Croesus Retail Trust did not disappoint as expectations that DPU would come in above forecast has materialised. A DPU of 5.24c for the period of 10 May to 31 Dec 2013 will be paid on 31 March 2014. This means a 6.02% return for anyone who got in at 87c. Not bad. Some numbers (as at 31 Dec 2013): Gearing: 41.8% Interest cover ratio: 5.9x All in cost of debt: 1.59% 100% of debt hedged. Occupancy: 100% NAV/unit: JPY 74 We could reasonably expect performance to improve in future as more expiring leases in Mallage Shobu, one of the Trust's 4 malls, are replaced with new tenants. Already, two tenant replacements have shown positive rental reversions. Hopefully, more AEIs will be carried out and AEIs carried out at Aeon Town Moriya brought in new tenants like UNIQLO which bumped up total income. If we annualise the Trust's last quarter's DPU of 2.02c, we are looking at 8.08c per annum or a distribution yield of 9.29% ...  ...