Fortune REIT - Investor Relations > Financial Highlights

(in HK$ million, unless otherwise specified)

Profit and Loss year ended 31 December	2023	2022	YoY (%)
Revenue	1,785.9	1,764.4	+1.2
Property Operating Expense	446.2	434.2	+2.8
Net Property Income	1,299.4	1,290.2	+0.7
Distributable Income	810.6	877.3	-7.6
Distribution to Unitholders	810.6	877.3	-7.6
DPU (HK cents)	40.38	44.15	-8.5
Payout Ratio	100%	100%	-

Balance sheet as at 31 December	2023	2022	YoY (%)
Investment Properties	38,997	39,503	-1.3
Total Assets	39,510	40,335	-2.0
Total Liabilities	11,430	11,408	+0.2
NAV per Unit (HK$)	13.94	14.52	-4.0

Financial Ratios as at 31 December	2023	2022	YoY (%)
Cost to Revenue Ratio	25.0%	24.6%	+0.4
Gearing	24.6%	23.9%	+0.7
Interest Cover (Times)	3.3	4.8	N/A

Operational Statistics as at 31 December	2023	2022	YoY (%)
Occupancy	94.4%	93.9%	+0.5

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	2023	2022	2021	2020	2019
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.	1,785.9	1,764.4	1,806.4	1,843.8	1,959.7
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.	446.2	434.2	432.8	425.1	433
Net Property Income	1,299.4	1,290.2	1,340.2	1,376.1	1,480.9
Distributable Income	810.6	877.3	884.6	970.4	993.8
Distribution to Unitdolders	810.6	877.3	884.6	921.9	993.8
DPU (HK cents)	40.38	44.15	46.88	47.16	51.28
Payout Ratio (%)	100%	100%	100%	95%	100%

Balance sheet as at 31 December	2023	2022	2021	2020	2019
Investment Properties	38,997	39,503	39,500	39,075	42,820
Total Assets	39,510	40,335	39,725	39,336	43,049
Total Liabilities	11,430	11,408	10,542	10,705	10,425
NAV per Unit (HK$)	13.94	14.52	14.79	14.62	16.81

Financial Ratios as at 31 December	2023	2022	2021	2020	2019
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.	25.0%	24.6%	23.5%	23.1%	22.1%
Gearing	24.6%	23.9%	22.4%	22.4%	19.8%
Interest Cover (Times)	3.3	4.8	6.3	5	5

Operational Statistics as at 31 December	2023	2022	2021	2020	2019
Occupancy	94.4%	93.9%	94.3%	95.8%	96.9%

Unit data as at 31 December	2023	2022	2021	2020	2019
Year-end Closing Unit Price (HK$)	4.96	6.34	8.01	7.39	9.09
Units in Issue and to be Issued ('000)	2,008,653	1,992,462	1,973,804	1,958,887	1,941,116
Market Capitalisation (HK$ million)	9,963	12,632	15,780	14,446	17,612

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.