Fortune Real Estate Investment Trust (00778) said its income available for distribution for the six months ended 30 June 2016 rose 6.7% year-on-year to HK$470 million.
Distribution per unit (DPU) amounted to HK24.78 cents, an increase of 6% year-on-year. Based on the closing unit price of HK$9.25 as at 30 June 2016 in Hong Kong, the DPU implied an annualised distribution yield of 5.4%.
Fortune REIT achieved a 6.1% year-on-year growth in revenue to HK$979.1 million, thanks to the healthy rental reversion across the portfolio, as well as the asset enhancement initiatives (AEIs) at Belvedere Square, which were completed in phases during 2015. Net property income grew 7.9% year-on-year to HK$705.9 million with cost-to revenue ratio improved to 25.7% (first half of 2015: 26.9%).
Despite the frictional vacancy at Provident Square due to its AEIs project, portfolio occupancy was maintained at a high level of 96.4% as at 30 June 2016. A rental reversion of 13.3% was recorded for renewals during the first half of 2016.
The interim DPU will be paid on 29 August 2016.
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