Croesus Retail Trust posts 5.3% rise in Q2 DPU to 1.79 cents

SINGAPORE - Japanese mall landlord Croesus Retail Trust reported a 5.3 per cent year-on-year increase in distribution per unit (DPU) to 1.79 Singapore cents for the second quarter ended Dec 31.

Net property income for the quarter grew 12.4 per cent to 1.37 billion yen (S$16.9 million) from 2 billion yen in the year-ago quarter.

Growth was driven by the acquisitions of One's Mall and Torius, as well as savings in property operating expenses, said the trust's manager.

As a result, income available for distribution rose 11.3 per cent year-on-year to 973.32 million yen.

To enhance its portfolio yield, Croesus' trust manager said it will be undertaking asset enhancement initiatives for One's Mall and Torius.

For the half-year,DPU rose 2.9 per cent year-on-year to 3.5 cents.

Based on a closing price of 80 cents per unit on Feb 1, Croesus would have generated annualised yields of 8.9 per cent and 8.7 per cent for the second quarter and half-year respectively.