Croesus Retail Trust beats forecasts for 1HFY2014

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Japan-heavy commercial business trust Croesus Retail Trust (CRT)(SGX:S6NU) has beaten revenue, net property income and distribution forecasts for its first half of financial year 2014. CRT is the first business trust listed in Singapore comprising of solely Japanese commercial spaces.

Croesus Retail Trust sees close to full occupancy at its properties.

Gross revenue came in at JPY3.285 billion instead of the originally forecast JPY3.262 billion. Accordingly, distribution for unit holders reported in at 5.24 Singapore cents instead of the forecast 5.08 cents for the period.

CRT has attributed the better-than-expected numbers to overall improved economic conditions in Japan. "We are in a good place to benefit from these economic conditions given our close to 100% occupancy rates and stable rents across CRT’s four retail assets", said Jim Chang, CEO for the manager of the trust.

Units of CRT responded well on the news climbing up close to 3% from the previous trading day to end at SGD0.91 on the Singapore Exchange.

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