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

Data from Fortune REIT’s latest disclosure is in the Hong Kong REITs table.

Fortune REIT disclosed on 8 August that its gross revenue and net property income increased by 4.7% and 6.0% year-on-year for 1H 2023.

These came in at HKD908.7 million and HKD671.9 million respectively.

Fortune REIT has attributed the increases to an improvement recorded in all major revenue streams including base rent, car park income, charge-out income and turnover rent.

Additionally, there was an absence of rental rebate in the reporting period, said the REIT.

However, the operational gain was eroded by a sharp increase in borrowing cost, said Fortune REIT.

As a result, income available for distribution for the reporting period decreased by 2.0% year-on-year to HKD447.7 million.

As such, the REIT’s DPU came in about 3% lower year-on-year.

Fortune REIT was last done on the HKSE at HKD5.57, which presently implies a distribution yield of 8.03% according to data on the Hong Kong REITs table.

By Shariffa Al-Habshee

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