Croesus Retail Trust announces DPU of 1.79 cents for 1Q, 9.8% higher than restated DPU of 1.63 cents a year ago

SINGAPORE (Nov 11): Croesus Retail Trust (CRT) has announced a DPU of 1.79 cents for 1Q17 ended Sept. This represents a 9.8% increase from the restated DPU of 1.63 cents to reflect the change in the number of issued shares due to the rights issue last Nov and the preferential offering in Aug.

In 1Q17, CRT recorded a gross revenue of JPY 3,126 million ($41.4 million), which was 55.8% higher than the JPY2,007 million recorded in 1Q16. This was due mainly to higher contributions from the newly acquired properties consisting of Torius (on 16 October 2015), Fuji Grand Natalie (on 18 April 2016), Mallage Saga and Feeeal Asahikawa (on 27 May 2016).

Net property income (NPI) registered a year-on-year (yoy) growth of 29.5% in 1Q17 from JPY1,233 million to JPY1,596 million, on the back of income contribution from the four properties acquired in FY2016. However, the increase came in lower than topline growth, due to a higher expense ratio arising from a greater proportion of non-master lease properties in CRT’s portfolio following the acquisitions made in FY2016.

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