Malls' acquisition lifts Croesus Retail Trust's DPU for Q2 2016

THE acquisition of two malls in Japan gave a lift to distributions for Croesus Retail Trust in its second quarter.

Distribution per unit (DPU) for the three months ended Dec 31, 2015, was 1.79 Singapore cents, up 5.3 per cent from a restated 1.7 Singapore cents the previous year, the trust said in a Singapore Exchange filing on Thursday morning.

Net property income for Q2 2016 climbed 14.1 per cent to 1.37 billion yen (S$16.8 million) on the back of a 24.7 per cent expansion in gross revenue to 2.43 billion yen from the previous year.

Income available for distribution came in 11.3 per cent higher year on year at 973.32 million yen for the period.

The increases were mainly due to the acquisition of One's Mall in Chiba prefecture in October 2014 and Torius in Fukuoka prefecture in October 2015, along with a tenant renewal exercise at Mallage Shobu in Saitama prefecture, the trust said in a statement.

Overall, the DPU for the half year ended Dec 31 sums up to 3.5 Singapore cents, 2.9 per cent higher than the restated DPU of 3.4 Singapore cents for the corresponding period the year before. The trust pays distributions semi-annually.

Croesus units closed half a cent lower at S$0.805 on Wednesday.