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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Croesus Retail Trust’s net property income jumps by 14.1% to $16.7m

On back of contributions from One’s Mall and Torius.

Two acquisitions did not take long to rake in the gains for the retail business trust, as its acquisitions of One’s Mall and Torius on October 2014 and 2015 respectively helped boost its earnings by 24.7% to JPY2,434m.

According to a press release by Croesus Retail Trust, savings in property operating expenses also helped maintain the healthy net property income, raising the income available for distribution by 11.3% to JPY973m.

Additionally, distribution per unit (DPU) grew by 5.3% to 1.79 cents, while based on a closing price of S$0.80 per unit on 1 February 2016, the firm would have generated annualised yields of 8.9% for 2Q.

“Adjusting for the same unit base for both quarters, Unitholders who have subscribed for their entitlements at the rights issue would receive a higher total distribution amount from us for 2Q FY2016. We continue to explore the various opportunities available to enhance Unitholder value,” said Jim Chang, chief executive officer of Croesus Retail Asset Management.

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