Croesus Retail Trust Q2 DPU rises 3% to 2.08 cents

SINGAPORE - Mainboard-listed Croesus Retail Trust (CRT) posted a 3 per cent rise in distribution per unit (DPU) to 2.08 cents in the fiscal second quarter ended Dec 31, 2014, as it expanded its portfolio of Japanese retail assets.

Its net property income rose 48.8 per cent year on year to 1.2 billion yen (S$14 million) while gross revenue jumped 51.7 per cent to 1.95 billion yen as it made higher rental income.

Last year, CRT acquired Luz Omori and Croesus Tachikawa (formerly known as NIS Wave I) in March and One's Mall in October. Better tenant sales at Mallage Shobu also contributed to the positive results.

CRT said that it expects accretive acquisitions since its IPO in 2013 to be the main driver of strong DPU performance for the rest of fiscal 2015.

It is paying out 2.50 cents per unit for the period of Sept 11 to Dec 31, 2014, on March 31, 2015.