Fortune REIT’s Q1 DPU up 15.7%

Fortune Real Estate Investment Trust (Fortune REIT) yesterday reported first-quarter distribution per unit (DPU) rose 15.7 per cent from the corresponding period in the previous year, broadly in line with the growth in its turnover, which was boosted by revenue streams from newly acquired properties.

Fortune REIT, which holds a portfolio of 16 retail properties in Hong Kong with a total area of about 2.5 million sq ft and nearly 2,000 car parking spaces, said DPU for the three months ended March 31 was 9 HK cents.

Total revenue for the period grew 16.3 per cent to HK$301.4 million (S$47.7 million), partly due to contributions from Belvedere Square and Provident Square that were acquired in February last year, Fortune REIT said. The increase in rents and the occupancy rate of its entire portfolio also added to revenue.

“Portfolio occupancy rate was 98.6 per cent as at March 31. Passing rent was HK$32.90 per sq ft while a 19.5 per cent rental reversion was achieved from renewed leases,” the trust manager said.

Net property income rose 17.6 per cent to HK$217.9 million and income available for distribution was up 16.3 per cent at HK$153.3 million.

Source : Today – 11 May 2013

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