Sasseur Reit reports their Q4 and FY18 results this evening which impresses.
To recap, Sasseur is using a concessionary business model where retailers pay a fixed sum or percentage of revenue to the operator and it outsources the running of the retail malls operations such as the merchandising, cashiering, store management back to all the operator. What this means is in a retraction period where sales are low, they will then pay a lower overhead cost subsequently to the operator and when sales turnover are good, as we have seen in their Q4 results, they will pay a higher cost. This is what explains when they talk about including and excluding the straight line effect in their results. Operationally, both excluding and including straight line effect, they have performed better than the IPO expected forecast. This is due to stronger turnout of customers which lead to higher sales turnover which...