Croesus Retail Trust's Feeeal Asahikawa. (Photo: Croesus Retail Trust)

Singapore-listed Croesus Retail Trust has reported a DPS of 1.81 Singapore cents for the period spanning 1 October to 31 December 2016, a rise of 5.2% from the 1.72 cents reported in the corresponding three month period ended 31 December 2015.

However the figure has been re-stated to include 27.6 million units issued in a preferential offering in August 2016.

Gross revenue came in at SGD39.8 million (JPY3,181 million), 30.7% higher than the SGD30.5 million (JPY2,434 million) achieved in the corresponding period of 2015.

Subsequently net property income came in at SGD21 million (JPY1,685 million), 23.2% higher than the previous financial year.

Croesus Retail Trust has attributed the set of results to a larger portfolio following the acquisitions of Torius, Fuji Grand Natalie, Mallage Saga, and Federal Asahikawa.

Also bolstering the figures were higher variable rent from stronger tenant sales, and a one-off compensation from an early lease termination.

Subsequently distributable income for the period was at SGD14.8 million (JPY1,181 million), 21.4% higher than what was achieved in 2Q 2016.

“Cost savings from our internalisation of the trustee-manager are being realised, enhancing distributions to unitholders", said Jim Chang, CEO of the trust's manager, in a statement on the results.

Units of Croesus Retail Trust are currently listed on the Singapore Exchange at SGD0.86.

By Anushia Kandasivam

Anushia Kandasivam is REITsWeek's Asia-Pacific writer based in Kuala Lumpur, Malaysia. She writes on a broad range of topics and is especially keen on financial matters.