Croesus Retail Trust, the first retail business trust with Japanese properties to list on the Singapore Exchange, said on Thursday its distribution per unit for its inaugural reporting period exceeded forecasts.
The trust recorded distributable income of 1.1 billion yen (S$14.3 million) for the period from May 10 to Sept 30, which was 8.3 per cent higher than forecast, it said. The trust was listed on May 10.
Distribution per unit was 3.26 cents for the period, or 4.6 per cent above the forecast. This translates to an annualised distribution yield of 8.9 per cent above the trust's initial public offering price of 93 cents per unit, compared with the forecast yield of 8 per cent.
Croesus Retail Trust also posted net property income of 1.3 billion yen, 3.1 per cent higher than forecast.
The trust said it had swapped all its debt to fixed-rate borrowings. Its gearing ratio stood at 42.3 per cent as at Sept 30.