 138 | – | – | – | – | 253 | 253 | PDF p. 194PDF p. 195 |
| Finance costs$'000 | (4,372) | (684) | (2,061) | (3,239) | (13,232) | (23,588) | (5,091) | (796) | (2,402) | (3,933) | (12,488) | (24,710) | PDF p. 194PDF p. 195 |
| Exchange differences$'000 | 68 | – | 20 | – | (309) | (221) | – | – | (76) | 1 | (2,197) | (2,272) | PDF p. 194PDF p. 195 |
| Change in fair value of financial derivatives$'000 | – | – | – | – | (523) | (523) | – | – | – | – | (113) | (113) | PDF p. 194PDF p. 195 |
| Total return before change in fair value of investment properties and tax$'000 | 51,538 | 10,222 | 31,719 | 18,022 | (25,206) | 86,295 | 51,643 | 10,236 | 33,252 | 17,859 | (25,606) | 87,384 | PDF p. 194PDF p. 195 |
| Change in fair value of investment properties$'000 | 15,508 | (3,179) | (10,720) | (9,456) | – | (7,847) | 11,005 | (10,090) | (7,942) | (7,137) | – | (14,164) | PDF p. 194PDF p. 195 |
| Total return for the year before tax$'000 | 67,046 | 7,043 | 20,999 | 8,566 | (25,206) | 78,448 | 62,648 | 146 | 25,310 | 10,722 | (25,606) | 73,220 | PDF p. 194PDF p. 195 |
| Segment assets and liabilities | |||||||||||||
| Segment assets$'000 | 690,469 | 157,653 | 566,408 | 307,158 | 19,260 | 1,740,948 | 685,258 | 162,554 | 592,648 | 324,528 | 12,187 | 1,777,175 | PDF p. 194PDF p. 195 |
| Segment liabilities$'000 | 231,854 | 29,343 | 157,369 | 96,343 | 220,829 | 735,738 | 229,992 | 33,336 | 164,467 | 99,851 | 211,548 | 739,194 | PDF p. 194PDF p. 195 |
| Other segment information | |||||||||||||
| Capital expenditure$'000 | 858 | 13 | (16) | (155) | – | 700 | 375 | 36 | (98) | 148 | – | 461 | PDF p. 194PDF p. 195 |
Notes
Reportable segments are investment properties in PRC used primarily for retail outlet mall purposes. Unallocated items comprise mainly the REIT Manager’s management fees, trustee’s fees, trust expenses, finance income, finance costs, tax expense, exchange differences and related assets and liabilities.
Tax expense and Total return for the year rows: segment cells are blank in the source; Unallocated and Total only.
Continuation of Note 23 Operating Segments for the comparative year 2024. Tax expense and Total return for the year rows have blank segment cells in the source.
Debt
Borrowings
Borrowing notes 2 tables
Loans and borrowings (Group and Trust)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Trust, $'000 | 2024Trust, $'000 | Source |
|---|---|---|---|---|---|
| Loans and borrowings | |||||
| Secured bank loans$'000 | 221,407 | 383,058 | − | − | PDF p. 175 |
| Loans from a related party$'000 | 215,478 | 57,880 | 215,478 | − | PDF p. 175 |
| Less: Unamortised transaction costs$'000 | (346) | (5,266) | − | − | PDF p. 175 |
| Non-current$'000 | 429,536 | 430,175 | 215,478 | − | PDF p. 175 |
| Current$'000 | 7,003 | 5,497 | − | − | PDF p. 175 |
Notes
Secured bank loans are generally secured by mortgages on borrowing subsidiaries' investment properties and assignment of rights, titles and benefits of mortgaged properties.
Loans from a related party are unsecured (Sponsor loans).
Restricted cash relates to interest escrow accounts (not debt).
