Japan focused retail business trust Croesus Retail Trust (CRT) (SGX:S6NU) has announced a distribution per unit (DPU) of 2.08 Singapore cents for its 1Q2015.

The DPU has beaten IPO forecast of 1.89 Singapore cents by 10.1%. Correspondingly net property income (NPI) for the quarter rose 37.3% to JPY 1,113 million, compared to its NPI of JPY 811 million in the corresponding period in the financial year ended 30 June 2014. 

Income available for distribution in the quarter rose 8.6% to JPY 791 million while gross revenue was recorded at JPY 1,712 million, a growth of 34.1% compared to 1Q FY2014.

CRT has attributed the results primarily to contributions from its additional portfolio of Luz Omori and NIS Wave I, as well as increase in other income from Mallage Shobu.

"Our properties continue to show resilience, despite the impact of the national consumption tax on overall sales patterns across Japan", said Jim Chang, CEO and Executive Director of Croesus Retail Asset Management.

"Our tenant replacement exercise at Mallage Shobu continues to show positive rental reversions, which we believe will bring a positive effect on our financial position in the near term", added Chang.

CRT has said that it expects its properties to generate robust cash flows over the next 12 months due to quantitative easing policies by the Bank of Japan to offset the increase in consumption tax.

Units of CRT are currently listed on the Singapore Exchange at SGD0.95.