Fortune Reit's Q3 distributable income up 25.9%

Published Tue, Nov 11, 2014 · 10:34 AM

FORTUNE Reit on Tuesday reported a 25.9 per cent increase in distributable income to HK$193.1 million (S$32.27 million) for its third quarter ended Sept 30, 2014.

This translates to a distribution per unit (DPU) of 10.30 Hong Kong cents, 24.4 per cent higher than the 8.28 Hong Kong cents it paid out a year ago.

Its net property income also rose 33 per cent to HK$286.7 million, backed by a 32 per cent increase in total revenue to HK$416.6 million.

This was thanks to additional income contribution from Fortune Kingswood (acquired in October 2013) as well as strong rental growth across its entire portfolio, it said. Its portfolio mainly consists of retail malls in Hong Kong.

For the first nine months, net property income rose 32.8 per cent to HK$867.7 million, while revenue rose 33 per cent to HK$1.23 billion.

Fortune Reit is also dual listed in Hong Kong. It is managed by ARA Asset Management (Fortune) Limited.