Fortune REIT - Investor Relations > Financial Highlights

(in HK$ million, unless otherwise specified)

Profit and Loss 6 months ended 30 June	2023	2022	YoY (%)
Revenue	908.7	867.5	+4.7
Property Operating Expense	216.0	213.9	+1.0
Net Property Income	671.9	634.0	+6.0
Distributable Income	447.7	456.9	-2.0
Distribution to Unitholders	447.7	456.9	-2.0
DPU (HK cents)	22.36	23.05	-3.0
Payout Ratio	100%	100%	-

Balance sheet as at 30 June	2023	2022	YoY (%)
Investment Properties	39,537	39,201	+0.9
Total Assets	40,262	39,865	+1.0
Total Liabilities	11,444	10,691	+7.0
NAV per Unit (HK$)	14.39	14.72	-2.2

Financial Ratios as at 30 June	2023	2022	YoY (%)
Cost to Revenue Ratio	23.8%	24.7%	-0.9
Gearing	23.8%	22.4%	+1.4
Interest Cover (Times)	4.6	5.8	N/A

Operational Statistics as at 30 June	2023	2022	YoY (%)
Occupancy	94.1%	93.9%	+0.2

Revenue¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated. (HK$ million)

Base rental2 Base rental includes base rent, license income and atrium income.

Charge-out collection3 Charge‐out collection includes utilities charges and management fees.

Carpark income

Turnover rent

Other income

Net Property Income (HK$ million)

Distribution per Unit (HK $)

Interim

Final

Portfolio Valuation (HK$ million)

(in HK$ million, unless otherwise specified)

Profit and Loss for the year ended 31 December	2022	2021	2020	2019	2018
Revenue¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	1,764.4	1,806.4	1,843.8	1,959.7	1,940.1
Property Operating Expense¹ At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	434.2	424.8	425.1	433.0	422.6
Net Property Income	1,290.2	1,340.2	1,376.1	1,480.9	1,471.8
Distributable Income	877.3	981.1	970.4	993.8	986.2
Distribution to Unitdolders	877.3	883.0	921.9	993.8	986.2
DPU (HK cents)	44.15	44.83	47.16	51.28	51.28
Payout Ratio (%)	100%	90%	95%	100%	100%

Balance sheet as at 31 December	2022	2021	2020	2019	2018
Investment Properties	39,503	39,500	39,075	42,820	42,000
Total Assets	40,335	39,725	39,336	43,049	42,632
Total Liabilities	11,408	10,542	10,705	10,425	10,619
NAV per Unit (HK$)	14.52	14.79	14.62	16.81	16.61

Financial Ratios as at 31 December	2022	2021	2020	2019	2018
Cost to Revenue Ratio¹At the end of 2018, “Revenue” has been reclassified to conform with the new presentation format. Accordingly, “Revenue” of prior years (i.e. 2016 and 2017) were restated.	24.6%	23.5%	23.1%	22.1%	21.8%
Gearing	23.9%	22.4%	22.4%	19.8%	20.9%
Interest Cover (Times)	4.8	6.3	5.0	5.0	5.9

Operational Statistics as at 31 December	2022	2021	2020	2019	2018
Occupancy	93.9%	94.3%	95.8%	96.9%	93.1%

Unit data as at 31 December	2022	2021	2020	2019	2018
Year-end Closing Unit Price (HK$)	6.34	8.01	7.39	9.09	8.99
Units in Issue and to be Issued ('000)	1,992,462	1,973,804	1,958,887	1,941,116	1,927,905
Market Capitalisation (HK$ million)	12,632	15,780	14,446	17,612	17,300

Notes:

At the end of 2018, "Revenue" and "Property operating expenses" have been reclassified to conform with the new presentation format. Accordingly, "Revenue", "Property operating expenses" and "Cost to revenue ratio" of prior years (i.e. 2016 and 2017) were restated.
Base rental includes base rent, license income and atrium income.
Charge-out collection includes utilities charges and management fees.