Croesus Retail Trust posts 3% rise in DPU in Q2 to 2.08 cents

CROESUS Retail Trust (CRT) posted a 3 per cent rise in distribution per unit (DPU) to 2.08 Singapore cents in the fiscal second quarter ended Dec 31, 2014 as it expanded its portfolio of Japanese retail assets.

Its net property income jumped 48.8 per cent year on year to 1.2 billion yen (S$14 million) while gross revenue leapt 51.7 per cent to 1.95 billion yen as it racked in higher rental income.

Last year, CRT acquired Luz Omori and Croesus Tachikawa (formerly known as NIS Wave I) in March and One's Mall in October. Better tenant sales at Mallage Shobu contributed to the positive results.

CRT said that it expects accretive acquisitions since its IPO in 2013 to be the main driver of strong DPU performance for the rest of fiscal 2015.

It is paying out 2.50 Singapore cents per unit for the period of Sept 11 to Dec 31, 2014 on March 31, 2015.