Croesus Retail Trust announces DPU of 2.08 cents for 1Q

Croesus Retail Trust (CRT) reported on Tuesday an income available for distribution of 790.99 million Japanese yen (S$8.9 million) for the first quarter of its 2015 financial year ended September 30, 2014.

The Japanese retail business trust said its distribution per unit (DPU) for the quarter was 2.08 cents.

The trust has no directly comparable financial statements for the period July 1, 2013, to September 30, 2013, as it was listed on May 10 last year. It has obtained a waiver from the Singapore Exchange to report its financial results for the period from its listing date to Sept 30, 2013.

Croesus said that its income available for distribution for its first quarter of FY2015 beat its forecast by 22.3 per cent, while its DPU exceeded its forecast by 10.1 per cent. Net property income for the quarter was 1.11 billion yen, about 34 per cent higher than it had forecast.

"The weakening of the yen against other currencies has led to, and will lead to, a further accelerated rise in asset prices in Japan, and will increase further the level of competition for acquiring real estate assets in Japan," CRT said. "Despite this, CRT has successfully completed its acquisition of One's Mall, a quality large-scale retail asset, at a competitive price."

CRT said expects its properties to continue generating robust and stable cash flows for the next quarterly reporting period and the next 12 months.

CRT currently has seven retail properties in Japan, five of which are located in the Greater Tokyo area.