Fortune Reit full-year DPU up 12.5% on strong rental reversions, higher occupancy

A file photo of Smartland, one of five malls in the Fortune real estate investment trust.  PHOTO: ARA ASSET MANAGEMENT
A file photo of Smartland, one of five malls in the Fortune real estate investment trust. PHOTO: ARA ASSET MANAGEMENT

SINGAPORE - Strong rental reversions and a higher occupancy rate lifted full-year distributable income at Fortune Real Estate Investment Trust (Reit).

Revenue rose 13.7 per cent to HK$1.882 billion (S$345.6 million) for the year ended Dec 31, while net property income went up 14 per cent to HK$1.324 billion.

The final DPU of 23.50 Hong Kong cents for the six months ended Dec 31 will be paid on Feb 29. The DPU for the full-year came in at 46.88 Hong Kong cents, up 12.5 per cent from the preceding year.

Portfolio rental reversion for renewals in the financial year came up to 20.3 per cent, while occupancy rate improved to 98.8 per cent, from 97.3 per cent the previous year.

Fortune Reit holds a portfolio of 17 retail properties in Hong Kong, comprising approximately 3.18 million sq ft of retail space and 2,713 car parking lots.

chiaym@sph.com.sg