Saturday, May 23, 2015Saturday, May 23, 2015

Croesus Retail Trust posts higher than forecast distribution per unit

Published on May 15, 2014 10:36 PM

SINGAPORE - Japan-focused Croesus Retail Trust (CRT) has posted a distribution per unit of 1.76 cents, 8 per cent higher than forecast.

This was on the back of a net property income of 933.7 million Japanese yen (S$11.5 million), 12.3 per cent more than forecast, and a gross revenue of 1.39 billion yen for the period.

CRT said the main positive variance was from better than expected tenant sales from Mallage Shobu, one of CRT's largest properties in terms of Net Lettable Area (NLA).

Gross revenue, impacted in February by one of the heaviest snowstorms to hit Tokyo in the last 45 years, recovered with strong tenant sales and increased rental income in March, CRT said.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!