Singapore-listed Japan-heavy retail business trust Croesus Retail Trust (CRT) (SGX:S6NU) has reported a distribution per unit (DPU) of 2.0 Singapore cents for its 4Q 2014 which ran from 1 April to 30 June 2014.

The figure beats the forecast DPU for the period of 1.96 Singapore cents by 2%. Subsequently the distribution for the quarter brings CRT’s DPU for its FY2014 to 8.98 Singapore cents, beating the forecast of 8.45 Singapore cents by 6.3%.

The DPU numbers come on the back of a gross revenue taking of JPY6261 million for FY2014 which came 0.9% higher than forecast.

During a briefing given by managers for CRT attended by REITsWeek, Jeremy Yong, Co-Founder and Group Managing Director of CRT, attributed the results to better-than-expected overall tenant sales and CRT’s efforts to attract high-quality tenants. “The results are not a fluke. It is the result of management by our team”.

However CRT did bring to attention of several uncertainties ahead following the increase in the national consumption tax in Japan on 1 April 2014. For its 4Q FY2014, CRT recorded gross revenues of JPY1584 million, which was 0.9% lower than forecast, due to a country-wide decline in overall retail consumption.

“However the fall is lower than the country-wide fall in consumption”, said Yong. “Our suburban malls in the greater Tokyo area are catered to shoppers who will shop for necessities types of products come hell and high water. so we are confident that demand will remain robust”.

CRT expects its properties to continue to generate robust and stable cash flows for the next quarterly reporting period and the next 12 months.

Units of CRT are currently trading on the Singapore Exchange at SGD1.00.