Croesus Retail Trust's Q3 DPU beats own forecast

CROESUS Retail Trust, which listed in May last year, posted a third-quarter distribution per unit (DPU) of 1.76 cents for the three months ended March 31, 2014, 8 per cent higher than its forecast 1.63 cents.

The retail Reit, which has a portfolio of six properties in Japan, generated a net property income of 933.7 million yen (S$11.5 million), 12.3 per cent higher than its forecast 831.3 million yen.

This came on the back of a 3.7 per cent higher-than-forecast gross revenue of 1.4 billion yen, chiefly due to better-than-expected tenant sales from Mallage Shobu in Saitama Prefecture, one of its largest properties. Revenue from its other five properties was largely in line with forecasts.