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Croesus Retail Trust (CRT) posted a 6.9 percent increase in distribution per unit (DPU) for the fourth quarter ended 30 June, from 1.59 Singapore cents to 1.70 Singapore cents on the back of contributions from four mall acquisitions as well as the positive rental reversions from a tenant renewal exercise.
The trust posted a 34.5 percent increase in gross revenue to 2.7 billion yen, while net property income (NPI) rose 19.4 percent to 1.44 billion yen.
But CRT’s fair value gains on investment properties fell 6.2 percent to 5.6 billion yen. The derivative financial instruments incurred a loss of 820.6 million yen after a 233.7 million yen gain a year ago. This dragged the trust’s net profit down 21.5 percent to 5.9 billion yen from 7.5 billion yen a year ago.
Despite this, the trust’s NPI for FY2016 increased 16.4 percent to 5.45 billion yen, while income available for distribution rose 18.5 percent to 3.98 billion yen. With this, DPU jumped 11.2 percent to 7.06 Singapore cents.
CRT paid out an advanced DPU of 1.95 Singapore cents for the period of 1 January 2016 to 4 April 2016. Consequently for the period of 4 April 2016 to 30 June 2016, unitholders will receive a DPU of 1.61 Singapore cents on 28 September.
Croesus Retail Trust chief executive officer and executive director of the trust’s manager, Jim Chang said: “Amidst a challenging market environment, we remain committed to seeking new opportunities to grow our portfolio through accretive acquisitions as and when the right opportunity arises, while we continue to work on rejuvenating our existing properties such as Torius and Feeeal Asahikawa to maximise their income-producing potential.”
For the full year, CRT acquired four mallsTorius, Fuji Grand Natalie, Mallaga Saga and Feeeal Asahikawa – taking its total portfolio of assets to 11 with a combined valuation of around S$1.5 billion.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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