Croesus Retail Trust's Q3 distributions 8% higher than forecast

SINGAPORE - Croesus Retail Trust, a Singapore-listed property trust focusing on Japanese malls, has announced a third-quarter distribution per unit was 8 per cent higher than forecast at 1.76 cents.

Income available for distribution also exceeded expectations by 7.4 per cent, coming in at 619.8 million yen (S$7.6 million), said the trust's manager Croesus Retail Asset Management.

The trust's gross revenue and net property income were 12.3 per cent and 3.7 per cent above forecasts respectively, at 1.4 billion yen and 933.7 billion yen.

"Our performance this quarter puts us on track to meet our full-year forecast," said Mr Jim Chang, chief executive and executive director of Croesus Retail Asset Management.

"We have also increased management efficiencies for our properties, lowering our operating expenses for this period," he added.