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Croesus Retail Trust's Q1 DPU dips on larger unit base after rights issue

CROESUS Retail Trust on Friday posted a distribution per unit of 1.86 Singapore cents for its third quarter ended March 31, 2016, a dip from 1.9 Singapore cents a year ago, due to a larger unit base this time around.

This was due to a rights issue that took place in November 2015, which issued more than 114 million new units.

The trust said that if the unit base was adjusted to the same, DPU would in fact have risen 19.2 per cent.

Meanwhile, gross revenue rose 24.4 per cent to 2.47 billion yen (S$31 million), while net property income rose 21.2 per cent to 1.41 billion yen, due mainly to the acquisition of Torius mall last October, as well as the tenants renewal exercise at Mallage Shobu, also completed last October.