Fortune – BT

Fortune Reit DPU jumps 15.6%

FORTUNE Real Estate Investment Trust (Fortune Reit) posted a 15.6 per cent jump in its first quarter distribution per unit (DPU) to 7.78 HK cents for the period ended March 31 2012.

Correspondingly, income available for distribution also grew by 16.9 per cent to HK$131.8 million (US$16.98 million) from HK$112.8 million a year ago.

The Reit, which holds a portfolio of sixteen retail properties in Hong Kong, also saw its revenue climb 18.5 per cent year-on-year to HK$259.2 million during the first three months of the year following contributions from new properties such as Belvedere Square and Provident Square, and higher unit rents achieved across its property portfolio. Notably, passing rents for the period came in around HK$29.90 per square foot (psf) while a rental reversion of 20.8 per cent was garnered from renewed leases during the quarter.

Boosted by a stronger topline and a healthy portfolio occupancy of 97.1 per cent (as at end March), the retail Reit also saw an improvement in net property income which rose 15.1 per cent from the same period a year back to HK$185.3 million.