Bookmark & Share
Croesus Retail Trust’s (CRT) net property income (NPI) for FY2014 ending 30 June reached nearly 4.03 billion yen (S$48.34 million), surpassing its forecast of 3.84 billion yen (S$46.11 million) by 4.8 percent.
At the same time, its distributable income hit 3.18 billion yen (S$38.16 million), exceeding its forecast of nearly 3 billion yen (S$35.94 million) by 6.2 percent. As a result, its actual distribution per unit (DPU) of 8.98 Singapore cents went beyond its projection of 8.45 cents.
“Our properties were resilient through the year. Japan had experienced typhoons in September 2014 and heavy winter snowfalls in February 2014, but our results still exceeded forecast due to the retail fundamentals and strong tenant sales at our properties,” said Jim Chang, CEO and Executive Director of Croesus Retail Asset Management.
“The slight disruption in sales patterns due to the consumption tax hike in April 2014 was anticipated but this has been mitigated due to a high component of fixed and guaranteed minimum rent at our properties,” he added.
Furthermore, CRT acquired Luz Omori and NIS Wave I in the Greater Tokyo region, boosting its net lettable area by about nine percent to 198,148 sq m, while the total value of its portfolio soared by 28.3 percent to 67.83 billion yen (S$810 million), added Jeremy Yong, Director of Croesus Retail Asset Management. He is also the Co-Founder and Group Managing Director of CRT’s sponsor, Croesus Merchants International.
Going forward, CRT expects its properties to continue to generate robust and stable cash flows for the next quarterly reporting period and the next 12 months.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
Related Articles:
Zouk gets extra time to find new location