Croesus Retail Trust posts 9.8% rise in Q1 DPU

Feeal Asahikawa mall in Japan, one of the newly acquired properties of Croesus Retail Trust (CRT).
Feeal Asahikawa mall in Japan, one of the newly acquired properties of Croesus Retail Trust (CRT). PHOTO: CROESUS RETAIL TRUST

SINGAPORE - Croesus Retail Trust (CRT) reported a 9.8 per cent increase in available distribution per unit (DPU) to 1.79 Singapore cents for its first quarter from 1.63 cents in the year-ago period.

CRT said the available DPU for the corresponding year-ago quarter has been restated to reflect the effect of 114 million units issued pursuant to a renounceable rights issue and a preferential offering.

Gross revenue for the three months to Sept 30 jumped 55.8 per cent to 3.1 billion yen (S$41.33 million), due mainly to higher contributions from newly acquired properties Torius, Fuji Grand Natalie, Mallage Saga and Feeeal Asahikawa.

Net property income rose 29.5 per cent to 1.6 billion yen from 1.2 billion yen.

As a result, income available for distribution increased 25.4 per cent to 1.2 billion yen from 919 million yen.

Said Mr Jim Chang, CEO and executive director of Croesus Retail Asset Management Pte Ltd: "We are pleased that contributions from our recent acquisitions have paved the way for CRT's growth once again. Together with cost savings expected from an internalised trustee-manager, we hope to be able to boost CRT's distributions going forward.

"In the coming quarters, we plan to explore new enhancement initiatives at some of our assets, and capitalise on Japan's low interest rates to refinance CRT's debts that are maturing in FY2017 and FY2018."