Fortune REIT property, Fortune Metropolis. (Photo: Google Maps)

Data from Fortune REIT’s latest results have been updated into the Hong Kong REITs table.

Fortune REIT has reported a revenue of HKD904.4 million and net property income of HKD674.1 million for its 1H 2021.

These figures represent year-on-year declines of 5.0% and 6.1% respectively.

Fortune REIT has attributed its performance for the period to negative rental reversions and certain rental concessions granted to tenants.

However, the declines were partly offset by a higher car park income.

Thanks to a 30.9% saving in finance cost attributable to a lower HIBOR, income available for distribution increased 0.2% year-on-year to HKD490.8 million, the REIT added.

With a distribution payout ratio of 100% 1H 2021, compared to 90% for 1H 2020, Fortune REIT’s DPU increased by 10.4% year-on-year to 24.96 HK cents.

Fortune REIT’s full disclosure on its results can be viewed here.

Fortune REIT was last done on the HKSE at HKD8.82, which currently implies a distribution yield of 5.66% according to data compiled on the Hong Kong REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.