Tag Archives: Real estate investment trust

Fortune REIT’s Q1 DPU up 15.7%

Posted on 11 May 2013 | Comments Off on 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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Starhill Global REIT reports 3.8% increase in Q2 DPU

Posted on 24 Jul 2012 | Comments Off on Starhill Global REIT reports 3.8% increase in Q2 DPU

Starhill Global REIT (SGREIT), owner of the Wisma Atria shopping mall in Orchard road, on Tuesday reported a 3.8 per cent increase in second quarter distribution per unit to 1.08 cents, from 1.04 cents a year earlier.

Net property income for the three-month period rose 4.4 per cent to S$37.1 million.

Revenue for the period ended June increased 4.8 per cent to S$46.4 million, up from S$44.2 million in the same quarter last year.

Income to be distributed to unitholders went up 3.9 per cent to S$21 million from S$20.2 million.

“Healthy retail sales performance and rising tourist arrivals allowed SGREIT’s assets to continue achieving high occupancies and improved rents,” said Tan Sri Dato’ Francis Yeoh, executive chairman of YTL Starhill Global in a news release.

“We will continue to create value with our active management strategies and source for yield accretive acquisitions of prime assets in our core markets when opportunity arises.”

The REIT’s Singapore portfolio, comprising Wisma Atria and Ngee Ann City, contributed 62.8 per cent or S$29.1 million to total revenue.

Starhill Global said redevelopment at Wisma Atria has helped boost demand for retail space. The property has achieved 99.5 per cent occupancy and has seen a 33 per cent increase in rental for lease commitments from July 2011 to June 2011.

Meanwhile, its Malaysia portfolio, which includes Starhill Gallery and interest in Lot 10 at Bukit Bintang in Kuala Lumpur, provided 16.7 per cent or S$7.7 million of total revenue in the quarter.

The REIT also has properties in China, Japan and Australia.

Source : Channel NewsAsia – 24 Jul 2012

 

 

 

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