Japan-focused Croesus Retail Trust has achieved a DPU of 2.05 Singapore cents for its 3Q 2017, an increase of 15.2% from the 1.78 cents recorded for the corresponding period of 2016, after adjusting for the effect of 27,682,070 units issued pursuant to the preferential offering in August 2016.

Without the adjustment the DPU for 3Q 2017 would have been an increase of 10.2% over the 1.86 cents achieved in 3Q 2016.

This came on the back of a 22.4%, and a 14.4% increase in gross revenue and net property income, which came in at JPY3,019 million (USD26 million) and JPY1,611 million respectively.

Croesus Retail Trust has attributed the results mainly to its enlarged portfolio, higher rent from better tenant sales in Mallage Shobu, and compensation from a tenant for early termination in Croesus Tachikawa.

The trust completed the acquisition of Fuji Grand Natalie on 18 April 2016, and Mallage Saga and Feeeal Asahikawa on 27 May 2016.

“[Croesus Retail Trust] will continue to focus on asset enhancement initiatives [AEIs] and tenant renewal exercises to increase its net lettable area and grow its income base”, it said in a statement on the results on 15 May.

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