Capital management key debt indicators
| Item / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 | Source |
|---|---|---|---|
| Key Financial Indicators | |||
| Gross borrowings ($ million)$ million | 436.9 | 440.9 | PDF p. 48 |
| Average debt maturity (years)years | 4.2 | 2.5 | PDF p. 48 |
Notes
Weighted average cost of debt excludes one-off write-off of unamortised transaction cost. Debt maturity profile (page 49) chart: 2028 RMB902m onshore bank loans $166m (38%); 2030 offshore Sponsor loans RMB430m, RMB508m, RMB235m $215m (49%); 2035 onshore bank loan RMB303m $56m (13%); closing S$:RMB 5.4437.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy | Sasseur REIT’s distribution policy is to distribute at least 90% of its annual income available for distribution for each financial year. The REIT makes distributions to Unitholders on a semi-annual basis. The actual level of distribution will be determined at the discretion of the Board of the REIT Manager, having regard to the REIT’s funding requirements, capital management considerations and overall stability of distributions. | Sasseur REIT | PDF p. 143 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution of 3.055 cents per Unit for the period from 1/1/2025 to 30/6/2025 | 3.055 cents per Unit | Group, FY2025 first-half distribution | PDF p. 156 |
| Distribution of 3.083 cents per Unit for the period from 1/7/2025 to 31/12/2025 | 3.083 cents per Unit | Group, FY2025 second-half distribution | PDF p. 156 |
| Distribution | On 26 February 2026, the REIT Manager declared a distribution of 3.083 Singapore cents per Unit for the period from 1 July 2025 to 31 December 2025. | Subsequent event, declared 26 February 2026 · As at 2026-02-26 | PDF p. 196 |
| Distribution of 3.153 cents per Unit for the period from 1/1/2024 to 30/6/2024 | 3.153 cents per Unit | Group, FY2024 first-half distribution (comparative) | PDF p. 156 |
| Distribution of 2.929 cents per Unit for the period from 1/7/2024 to 31/12/2024 | 2.929 cents per Unit | Group, FY2024 second-half distribution (comparative) | PDF p. 156 |
| Distributions per Unit (DPU) (cents) | 6.138 cents | Group, FY2025 | PDF p. 156 |
| Distributions per Unit (DPU) (cents) | 6.082 cents | Group, FY2024 (comparative) | PDF p. 156 |
Extracted from Sasseur REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage (%) | 25.1% | As at 31 December 2025; comparative 31 December 2024: 24.8 · As at 2025-12-31 | PDF p. 48 |
| Interest coverage ratio4 (times) | 4.7 times | As at 31 December 2025; comparative 31 December 2024: 4.6 · As at 2025-12-31 | PDF p. 48 |
| Average debt maturity (years) | 4.2 years | As at 31 December 2025; comparative 31 December 2024: 2.5 · As at 2025-12-31 | PDF p. 48 |
| weighted average lease expiry ("WALE") of 1.0 years by GR | 1.0 years by GR | As at 31 December 2025 · As at 2025-12-31 | PDF p. 71 |
| weighted average lease expiry ("WALE") of 1.0 years by GR and 1.9 years by NLA | 1.9 years by NLA | As at 31 December 2025 · As at 2025-12-31 | PDF p. 71 |
| Net asset value per Unit ($) | 0.79 $ per unit | As at 31 December 2025; comparative 31 December 2024: 0.83 · As at 2025-12-31 | PDF p. 7 |
| Distribution per Unit (S cents) | 6.138 S cents | FY2025; comparative FY2024: 6.082 | PDF p. 7 |
Extracted from Sasseur REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group and Trust, year ended 31 December 2025 | PDF p. 153 |
| Engagement partner | Briston Loo | Group and Trust, year ended 31 December 2025 | PDF p. 153 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the Statement of Financial Position and the Statement of Changes in Unitholders’ Funds of the Trust are properly drawn up | Group and Trust, year ended 31 December 2025 | PDF p. 150 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | As at 31 December 2025, the carrying amount of investment properties was $1,536,271,000 which accounted for 88.2% of total assets. | Group, as at 31 December 2025 · As at 2025-12-31 | PDF p. 151 |
Extracted from Sasseur REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Sasseur REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2021–FY2025 historical highlights use the comparative figures in the FY2025 report. Historical original report backfill remains pending; this latest report publication does not establish that historical original reports are complete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.