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Fortune Reit's Q2 results encouraging
Jul 23, 2012
by Cheryl Tay Fortune Real Estate Investment Trust's (Reit) distribution per unit (DPU) for Q2 2012 climbed 32.5 percent year-on-year, buoyed by a 33.8 percent increase in distributable income to HK$136.54 million (S$22.12 million). The Reit's quarterly net property income also rose 24.2 percent to HK$196.80 million (S$31.94 million) and total revenue increased 22 percent to HK$278.16 million (S$45.15 million). Moreover, Fortune Reit's DPU for H1 2012 increased 23.6 percent from a year ago, implying an annualised distribution yield of 6.9 percent based on the unit price of HK$4.60 (S$0.75). Likewise, half-year income available for distribution soared to HK$268.33 million (S$43.56 million), up 24.9 percent from a year ago. Net property income for the period also jumped 19.6 percent, on the back of strong growth in Hong Kong's retail sector, while total revenue jumped 20.3 percent to HK$537.38 million (S$87.22 million). The Reit revealed that the stronger results were enhanced by positive rental reversions across its enlarged portfolio, as well as completed acquisitions.