SINGAPORE (July 28): ARA Asset Management, the manager of Fortune REIT, reported interim DPU rose 3% to 25.53 HK cents (4.44 cents) from 24.78 HK cents a year ago.

Total revenue for the six months ended June rose 2.5% year-on-year to HK$1 billion benefitting from the positive rental reversion across the portfolio.

Total property operating expenses increased 1% year-on-year to HK$253.8 million, resulting in a 3% increase in net property income to HK$727.0 million.

Income available for distribution for 1H was HK$487.3 million, representing a year-on-year increase of 3.7%.

As of June 30, Fortune REIT’s total committed loan facilities amounted to HK$11.9 billion from HK$11.7 billion in Dec 2016.

The gearing ratio and aggregate leverage decreased to 28.4% as a result of a higher property valuation.

ARA Asset Management says it remains focused on executing active leasing management and enhancing the tenant mix, adding value to our malls through AEIs and prudently seeking yield-accretive investment opportunities.

Units in Fortune REIT closed 10 cents higher at HK$9.75 on Friday.