First payout for Croesus Retail Trust exceeds forecasts

Croesus Retail Trust, listed in Singapore with a portfolio of retail properties in Japan, has posted a higher-than-forecast debut payout to unitholders.

It will pay a distribution per unit of 5.24 cents for the period between its listing on May 10 last year and Dec 31 last year.

This is 3.1 per cent above its forecast distribution of 5.08 cents per unit and will be paid out on Mar 31, the trust said on Friday.

Its revenue and net property income also exceeded forecasts. Revenue was 0.7 per cent higher than expected at 3.3 billion yen (S$40.7 million), while net property income came in 2.8 per cent above estimates at 2.1 billion yen.

Distributable income was 7.4 per cent higher than forecast at 1.8 billion yen.

Mr Jim Chang, chief executive officer and executive director of the trust's trustee-manager Croesus Retail Asset Management, said there was a "healthy level of consumer activity" at the trust's properties in the six months to Dec 31 last year.

There are also "encouraging macroeconomic indicators that point to growing optimism and confidence in the Japanese economy," he added.

"We are in a good place to benefit from these economic conditions given our close to 100 per cent occupancy rates and stable rents across CRT's four retail assets."

Croesus Retail Trust units were 2.5 cents higher at 91.5 cents as of midday Friday.

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